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.
Judge denies Tyler Robinson secrecy request and orders hearing on prosecutors’ statements
Marine combat veteran bets big on Hispanic outreach in bid to flip Dem-held House seat
Video: Panicking Anti-ICE ‘Medic’ Is Almost in Tears Begging Rioters to Leave as NJ State Police Roll in the Big Guns
Teenage Barrel Racing Competitor Arrested After Horse-Stabbing Rampage
British diplomats were driven insane trying to find very specific gift for Trump, tranche of emails reveals
Mamdami marks Pride Month, says honoring ‘queer and transgender’ contributions would take more than 30 days
Pro-Gun Organizations Slap Virginia With Complaint Alleging Virginia Defied Court Orders on Gun Control
Chemical Tank Disaster Victim Remains are Found
Fourth US drug boat strike in a week kills more ‘narco-terrorists’
Fight for Los Angeles mayor tightens up as Karen Bass, Spencer Pratt, and Nithya Raman make final pitch
Trump flips script on left, maneuvers to use foreign influence law against the them
US military attacks Iran in ‘self-defense strikes’ over the weekend and more top headlines
Dem Mayor Offers Support to ‘Trans Period’ Event Featuring Free Undies
California GOP incumbents go to war in Trump loyalty test
Dem Gov Gets Rare Conservative Credit, Then Blows It With Embarrassing Victim Routine
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.
