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He spoke in New York City on Monday, where he was joined by New York Democratic Congressmen-elect Mondaire Jones, Ritchie Torres, and – via an iPad – Jamaal Bowman.
Though debt cancellation often carries a tax bill for the borrower, Schumer said Biden can help student loan borrowers avoid that. He can also make it such that when they do this, they have no tax liability, Schumer said.
Indeed, this fall the New York senator and Sen. Elizabeth Warren, D-Mass., introduced a resolution that calls for the next president to use executive authority to cancel student loan debt and prevent federal student loan borrowers from facing a tax bill.