Attention struggling student borrowers, according to a GOP senator who wants to be president, you’re a rich deadbeat.
Sen. Tim Scott (R-SC), who plans to seek the 2024 GOP presidential nomination, called student loan relief a “handout to the wealthy.” (See story here.)
When he was in college, Scott got a football scholarship. As a Senator, he voted to cut taxes for poor billionaires. He’s also a big supporter of the so-called “Fair Tax,” which would replace federal income, inheritance, and gift taxes with a 30% federal sales tax (details here). Experts say that would massively shift taxes from the rich to middle and lower income people.
When the bankruptcy code was rewritten by a Republican Congress in 2005, the changes made it easier for businesses to get out of paying their debts, harder for consumers, and decreed that student debt is non-dischargeable (details here).
In 2023, Republicans are suing to block Biden’s student debt forgiveness, and probably will win in the GOP-controlled Supreme Court. If you’re a student debtor, Republicans are not your friends. And Tim Scott, a millionaire insurance agency owner, is a hypocrite.
