Bernie Sanders has a plan to erase student debt by taxing Wall Street. But industry watchers tell us it will hurt Main Street more.

'The real burden gets placed on the savings community,' Kirsten Wegner, CEO of Modern Markets Initiative, told Markets Insider.

Senator Bernie Sanders has proposed a financial-transaction tax on Wall Street to support his plan to make college free and pay off all outstanding student debt. Other legislation also proposes such a tax to deal with inequality. Business Insider spoke to a handful of industry watchers, who outline their case for why a transaction tax could ultimately hurt Main Street and capital markets alike. Read more on Markets Insider.

Senator Bernie Sanders has proposed a financial-transaction tax on Wall Street to support his plan to make college free and pay off all outstanding student debt. Other legislation also proposes such a tax to deal with inequality. Business Insider spoke to a handful of industry watchers, who outline their case for why a transaction tax could ultimately hurt Main Street and capital markets alike. Read more on Markets Insider.

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