The plans put forth by Warren and Sanders reveal stark differences in where the wealth used to pay for these loans would come from.
Vermont Independent Senator Bernie Sanders, if elected presidents, plans to introduce a federal tax on Wall Street that would be used to erase the $1.6 trillion of student debt held by 45 million Americans.
The plans put forth by Warren and Sanders are closer in scope, but still reveal stark differences in where the wealth used to pay for these loans would come from.The Washington Post The Sanders plan looks to pay for the cancellation of the student loan debt through a tax on Wall Street that his team says would raise about $2.2 trillion over a decade. Sanders proposes taxing certain financial transactions, such as a 0.5 percent stock transaction tax and a 0.1 percent bonds tax. His plan aims to reduce risky Wall Street speculation while also using that money to boost those burdened by debt.
Sanders' plan has received the support of several high-profile Democrats in the House and Senate including Omar, New York congresswoman Alexandria Ocasio-Cortez and Washington congresswoman Pramila Jayapal.
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