Kant gave a two-fold answer to the question, ‘Is existence a predicate?’. His view that existence is not a first-level predicate, i.e., a predicate of objects like horses, stones, and you and me, is widely known. What is not so well-known, however, is his claim that existence is a second-level predicate, a predicate of concepts or of a collection of predicates. In this paper I hope to show why his arguments for both claims are unsuccessful.