Tuition-free college is the Democratic Party’s flavor-of-the-month plan to increase educational affordability and access. At the first Democratic presidential debate, Sen. Elizabeth Warren called for tuition-free public college and the cancellation of up to $50,000 in existing debt. And, not to be outdone, Sen. Bernie Sanders proposed free public colleges, universities, and trade schools as well as the forgiveness of all $1.6 trillion in outstanding student loan debt.

All this “free” education is funded by taxpayers, and not just the rich ones. In reality, Sanders’ tax on “Wall Street speculators,” meant to pay for his proposals, is a tax on all Americans. It will divert trillions of dollars from savers and investors to the government. This means less money in retirement accounts, and less money for new and growing firms — therefore, fewer new jobs. Similarly, Joe Biden’s proposed reversal of the GOP’s 2017 tax cuts and Warren’s new wealth tax will reach well beyond the rich and into the pockets of the middle and working classes.