The College for All Act (S. 1373) provides $47 billion (B) annually to states to eliminate undergraduate tuition and fees at public colleges/universities.
Today, total tuition at public colleges/universities amounts to ~$70B per year. Under S. 1373, the federal government covers 67% of this cost and states would be responsible for the remaining 33% of this cost.
S. 1373 is funded by Wall Street speculation fees on investment houses, hedge funds, and other speculators of 0.5% on stock trades (50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives.
S. 1373: (1) raises over $100B+ a year to make tuition free at public colleges/universities (revenue surplus could create jobs); and (2) reduces student loan interest rates with refinancing options.