Sen. Bernie Sanders (I-VT) on Monday will propose legislation canceling all $1.6 trillion worth of U.S. student debt, according to a report.
The 2020 White House contender will unveil the bill alongside Congressional Progressive Caucus co-chair Rep. Pramila Jayapal (D-WA) and Rep. Ilhan Omar (D-MN), per the Washington Post. The plan goes further than a signature proposal by Sen. Elizabeth Warren (D-MA) as the two jockey for support from the party’s progressive base in the Democrat presidential primary.
Sanders’ effort on student loans, entitled the College For All Act, would cancel $1.6 trillion of debt, claiming to save the average borrower roughly $3,000 a year. It is estimated to cost a staggering $2 trillion and be paid for by a series of “Wall Street” taxes on such things as stock trades, bonds, and derivatives, according to the proposal.
Anti-ICE rioters may face domestic terrorism federal charges as Trump admin sends stern message: ret FBI agent
Colorado terror attack exposes ‘national security threat’ posed by immigrant visa overstays: former FBI agent
Trump directs ICE to expand deportation efforts in America’s largest cities
Minnesota officials find car, hat belonging to assassin suspect Vance Boelter on highway in ‘fluid’ search
Trump says Israel and Iran ‘have to fight it out’ but believes deal is possible
Watch: ‘Harry Potter’ Actor Has Masterful Response After Reporter Tries to Bait Him on Series Creator
Gen. Flynn: Trump’s Great Test – Peace Through Strength or Endless Wars
FBI confirms capture of 2 of 4 illegal immigrants who escaped from Newark ICE facility
Ivanka Trump praises her father’s ‘unwavering determination, boundless vision’
Watch: Ex-NBA Star’s Contract Terminated After Ugly Brawl with Fans
Trump Officially Begins Phasing Out FEMA: ‘We’re Going to Give Out Less’
Doug Emhoff championed as a ‘wonderful dad’ by Harris and family
Not Even Hiding It: 148 Democrats Go Against Barring Non-Citizens from Voting
Padilla aghast that Noem did ‘not know’ him at press conference where he was detained
Dancing, Chanting Lawmakers Handed Historic Punishment: ‘Arrogant and Ignorant’
Warren’s plan, which she has suggested in a Medium post, will be introduced as legislation, would be paid for by imposing a 2 percent fee on fortunes greater than $50 million, a wealth tax designed to target the nation’s top 0.1 percent of households. Warren projects the levy would raise $2.75 trillion over 10 years, enough to pay for a universal child-care plan, free tuition at public colleges and universities, and student loan debt forgiveness for an estimated 42 million Americans — with revenue left over.
By forgiving all student debts, Sanders said the proposal addresses an economic burden for 45 million Americans. The key difference is that Warren’s plan considers the income of the borrowers, negating $50,000 in debt for those earning less than $100,000 per year and affecting an estimated 42 million people in the U.S.
“This is truly a revolutionary proposal,” Sanders said in a statement to the Post. “In a generation hard hit by the Wall Street crash of 2008, it forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the ‘crime’ of getting a college education.”
Story cited here.
