Sanders College for All Act Mentions Using Tax on Financial Transactions to Cover College Expenses

While it probably won’t go anywhere, U.S. Senator Bernie Sanders (I-VT) mentioned in the “College for All Act” using funds from the financial transaction tax (this tax has not yet been approved either) to no only pay off al student loan debt, bu to also eliminate tuition and fees at all public four-year colleges and universities, as well as make community colleges, trade schools and apprenticeship programs tuition- and fee-free for all.

Sanders press release goes on to say that the estimated $2.2 trillion cost of the bill would be paid for entirely by “a tax on Wall Street speculation,” whereby trades would be taxed at a rate of 0.5% for stocks, 0.1% for bonds, and 0.005% for derivatives.  They also claim the legislation would raise up to $220 billion in the first year and more than $2.4 trillion over 10 years.

The proponents further say that“Because the increased trading on Wall Street over the past several decades has not benefited working Americans, the reduced trading that results from a financial transaction tax would not harm the savings of the middle-class who invest through pensions or mutual funds.”

In conclusion, if the College for All Act were to pass, solo 401k account holders may switch from traditional solo 401k plans to self-directed solo 401k plans for investing in alternative investments such as real estate, notes, tax liens, and metals, to name a few, since the “Wall Street” tax” would not apply these types of investments.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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