Democratic Lawmaker Wants to Repeal GOP Tax Cuts to Alleviate Student Loan Debt
Since the GOP’s Tax Cuts and Jobs Act passed late last year, Democrats have fiercely opposed it, claiming that it mostly benefits the wealthiest Americans. Rep. Jared Polis (D-Colo.) plans to introduce a new bill next week in a push to repeal the controversial tax law.
Polis is expected to introduce the Students Over Special Interests Act on Wednesday in an effort to repeal the current tax law, and redirect taxpayer dollars toward alleviating student loan debt. A fact sheet of the legislation outlined that the bill will “cancel all outstanding student loan debt for nearly 43 million borrowers” and will increase the maximum Pell Grant in an effort to make college more affordable.
“The Republican tax plan was all about special interests cashing in at the expense of everyone else,” Polis said in a statement obtained by Fortune. “My plan shows what a difference we can make for middle-class Americans for even less cost. So many people go to school, get a job, and work hard but still struggle to get ahead because they are weighted down by student loans. It’s time to help them get out from the mountain of debt they are under.”
The GOP tax bill has been largely unpopular among Americans, according to an April NBC News/Wall Street Journal poll that found 27% of adults believe the bill is a good idea, and 53% think it will have negative impacts on the economy.
Social Security Works, an organization whose mission is to “improve the economic security of disadvantaged and at-risk populations,” is endorsing Polis’s bill. “The tax scam was a handout to the richest people the world has ever seen instead of helping hardworking Americans,” executive director Alex Lawson told Fortune about why the organization supports the bill.
Polis has pushed to help students paying back loans in the past. In 2013, the Colorado representative sponsored the Student Loan Affordability Act in an effort to maintain affordable interest rates for students paying back their loans.
While Polis’s bill is unlikely to move forward with Republicans controlling the House and Senate, it appears to be a push forward for Democrats fighting the GOP’s tax plan.