Elizabeth Warren wants to ‘cancel’ student debt for millions

Democratic Massachusetts Sen. Elizabeth Warren announced a proposal on Monday aimed at alleviating the student loan debt Opens a New Window. crisis by largely eliminating the obligations altogether.

The 2020 Democratic presidential candidate Opens a New Window. wrote in a blog post on Medium that she would like to cancel $50,000 in student debt for individuals with household incomes below $100,000 – or about 42 million people. American households with higher incomes, up to $250,000, would also see some of their debt written off as well. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000.

Warren said that would be entirely covered through a tax proposal she announced earlier this year, which she calls the “ultra-millionaire tax.” The tax would be equal to 2 percent for those with more than $50 million in assets, but would rise to 3 percent for those who have assets valued at more than $1 billion.

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