There needs to be another lawsuit filed challenging the constitutionality of Biden's executive order that forgives the debt. Then there is this. Typically, when you have debt discharged, the IRS treats it as taxable income. Since you didn’t pay the debt you owed but kept the money that would normally have been sent to a debtor, it is seen as income, which makes it taxable. The president is changing the law and the executive branch does not have the constitutional authority to do so. The constitution only authorizes the legislative branch to write and change laws, which includes the Internal Revenue Code.