Warren's proposals might require a tax on the middle class, according to one economist.
Senator Elizabeth Warren's plan to cancel $1.25 trillion in student debt loan and offer free college education to all Americans, which was publicized Monday, might need more funding than her proposed increased corporate taxes would generate, economists told Newsweek.
Economists, however, questioned whether the tax would be able to pay for all of Warren's announced proposals, which also include a guarantee of universal child care and expanding affordable housing. Democratic presidential candidate Senator Elizabeth Warren arrives to join the picket line with striking Stop & Shop workers on April 12 in Somerville, Massachusetts. Scott Eisen/Getty Images
"You have to look at her agenda as a whole to get a sense of it," Ben Ritz, the director of the Progressive Policy Institute's Center for Funding America’s Future, told Newsweek."I think that even though the taxes on the wealthy are probably enough to pay for this one specific thing, you can only tap that wealth this many times.
"A huge portion of the returns to postsecondary education are private, meaning they are enjoyed by only the person who earned the degree," Beth Akers, a senior fellow at the Manhattan Institute, told Newsweek. "College graduates, even those with debt, are among the most well-off people in our economy. It’s misguided to think that a bailout for these folks should be the first place we spend the revenue raised from a tax on the ultra-rich.
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