On Wednesday, U.S. Senator Bernie Sanders and representative pramila jayapal introduced a bill to provide free college education to students by taxing Wall Street.
The college for all plan bill will eliminate tuition fees for families earning less than $125000 a year. It will apply to public four-year colleges and universities, as well as historically black dominated public and private institutions.
The bill proposes new taxes on Wall Street, including a 0.5% tax on stock trading, a 0.1% tax on bond trading and a 0.005% tax on derivatives trading. This will raise $2.4 trillion over the next 10 years to fund free education.
“It’s Wall Street’s turn to rebuild the struggling middle class by paying a modest financial transaction tax to ensure that every American who wants to get a higher education can get it without debt,” the Bill said
The plan also proposes a $10 billion annual federal fund to help students in underfunded colleges or universities. It will also support programs to help children from low-income families, children with disabilities, and the first generation of college students.
“In the richest country in the history of the world, higher education should be the right of all, not the privilege of a few,” Sanders said in a statement.