Sen Elizabeth Warren (D-MA) believes America faces a choice. “Do we invest in students, or millionaires?”
That’s why she laid out a plan during the keynote address at the Higher Ed Not Debt Campaign launch event on Thursday at the Center for American Progress, to tax millionaires and use the revenue to help students with their loans.
Warren’s plan will create an “America that invests in those who get an education” by enacting the Buffet rule. Named after the billionaire Warren Buffet, the rule establishes a mininum tax on income higher than $1 million dollars. This would raise more than $50 billion dollars in revenue.
Warren’s plan would give students the ability to refinance their student loans at lower rates. The cost of this plan would be “dollar for dollar.” She explains “every dollar the Buffet rule brings in, we use that dollar to refinance student loan debt.” This proposal would save graduates thousands of dollars every year.