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.
Target Pays $110 Million to Break Minneapolis Lease Amid Chaos in the City
Kennedy warns Ayatollah wants to ‘drink our blood out of a boot’ as Iran tensions escalate
BREAKING VIDEO: Hillary Flees Mic 4 Seconds After Reporter Dares Ask Why Ghislaine Maxwell Was at Chelsea’s Wedding in 2010
Hillary Clinton comes out swinging after GOP grilled her during marathon Epstein deposition
Two groups form in California governor’s race, but still no clear front-runner
Former Marvel actor working with Daily Wire for action movie produced by Ben Shapiro
Watch: The Priceless Look on This Sign Language Interpreter’s Face When She Has to Sign Hateful Islamic Verses She Probably Never Knew Existed
Denver mayor orders ICE agents detained if they ‘assault or shoot’ residents
Iran and US silent as negotiations in Geneva conclude without resolution
Travis County DA faces renewed ‘soft on crime’ criticism after career criminal charged with murder
Perfect Justice: Bill Gates Confesses to Russian Connection That Trump Was Falsely Accused of for Years
Nancy Guthrie neighbors’ Ring camera captures vehicles on possible route from crime scene
Family claims casino staff mistook veteran’s illness for intoxication, delaying care before his death
Retired Air Force Major Charged for Allegedly Training Chinese Military Pilots
New Texas Poll Is Out, and Stephen Colbert and Democratic Establishment Won’t Be Happy With It
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.
