President Barack Obama Friday told an enthusiastic crowd of students at the University of Michigan that extra taxes on millionaires should help subsidize their futures.
Without mentioning former Massachusetts Gov. Mitt Romney by name, Obama used his campaign-style event to urge higher taxes on the nation’s most prosperous to reduce student loan-payments, increase student grants, fund universities and pay for high-tech research.
“You’re the ones who need help,” the president told students gathered at the University of Michigan’s Al Glick Field House.
“A quarter of all millionaire [earners] pay lower taxes than millions of middle-class households. t… [audience boos] Is that fair? … does it make sense to you? … do we want to invest in things like… student loans and grants?”
He called on Congress to cut the interest rate on government loans to students, and said he had already limited graduates’ monthly payments on government loans to 10 percent of their after-tax income.
When he announced the student-loan rollback proposals last year, education and financial experts said they would inflate the education sector bubble, and would leave millions of graduates with growing debts even before they try to marry or buy houses.