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Could Senator Warren’s student loan forgiveness plan work?

By Larry Mitchell | Staff Reporter
On April 24, 2019

70% of college students graduate with a signifcant amount of loans.
Photo courtesy of getoutofdebt.org

Senator Elizabeth Warren has proposed a tax plan that will take away 95 percent of the student loan debt in America.

In an attempt to get the support of the American people in hopes of becoming the next president, Warren used the student loan debt as one of her first initiatives. The proposal targets the households that make under $100,000, which would erase $50,000 of the amount owed.

Households with incomes of $250,000 would be excluded from debt forgiveness. To take the proposal to another level, to control the growth of the debt after her forgiveness plan, she wants to make two- and four-year public colleges have free tuition, according to a town hall for young voters.

It would all be possible from a $2.75 trillion profit from something called a "wealth tax”; a proposed 2 percent tax increase for Americans who have more than $50 million in assets, with an additional 1 percent surcharge on the wealth of over $1 billion.

These calculations were made by economists Emmanuel Seaz and Gabriel Iglesias, who worked directly with Warren on her campaign.

"My broad cancellation plan is a real solution to our student debt crisis. It helps millions of families and removes a weight that's holding back our economy," Warren, a Democrat from Massachusetts, said.

With 20 Democratic candidates so far for the 2020 election, Warren decided to use this as a way to stand out. In most campaigns the candidates tend to sell the voters on a big plan to bring a change that could make life easier during their term.

Republicans would try and do everything they can to stop a bill like this from passing, if Warren won the election, as the tax would affect the pockets of many Republicans.

"I heard about a candidate wanting to take away the student loans, but I would have to see that before I believe it. I can't just say I'm going to vote for her though I would just need to do a little more research on her plan," Quanasia Blackledge, a graduating healthcare management student at FAMU, said.

She is part of the target audience of young voters that many of the candidates are trying to reach.

With the frauds of the political world being exposed on a daily basis, Warren or whoever wants to become the next president will have to start putting more action behind their words.

 

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