This is how Bernie Sanders will pay for $1.6 trillion of student loan forgiveness:
Here’s how Bernie Sanders will pay for $1.6 trillion of student loan forgiveness.$1.6 trillion of outstanding student loan debt
, including both federal and private student loan debt. Sanders’ student loan forgiveness plan has no eligibility requirements; all 45 million student loan borrowers are eligible for student loan discharge. Sanders believes that among other benefits, student loan forgiveness would help millions of borrowers lead a better financial life and stimulate the economy. For example, student loan forgiveness can help borrowers buy a home, save for retirement, launch new businesses, and start a family; and reduce the wealth gap and provide economic stimulus to the middle class.
an estimated 2.2 trillion. To pay for these plans, Sanders would institute a “Wall Street speculation tax” that will raise an estimated $2.4 trillion over the next ten years. The “speculation tax” would work like this: a 0.5% tax on stock trades, a 0.1% fee on bond trades, and a 0.005% fee on derivative trades. For example, if $100 of stock is traded, the “speculation tax” would be $0.50.
Most other leading presidential candidates from former Vice President Joe Biden to former New York City
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