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.
Biden officials go silent when asked about Afghan refugee program after guardsmen shooting
American Troops Ambushed in Syria, Two Soldiers Killed During Anti-ISIS Operation
Massive Medicaid fraud scheme puts Minnesota’s federal funding at risk — and fallout could widen
‘GavOUT’: Rapper Nicki Minaj Savages Gavin Newsom Over His Wanting to See ‘Trans Kids’
Breaking Report: Hollywood Legend Rob Reiner, Wife Michele Have Been Killed by Their Son Nick
Iowa police chief’s son among National Guard members killed in Syria ISIS terrorist attack
Breaking: Two Dead Bodies Found at Hollywood Legend, Liberal Activist Rob Reiner’s LA Home
Erika Kirk agrees to ‘private discussion’ with Candace Owens amid rising tensions
DoorDash driver charged with felony food tampering after alleged pepper spray incident goes viral
MTG Attacks Again, Blames Trump for Death Threats Against Her Son
Small Business Administration unveils new initiative to roll back federal regulations
Gavin Newsom Says Charlie Kirk Helped Him Better ‘Understand’ Christianity
China’s missile surge puts every US base in the Pacific at risk — and the window to respond is closing
In-N-Out Retires the Number 67 from Its Ordering System Over Viral ‘6-7’ Trend
Victim’s family breaks silence as Oklahoma teen in violent sex assault case avoids prison time: report
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.
