Sen. Bernie Sanders Bernie SandersSirota reacts to report of harassment, doxing by Harris supporters Republicans not immune to the malady that hobbled Democrats The Hill's Morning Report - Sponsored by Facebook - Republicans lawmakers rebuke Trump on election MORE (I-Vt.) unveiled a wealth tax proposal on Tuesday that goes further than his Democratic presidential primary rival Elizabeth Warren Elizabeth WarrenOvernight Defense: Appeals court revives House lawsuit against military funding for border wall | Dems push for limits on transferring military gear to police | Lawmakers ask for IG probe into Pentagon's use of COVID-19 funds On The Money: Half of states deplete funds for Trump's 0 unemployment expansion | EU appealing ruling in Apple tax case | House Democrats include more aid for airlines in coronavirus package Warren, Khanna request IG investigation into Pentagon's use of coronavirus funds MORE's signature plan in hitting the rich with new taxes.

“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 in announcing his plan.

“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,” he said.

In a tweet on Tuesday touting the plan, Sanders said that "there should be no billionaires."

There should be no billionaires. We are going to tax their extreme wealth and invest in working people. Read the plan: https://t.co/RJDLvX5H4c — Bernie Sanders (@BernieSanders) September 24, 2019

Sanders unveiled his plan at a time when Warren, Sanders's chief progressive rival for the nomination, is seeing momentum in the polls, including a survey this week from the Des Moines Register that found Sanders running in third place in the Iowa caucuses, behind Warren and former Vice President Joe Biden Joe BidenFormer Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick Bloomberg rolls out M ad buy to boost Biden in Florida MORE.

Warren and Sanders have been battling for progressive voters and attention as they contend with Biden for the Democratic presidential nomination. A wealth tax has been one of Warren's signature proposals, with her supporters cheering it at rallies by chanting "two cents." She has touted it as a way to pay for her other plans.

The Sanders plan, which he touts as a "Tax on Extreme Wealth," would kick in at a lower threshold than his fellow senator's proposal, and would rise all the way to an 8 percent tax on married couples' wealth over $10 billion.

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Sanders's plan starts with a 1 percent tax on net worth above $32 million for married couples. The plan has eight tax brackets, with the highest being the 8-percent bracket. The brackets would be halved for single filers.

By contrast, Warren's proposed wealth tax only has two brackets: a rate of 2 percent tax for wealth valued at between $50 million and $1 billion, and a rate of 3 percent for net worth above $1 billion. Warren, a Democratic senator from Massachusetts, hasn't specified any differences for single filers and married couples.