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A Deeper Look At Bernie Sanders' Free College/No Debt Plan

Credit: Wochit
Published on July 27, 2019 - Duration: 00:53s

A Deeper Look At Bernie Sanders' Free College/No Debt Plan

In his 2020 run for president, Democratic Senator Bernie Sanders has a proposal to make college free.

He also wants to pay off all outstanding student debt.

How would he make it happen?

His solution is pretty straightforward.

Business Insider explains, "Since Main Street bailed out Wall Street during the financial crisis, Wall Street should now return the favor." It would mean a "0.5% tax on stock transactions, a 0.1% tax on bond trades, and a 0.005% tax on derivatives transactions." Sanders supporters point out that the plan would increase revenue for governments, keep high-frequency traders in check and start to redistribute the flow of wealth in the U.S. Those opposed to Bernie's plan say that because FTT doesn't tax banks, but does tax transactions, that would likely pass the elevated cost along to consumers.

This includes anyone with stock market investments, 401k retirement plans, 529 college savings plans, and pension funds.

Kirsten Wegner, CEO of Modern Markets Initiative says that it's ironic.

She explains, "It's actually the teachers' pension funds, university endowments and 529 plans that would be helping pay for free college and student loan debt relief."

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