Sen. Bernie Sanders introduced an ambitious plan this week to cancel all student loan debt. It would eliminate close to $1.6 trillion in debts in the U.S., owed by more than one-third of young Americans to private banks, colleges, and the government. The amount owed exceeds the amount owed in credit card debt and auto loans.

Sanders, one of the Democratic front-runners, wants to fix that. The College for All Act would cancel the student loan debt of nearly 45 million Americans who pay an average of $3,000 per year and subsidize college tuition for low-income individuals underrepresented in certain districts. In total, this plan would cost $2.2 trillion, paid for by new taxes on Wall Street: A 0.5% tax on stock trades (or 50 cents for every $100 stock value), a 0.1% fee on bonds, and a 0.005% fee on derivatives. According to Sanders, these taxes would raise more than $2.4 trillion in the next ten years.