Sen. Bernie Sanders plans to unveil a plan Monday to eliminate virtually all student loan debt – about $1.6 trillion held by 45 million Americans – which would be the most ambitious proposal yet from the two dozen Democrats running for president in 2020.
The plan would be part of Sanders' proposal to make public universities and community colleges tuition-free, according to The Washington Post. His previously unveiled College for All plan calls for the federal government to provide $47 billion a year toward tuition and for states to provide an additional $23 billion a year.
Sanders will be joined by Reps. Ilhan Omar, D-Minn., and Pramila Jayapal, D-Wash., when he introduces the bill Monday, the Post and CNN reported.
To fund his massive loan forgiveness plan and public investment in higher education, the Vermont independent will push for a new tax on Wall Street, which he projects will raise $2.2 trillion over 10 years, according to CNN. The College for all Plan outlined a "Robin Hood Tax" that would impose a 0.5% tax on stock trades, a 0.1% fee on bonds and a 0.005% fee on derivatives.
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Sanders' proposal comes two days before the first debates of the Democratic primary begin, with 10 candidates taking the stage Wednesday night and 10 more Thursday night in Miami. Sanders is scheduled to take part in the second slate of candidates.
The plan goes further than one put forward by Sen. Elizabeth Warren, D-Mass., in April. Warren, who also is seeking the Democratic presidential nomination, proposed canceling $50,000 in student loan debt for those with a household income of less than $100,000. People who make more than $100,000 would see a staggered reduction in their debt, with those making more than $250,000 being ineligible for loan forgiveness.
Warren also proposed making public universities and community colleges tuition-free. She plans to pay for it with an "Ultra-Millionaire Tax – a 2% annual tax on the 75,000 families with $50 million or more in wealth."
A USA TODAY/Suffolk University poll released last week found that education and taxes ranked fifth and sixth as the top issues that Democratic voters want to hear the candidates discuss. Health care was the top issue for one out of five Democratic voters, followed by immigration, the economy, and climate change.
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2019-06-24 11:55:00Z
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