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.
Coast Guard releases new photos of sailboat seized in missing American’s Bahamas disappearance case
Auburn grad who just landed dream job allegedly shot and killed by boyfriend’s father in Alabama
Hero Principal Gives Credit Where It’s Due: ‘I Think God’s Hand Was on All of Us’
Airlines Seek Federal Bailouts Following Spirit Airlines Shutdown as Fuel Prices Rise
Key China-Iran infrastructure exposes critical hole in Trump’s war strategy
Xi gifts Trump Chinese rose seeds, on top of new ammo for White House ballroom
Are Marco Rubio’s 2028 presidential prospects on the rise?
Adverse court rulings slow, and may stop, House Democrats’ march to the majority
Trump wraps widely-watched trip to China, departing on Air Force One after high-stakes Xi meeting
Ugandan Evangelist Killed by Suspected Muslims After Sharing the Gospel
Israel, Jews targeted worldwide as well-funded leftist, Islamist groups join for ‘Nakba 78’ protests
This Midwestern state leads the nation in home foreclosures as US filings jump by 26%
Marine Vet Stops Gunman’s 60-Round Shooting Spree: Thankfully He Had a Concealed Carry Permit
Momentum builds to pass bill after Jack Smith’s secret Arctic Frost subpoenas
Bronx man convicted of running secret Chinese police station in Manhattan used to monitor dissidents
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.
