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  1. #1
    Senior Member JohnDoe2's Avatar
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    Bernie Sanders wants to erase $1.6 trillion in student debt

    CBS News

    Bernie Sanders wants to erase $1.6 trillion in student debt by taxing Wall Street


    BY AIMEE PICCHI
    JUNE 24, 2019 / 10:14 AM / MONEYWATCH


    • Sen. Bernie Sanders is proposing to erase the nation's $1.6 trillion in outstanding student debt by taxing Wall Street transactions.
    • A tax of 0.5% on all stock trades and smaller fees on bonds and derivatives could raise $2.4 trillion over a decade, Sanders says.
    • Sanders' plan would earmark $48 billion to pay for free tuition at state colleges and universities.

    Senator Bernie Sanders said he has a plan to wipe out the $1.6 trillion in student debt owed by more than 40 million Americans: tax Wall Street transactions such as stock and bond trades.
    The proposal is the latest from a Democratic presidential candidate that aims to tackle the growing problem of student debt, which has been blamed for blunting the economic prospects of million of Americans. Sen. Elizabeth Warren, Sanders' rival for the 2020 Democratic presidential nomination, in April issued a plan to forgive student debt for college grads by adding an annual 2 percent tax on wealth above $50 million and a 1 percent tax on wealth more than $1 billion.
    While the plans differ on how they would raise the money to pay off the country's outstanding student debt, both proposals seek to boost the middle class by erasing a financial burden that can make it tougher for families to afford a home or car. Since the end of the recession a decade ago, the nation's outstanding student loan debt has more than doubled, rising from $700 billion in 2009 to $1.6 trillion today.


    "All Americans will get the college education or job training they need, while having all student debt forgiven," Sanders, a Vermont independent, said in a Monday tweet. "We bailed out Wall Street in 2008. It's time to tax Wall Street's greed to help the American people."

    Trending News





    Sanders said his plan would also provide $48 billion in state funding to provide free tuition at state colleges and universities.

    Taxing Wall Street


    Sanders said he would raise the money to pay off the nation's student debt by adding a 0.5% tax on stock trades, or 50 cents on every $100 of stock, as well as a 0.1% fee for bond trades and a 0.005% fee on derivative trades. His campaign estimates the taxes would generate $2.4 trillion over a decade.
    Taxing financial trades isn't a new idea. The U.S. imposed a tax on all stock trades until 1966, when the levy was eliminated. Other countries also raise money through taxing stock trades, including the U.K. and Germany, Sanders noted.
    Meanwhile, the cost of a college education has far outstripped wage growth in recent decades, leaving many families struggling to foot the bill. Because a college degree provides a boost to lifetime earnings, students and their families often opt to take on thousands in debt in hopes of earning more down the road. But that can leave them struggling to repay their loans as they're getting started in their careers.


    Not only the young are weighed down by student debt. Americans age 60 and older owe more than $86 billion in unpaid college loans, while 40% of those 65 and older are in default, according to the Consumer Financial Protection Bureau.
    Sanders said the plan would also help current and future students by easing the financial struggle many face once they're in college. Almost half of college students report struggling with hunger and the cost of housing, for instance.
    "In the richest country in the history of the world, students should not have to starve in order to get an education," noted a statement on Sanders' campaign site.

    https://www.cbsnews.com/news/bernie-...g-wall-street/
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  2. #2
    Senior Member Beezer's Avatar
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    And it's all FREE, and college costs will skyrocket even more to keep the FREE money flowing!

    What an idiot!!!

    Lower interest rate, cut college costs, pay the loan back!
    TO BECOME AN AMERICAN YOU MUST CHANGE YOUR VALUES ...NOT YOUR LOCATION

    STAY HOME AND BUILD AMERICA ON YOUR SOIL

  3. #3
    Senior Member JohnDoe2's Avatar
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    NO AMNESTY

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  4. #4
    Senior Member JohnDoe2's Avatar
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    Sanders’s newest College for All Act, briefly explained

    Here’s how Sanders’s College for All Act would work:
    The federal government would give states and tribes at least $48 billion per year, through a two-to-one federal dollar match program, if states commit to eliminating tuitions and fees at public universities and colleges.

    To receive the federal funding, states and tribes would have to meet some requirements: Essentially, they’d have to show the Department of Education that they will maintain higher education and need-based financial aid funding and rely less on adjunct faculty to teach classes. States and tribes would also have to show that they can cover the full cost of higher education for the poorest families, those who earn less than $25,000. For tribal colleges with at least 75 percent low-income student enrollment — students eligible for the Pell Grant — the federal government would cover 95 percent of costs to eliminate tuition and fees.


    The federal funding has restrictions: It cannot go to administrators’ salaries, any merit-based financial aid, or non-academic buildings like shiny new football stadiums.


    While this is a universal program — students from any financial background would benefit from the elimination of tuition — the proposal specifically targets lower-income students by increasing the federal Pell Grant program, tripling funding for the work-study program, and creating a dollar-for-dollar federal match to states to eliminate additional costs related to going to college.


    HBCUs and minority-serving institutions (MSIs) would also qualify for this federal funding. Sanders’s proposal allocates $1.3 billion per year to reduce tuition and fees at private nonprofit universities and colleges with at least 35 percent of students from low-income households. Roughly 200 institutions would be eligible, Sanders’s office said.



    A supporter of Sanders’s free college proposal at Eastern Michigan University on February 15, 2016. Bill Pugliano/Getty Images

    The proposal also caps student loan interest rates to the same rate the federal government pays for its debt.
    All told, this bill, introduced with progressive Reps. Pramila Jayapal (D-WA) and Ilhan Omar (D-MN), is a more expansive version of Sanders’s original 2016 free college proposal. What was originally a tuition-free proposal with a provision for refinancing student loans has become a debt-free and tuition-free proposal.

    It’s a clear departure from the free college plan that Clinton proposed and Sanders endorsed as the 2017 College for All Act. That bill would have eliminated tuition and fees for families making up to $125,000, conceding to Clinton’s argument that the government shouldn’t have to cover costs for families who can afford to send their kids to college.


    There are several Democratic candidates in the field right now who share those concerns, but Sanders is no longer heeding them. . .

    https://www.vox.com/policy-and-polit...dent-loan-debt

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