Democratic Primaries
Related: About this forumElizabeth Warren wants to use her wealth tax to wipe out Americans' college debt and pay for tuition
https://www.cnbc.com/2019/04/22/elizabeth-warren-use-wealth-tax-to-wipe-out-college-debt-and-pay-tuition.htmlThe Massachusetts senator, who has raced ahead of her 2020 rivals with detailed plans to re-arrange Americas economic priorities, on Monday unveiled her proposal for easing access to higher education. It would:
- Spend $1.25 trillion over 10 years to eliminate up to $50,000 in student debt for those with household incomes under $100,000
- Allow states to make public colleges tuition-free
- Spend $100 billion on expanded Pell grants to defray more non-tuition expenses
The money would come from the 2% annual tax she proposes to levy on accumulations of wealth exceeding $50 million, with an additional 1% on wealth exceeding $1 billion. Warren justified the link by asserting that higher education financing has long been crimped by tax cuts for wealthy Americans and corporations.
primary today, I would vote for: Joe Biden
Opel_Justwax
(230 posts)The 16th amendment allows the federal government to tax income, but there is nothing allowing the taxation for the accumulation of wealth.
primary today, I would vote for: Undecided
Shrek
(3,981 posts)There are plausible arguments on both sides.
http://nymag.com/intelligencer/2019/02/constitutional-concerns-are-a-major-risk-for-a-wealth-tax.html
primary today, I would vote for: Joe Biden
BeckyDem
(8,361 posts)primary today, I would vote for: Joe Biden
Freethinker65
(10,024 posts)I see the merit to her proposal. I think subsidized tuition at community colleges and state schools would be a positive. I would also include certified trade schools,etc. I personally do not believe they should be "free" for everyone. For myself, I took academics more seriously when I was paying something for the classes.
However there will be lots of angry people that saved and sacrificed so their kids could attend college with less, little, to no debt. Those people now might have let there kids take on 50K debt before contributing if they had known? And yes, I am one of those people.
There is also the phenomenon (yes, a right wing talking point, but it has occurred) where if businesses know the bill is being subsidized, they sometimes raise the overall bill factoring in that the consumer can afford to pay more because of the subsidy.
primary today, I would vote for: Joe Biden