In March 2019 the U.S. Senate defeated The Bank on Students Emergency Loan Refinancing Act by a vote of 58-38. The act, proposed by Senator Elizabeth Warren (D-MA) would lower the interest rate on existing student loans from 7% to 3.86%. The act would be financed by levying a mandatory income tax of 30% on everyone who earns between $1 Million and $2 Million dollars per year. Proponents argue that current student loan interest rates are nearly double normal interest rates and should be lowered to provide relief for millions of low-income borrowers. Opponents argue that the borrowers agreed to pay the interest rates when they took out the loans and taxing the rich would hurt the economy.
Yes. It also prohibits tax avoidance by the wealthy (such as donating to foundations)
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@2J5YBJP4yrs4Y
No, eliminate student loans and make colleges set tuitions based on their the average family's ability to pay.
@2J5XMK34yrs4Y
No, cut the pay that the President and Congress receive to fund colleges and cut student loan costs.
@2J5TRB64yrs4Y
I would say tax the rich for just about any reason. Just tax them!
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