Democratic debates: Fight over free college for rich kids

August 1, 2019 | Yahoo! Finance

At the presidential debates in Detroit on Tuesday, Sen. Amy Klobuchar went after Bernie Sanders’ and Elizabeth Warren’s college debt forgiveness proposals, calling them plans that pay for Wall Street kids to go to college.

Both Senators Warren and Sanders want to eliminate tuition at public colleges and universities. They view debt forgiveness as the way to address the more than $1.5 trillion student debt crisis. Sanders’ “College for All Act” would make four year public colleges and universities tuition free and would erase student debt for an estimated 45 million Americans by imposing new taxes on Wall Street transactions: 0.5% tax on trading a stock, 0.005% tax on derivatives, and 0.1% tax on bonds trades. Warren’s proposal would eliminate $50,000 in student loan debt for households with less than $100,000 in income.

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