Washington (CNN) Massachusetts Sen. Elizabeth Warren is introducing a bill Tuesday that would cancel the student loan debts of tens of millions of Americans, a plan she first proposed on the campaign trail in April.

The 2020 Democratic presidential candidate is partnering with South Carolina Rep. James Clyburn, also a Democrat, who will sponsor companion legislation in the House.

The bill would forgive $50,000 in student loans for Americans in households earning less than $100,000 a year, resulting in immediate relief to more than an estimated 95% of the 45 million Americans with student debt.

For those earning more than $100,000, the bill would offer partial debt relief with the amount getting gradually smaller until it phases out. Households that make more than $250,000 are not eligible for any debt relief.

Warren's campaign has said that she would pay for the debt relief -- as well as her plan to make tuition free at public colleges -- with revenue from her proposed wealth tax . It would assess a 2% tax on wealth above $50 million and a 3% tax on wealth above $1 billion.