Bernie Sanders says his financial transaction tax would raise trillions to pay for free college. But would it, and who would pay?
to finance his plan for the federal government to pay off existing college debt and make future public college education free. The tax raises three important questions:· Who would pay the tax?similar idea as a presidential hopeful in 2016.
Sanders also would create an income tax credit intended to fully offset the average burden of the tax for individuals with incomes of less than $50,000 . Sanders estimates his FTT would raise $2.4 trillion over 10 years, which he says is enough to finance his current student debt plan. When TPC analyzed Sanders’s 2016 version , it concluded the Sanders FTT would generate far less than his supporters claimed.
However, more recent evidence also points to lower revenue from substantial FTTs. For example, the European Union has been struggling to create its own FTT and its latest projections suggest the levy would generatethan earlier projections. In 2013, the EU projected the tax would raise between €30 and €35 billion annually. The latest estimate based on France’s actual experience with an FTT: €3.45 billion.
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