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.
All 50,000 evacuees cleared to return home after chemical tank crisis at Southern California aerospace plant
Pam Bondi diagnosed with thyroid cancer weeks after departing as Trump’s attorney general: report
Ex-NFL linebacker poised to return to Congress after Texas runoff win with Jasmine Crockett endorsement
Trump-backed Air Force veteran wins GOP runoff in newly-redistricted House district
U.S. military kills alleged narco-terrorist in lethal strike on drug-trafficking vessel in Eastern Pacific
Pam Bondi to make Trump administration return after undisclosed thyroid cancer battle
Texas Railroad Commissioner Jim Wright and wife share story of 2017 crash that left her permanently paralyzed
Controversial Democrat who called for ‘Zionists’ to be imprisoned toppled after backlash
Breaking: Longtime Democrat Rep. Al Green Has Been Defeated, Will Lose His Seat in Congress
Texas MAGA battle ends with Middleton victory as Chip Roy falls short in AG Race
BREAKING: Ken Paxton Has Defeated John Cornyn in the TX GOP Senate Primary
Watch: RFK Jr. Catches Two Snakes on Dr. Oz’s Patio Using Only His Bare Hands
Spencer Pratt Accuses LA Mayor Karen Bass of Breaking Election Law on Camera
GOP veteran defeats populist candidate in one of America’s most conservative districts
MAGA triumph: Trump ally Ken Paxton defeats John Cornyn in bitter Texas GOP primary war
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.
