Rep. Ro Khanna involved pupil mortgage debt might be a hurdle to elevating youngsters, shopping for houses

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Rep. Ro Khanna mentioned he is involved pupil mortgage debt may stop People from beginning households or shopping for houses.

“It leads to young people not wanting to have families,” the California Democrat informed Day by day Submit. “It means young people aren’t able to buy homes.”

FREMONT, CA - SEPT. 17: Representative  Ro Khanna speaks to the media as he meets with families from Afghanistan  at Warm Springs Community Park on Friday, September 17, 2021 in Fremont , Calif. (Lea Suzuki/The San Francisco Chronicle via Getty Images)

FREMONT, CA – SEPT. 17: Consultant  Ro Khanna speaks to the media as he meets with households from Afghanistan  at Heat Springs Group Park on Friday, September 17, 2021 in Fremont , Calif. (Lea Suzuki/The San Francisco Chronicle by way of Getty Pictures)

President Biden has twice prolonged a pause on pupil mortgage funds, which first began in March 2020 to alleviate financial fallout from the COVID-19 pandemic and response. The freeze is about to run out after April 30, however multiple outlets have reported that the White Home will lengthen the pause by way of Aug. 31.

“I support extending the pause, and I support canceling it for working families,” Khanna informed Day by day Submit. “It is wrong that young people are starting out 20, 30, 40 thousand dollars in debt.”

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Biden introduced a $5.8 trillion greenback funds proposal final month. Khanna supported the plan for its concentrate on “lowering costs for working families,” although it did not embody a plan for pupil debt reduction.

The president campaigned on serving to pupil mortgage applications and forgiving as much as $10,000 {dollars} per individual in federal student loans. Biden has to this point canceled greater than $17 billion in pupil loans, CNN reported.

Round 43 million People owe $1.6 trillion in pupil debt, in accordance with the Department of Education.

“Do we have anyone go into debt to finish junior high school? No. Do we have anyone going into debt to finish high school? No,” Khanna added. “So why should it be okay to go into debt to get your vocational certificate or to get some community college or college?”

People ought to all be capable of get an schooling “without going thousands of dollars into debt,” Khanna informed Day by day Submit. For pupil debt to be cleared, the debt would partially should be “written off” and would contain elevating “the top tax rate up to 39%” because it was below President Clinton,” he added.

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“How is it that some firms are paying zero % tax?” Khanna said. “We are able to be sure that people who find themselves very, very rich are paying at least 20%. That’s what academics and firefighters pay.”

At least 55 corporations didn’t pay any federal income tax in 2020, according to a study conducted by the Institute on Taxation and Economic Policy. Critics pointed out that the report was not based on tax returns. Nike, one of the 55 companies highlighted, for example, said it had paid $9.6 billion in taxes since 2016.

“We’d like tax reform on this nation in order that people who find themselves rich and firms are rich are paying their fair proportion,” Khanna told Daily Post.

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Khanna’s congressional district lies in the heart of Silicon Valley. The Democrat told Daily Post his district “has $11 trillion {dollars} of market cap” and that many billionaires in the district are open to “paying slightly bit extra in tax” in order for everyone else to “get a good shot on the American dream.”

(Google Maps/Getty Pictures)

Khanna mentioned opponents of pupil mortgage forgiveness argue that in the event that they or their mother and father paid for pupil loans, then everybody ought to. The congressman mentioned he has “so much admiration for parents who made those sacrifices for their kids.”

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“My parents sacrificed so they could pay some of my college education, my brothers’ college education,” Khanna informed Day by day Submit. “That doesn’t mean that just because your parents did it or you did it that we want to not do something better for the next generation.”

“How is that good for our country?” Khanna continued. “I wish we could have a bipartisan consensus that you can start your life in this country not 20, 30 thousand dollars into debt.”

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