Excerpt: "The 'wealth tax' reportedly being considered by Sen. Elizabeth Warren (D-Mass.) reflects the fact that income inequality has become an early battleground of the 2020 campaign."
Senator Elizabeth Warren. (photo: AP)
13 April 19
he “wealth tax” reportedly being considered by Sen. Elizabeth Warren (D-Mass.) reflects the fact that income inequality has become an early battleground of the 2020 campaign.
Why it matters: This is new in American politics, pushed by rising awareness of — and efforts to weaponize — the top 1%. At the same time, the left has more of a platform than ever, with liberal ideas dominating the primary so far, and Democrats in control of the House.
Driving the news: The Washington Post, citing an economist advising Warren, reports that she will propose a new annual “wealth tax” on Americans with more than $50 million in assets:
The backdrop: The economy is technically as strong today as it has been in years, particularly the labor market.
Be smart: 2020 could be the first presidential campaign in our lifetimes in which "the rich" genuinely have something to fear from one of the final candidates.