With the Democratic presidential debates set to begin in a couple of days, Sen. Bernie Sanders is releasing his giveaway plan to cancel $1.6 trillion worth of student loan debt held by 45 million Americans with a new tax on Wall Street and investors.

“In a generation hard hit by the Wall Street crash of 2008, it forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the ‘crime’ of getting a college education,” Sanders says in an excerpt from remarks prepared for a news conference today.

Sanders’ plan goes a step further than Sen. Elizabeth Warren’s proposal to cancel debt, which includes income restrictions. Warren’s plan calls for canceling $50,000 in student debt for people earning less than $100,000 a year, which affects about 42 million people.

Warren’s giveaway would be paid for with a 2% wealth tax on people who have more than $50 million, affecting the nation’s top 0.1% of households. Warren says her wealth tax would raise $2.75 trillion over a decade, which is enough to cancel student debt and pay for universal child care and free tuition at public colleges and universities. Experts, however, say her plan won’t raise that much because rich people will find ways to get around the tax, if it’s even constitutional.

Sanders’ plan in turn has no eligibility limitations and would be funded by not a wealth tax, but on a Wall Street tax that would raise the $2.2 trillion required to pay for the program and other college funding proposals.

It would include a 0.5% tax on stock trades, or 50 cents for every $100 worth of stock, a 0.1% levy on bonds and 0.005% fee on derivatives.

Anyone who has student loan debt, it would be canceled the moment the legislation is signed into law.

“We are going to forgive student debt in this country,” he said. “We have for the first time in the modern history of this country a younger generation that if we don’t change it, and we intend to change it, will have a lower standard of living than their parents, more in debt, lower wages than their parents, unable to buy the house that they desire.”

Sanders went on a recent Twitter spree to tout his proposal.

Editor’s note: Share your thoughts below on Sanders’ plan to cancel student loan debt by taxing investors.