The “free” college would actually cost $80 billion a year. This would eliminate Pell Grants and current subidization and cost the federal government $47 billion a year with the states taking up the extra $33 billion. It’s not free by any means. Just have to clarify that, by no means does “tuition free” mean “free”. So anyway, Bernie Sanders plans to raise the funds for that by taxing .50 cents on every $100 spent in high frequency speculative Wall Street trading. This plan would raise an estimated $300 billion a year (that’s a fair bit more than $80 billion) and it would not impact the average American that much. The shares which most 401ks and IRAs are based on are not the same type of stock this tax would impact. This would be the speculative buy and sell type stuff the big banks engage in. When Goldman Sachs, JP Morgan, and other hugely successful Wall Street financial institutions have a stranglehold on the American economy and control over $9.8 trillion in financial assets, which is 60% of the GDP, something has got to change. That is unsafe and economically unsound. A small tax to slowly redistribute that and create a massive amount of social utility seems worth it to me. That said, if you work for one of those elite banks I could see why you would be opposed.
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