Presidential candidate Bernie Sanders has been a loud critic of the ultra wealthy. Under his newest plan, he is ensuring those in the highest income bracket pay what he sees as their fair share in taxes.

On Tuesday, Sanders released his “Tax on Extreme Wealth” proposal. The plan would place a 1% tax on the top 0.1% of American households. That translates to those who have a net worth above $32 million, who would pay a wealth tax of $5,000.

“At a time when millions of people are working 2 or 3 jobs to feed their families, the three wealthiest people in this country own more wealth than the bottom half of the American people,” Sanders said. “Enough is enough. We are going to take on the billionaire class, substantially reduce wealth inequality in America, and stop our democracy from turning into a corrupt oligarchy.”

The tax rate would increase depending on net worth — there would be a 2% tax on those worth between $50-250 million, 3% tax on those worth between $250-500 million, 4% for those between $500 million to $1 billion, 5% from $1-2.5 billion, 6% from $2.5-5 billion, 7% from $5 to $10 billion, and 8% tax on wealth over $10 billion. According to the plan, “these brackets are halved for singles.”

38 PHOTOSBernie Sanders's 2020 presidential campaignSee GalleryBernie Sanders's 2020 presidential campaignA Bernie2020 campaign sign is help up in the crowd as Sanders co-chair Sen. Nina Turner, joined by local politicians and hospital workers protest the imminent closure of Hahnemann University Hospital at a rally outside the Center City facilities in Philadelphia, PA on July 11, 2019.(Photo by Bastiaan Slabbers/NurPhoto via Getty Images)PELLA, IA – JULY 04: An attendee hold a sign for U.S. Senator and 2020 presidential candidate Bernie Sanders (I-VT) during the 4th of July parade on July 4, 2019 in Pella, Iowa. The 2020 Iowa Democratic caucuses will take place on Monday, February 3, 2020. (Photo by Joshua Lott/Getty Images)PELLA, IA – JULY 04: U.S. Senator and 2020 presidential candidate v (I-VT) waves as he attends the 4th of July parade on July 4, 2019 in Pella, Iowa. The 2020 Iowa Democratic caucuses will take place on Monday, February 3, 2020. 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(Photo by Cliff Hawkins/Getty Images)Democratic presidential hopeful US Senator for Vermont Bernie Sanders speaks to the press in the Spin Room after participating in the second Democratic primary debate of the 2020 presidential campaign season hosted by NBC News at the Adrienne Arsht Center for the Performing Arts in Miami, Florida, June 27, 2019. (Photo by JIM WATSON / AFP)(Photo credit should read JIM WATSON/AFP/Getty Images)Democratic presidential hopeful former US Senator for Vermont Bernie Sanders looks on during the second Democratic primary debate of the 2020 presidential campaign season hosted by NBC News at the Adrienne Arsht Center for the Performing Arts in Miami, Florida, June 27, 2019. (Photo by SAUL LOEB / AFP)(Photo credit should read SAUL LOEB/AFP/Getty Images)Democratic presidential hopeful US Senator for Vermont Bernie Sanders speaks during the second Democratic primary debate of the 2020 presidential campaign season hosted by NBC News at the Adrienne Arsht Center for the Performing Arts in Miami, Florida, June 27, 2019. (Photo by SAUL LOEB / AFP)(Photo credit should read SAUL LOEB/AFP/Getty Images)HOMESTEAD, USA – JUNE 27: Senator Bernie Sanders, an independent from Vermont and 2020 presidential candidate speaks to the media outside the Homestead Temporary Shelter for Unaccompanied Children a detention facility for incarcerated youths that have been detained by Homeland Security in Homestead, Florida, United States on June 27, 2019. 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