In a campaign event held in Scranton, Pennsylvania, President Joe Biden addressed his tax plans and unveiled a new education loan forgiveness proposal. The event, scheduled to begin at 2 p.m. ET, showcased Biden's economic initiatives as he gears up for his re-election campaign ahead of the November presidential ballot.

Earlier today, the Education Department filed paperwork for a new regulation that would provide loan cancellation, as previously announced by President Biden. The proposed regulation will undergo a 30-day public comment period and further review before it can be finalized.

During his visit to Wisconsin last week, President Biden emphasized the proposed loan forgiveness plan, stating that it would bring "life-changing" relief. The plan targets five categories of individuals who would be eligible for assistance.

The paperwork filed by the Education Department today covers four of those categories, while a separate proposal will address relief measures for individuals facing different forms of hardship.

Under the proposed plan, the broadest forgiveness category aims to assist borrowers who owe more than their original loan amount due to exorbitant interest rates. This category would eliminate up to $20,000 in interest for borrowers in such situations. Additionally, borrowers with annual incomes below $120,000 who are enrolled in income-driven repayment plans would have all their interest erased, without a maximum limit. This process would be automated for eligible individuals.

Furthermore, the proposal suggests canceling student loans for individuals who have been repaying their undergraduate loans for at least 20 years, and those who have been repaying graduate loans for at least 25 years.

President Biden's tax plans were also highlighted during the event, although specific details regarding the proposed changes were not provided in the available information.

As this is a developing story, further updates on President Biden's tax plans and the education loan forgiveness proposal are expected in the near future.