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Sen. Bernie Sanders announced a new proposal to eliminate all student debt. His proposal was met with some skepticism.

Other candidates, including Sen. Elizabeth Warren, have floated the idea of loan forgiveness as part of their campaign promises.

Many argue that any student loan debt forgiveness would benefit lawyers, doctors and other upper middle class households. Others complain that Sanders’ proposal is another form of wealth distribution.

On Monday, Sanders, and Representatives Ilhan Omar and Pramila Jayapal, announced an “evolutionary” Senate plan to cancel all student loan debt.

Sanders said if the bill becomes law, it would wipe clean $1.6 trillion worth of student loan debt. The legislation, which would affect about 45 million people, will be added to bills already in the House of Representatives from Rep. Alexandria Ocasio-Cortez.

Sanders’ proposal reportedly includes federal and private student loans. The money to pay off the massive debt would come from new Wall Street taxes, including a 0.5 percent tax on stock trades, a 0.1 percent fee on bonds and a 0.005 percent fee on derivatives.

The new legislation expands on an earlier bill proposed by Sanders and Jayapal, which did not include eliminating student debt.

Photos by SAUL LOEB/AFP/Getty Images