Elizabeth Warren: Let’s Tax Millionaires To Allow Students To Refinance Their Debt

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Elizabeth Warren: Let’s Tax Millionaires To Allow Students To Refinance Their Debt

By Mason Atkins

Sen. Elizabeth Warren (D-MA) laid out a new plan that would tax millionaires and use that revenue to help students refinance their student loans.

Delivering the keynote address at the Higher Ed Not Debt Campaign launch event on Thursday at the Center For American Progress, Warren argued that America faces a choice: “Do we invest in students, or millionaires?” Warren plans to introduce a bill that would create an “America that invests in those who get an education” by revising the tax code and enacting the Buffet rule. Watch it:

The Buffet rule is named after billionaire Warren Buffet and would establish a minimum tax on income in excess of $1 million. The measure, which never got out of Congress, raises approximately $50 billion in revenue and ensures that millionaires do not pay lower tax rates than middle-class families.

Congress acted to lower the federal unsubsidized student loan interest rate to 3.86 percent for undergraduates for the 2012-2013 academic school year. But unless it acts again, the $1.2 trillion in outstanding student loan debt will continue to grow.

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http://thinkprogress.org/economy/2014/03/06/3370141/elizabeth-warren-student-debt-buffet-rule/