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.
Expert who fled Cuba warns of ‘vicious cycle’ that will lead to ‘communists in double digits’ in Congress
9/11 Museum CEO reflects on lasting impact of terror attacks as America marks 250th birthday
Trump set to deliver ‘historic’ speech celebrating America’s 250th anniversary
Paul Pelosi, 86, faces a hit-and-run charge after striking a parked car in Napa County: sheriff’s office
US celebrates its 250th birthday: PHOTOS
Library of Congress celebrates America 250 with massive birthday cake
America 250 around the world
Illegal immigrant truck driver charged in death of trooper who moved home to care for mom with cancer
Heat wave cancels some DC Independence Day celebrations
Two Americas: Mamdani and Trump give speeches ahead of Independence Day
Here Are 5 Insane Books Elementary Schools Are Offering Kids
The Answer To America’s Food Security Woes
Trump pardons 9 people convicted of tampering with emission controls on diesel engines
Pope Leo urges US to welcome immigrants in America 250 speech before visiting global migrant hotspot
New York Democrats’ Gerrymander: Too Little, Too Late And Too Expensive
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.
