Warren Proposes Wiping out Student Debt with Wealth Tax

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Warren Proposes Wiping out Student Debt with Wealth Tax

Senator Elizabeth Warren is trying to separate herself from a crowded field of Democratic candidates for president. Today she announced a plan that pairs two ideas that cause excitement for progressive activists: canceling student loan debt and a tax on wealthier Americans.

 

Under Sen. Warren’s plan, she would take revenue from her proposed annual tax on those who have more than $50 million in wealth and cancel student loans for millions of Americans. She calls for forgiveness of up to $50,000 of debt for people in households with an income under $100,000, and a partial cancelation of debt for those in households with incomes up to $250,000.

 

In addition, Sen. Warren has also proposed other reforms that she said would make college more affordable. These include elimination of tuition and fees at two-year and four-year institutions, expanding what federal Pell Grants can pay for, increase aid to historically black colleges and universities, and ban colleges from considering an applicant’s criminal history or citizenship status.

 

Supporter of Sen. Warren’s plan argue that student loan debt is overwhelming for many people. They say that this debt harms the economy by limiting the decisions that graduates can make. Opponents counter that those with debt should have the skills necessary to repay the debt, so taxpayers should not shoulder the burden. They also note that canceling this debt would disproportionately benefit the middle class and wealthier Americans.

 

Do you support canceling student loan debt? Should the government forbid colleges and universities from charging tuition?

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