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Photo: Joshua Lott/Getty Images

Sen. Bernie Sanders has released a wealth tax that's even more aggressive than Sen. Elizabeth Warren's "ultra-millionaire tax." Axios first reported Sanders' proposal.

Why it matters: Sanders keeps trying to remind voters that he's the original when it comes to progressive policy in the 2020 field, but he's being eclipsed at every turn by the surging Warren. The Vermont senator has proposed massive spending — $16 trillion on climate alone — and so has to show a little revenue to add credibility to his proposals.

Details: A wealth tax is applied not to what people earn but what they own, including stocks and land.

  • The Sanders campaign said it would apply taxes on households with net worths above $32 million and raise an estimated $4.35 trillion over the next 10 years, which would be used to fund Sanders' affordable housing, universal child care and Medicare for All plans.
  • Warren's plan, which applies to households with a net worth over $50 million, proposes an annual 2% tax on assets above a taxpayer's first $50 million, and 3% on assets that exceed $1 billion.

Yes, but: Both candidates may be unable to even attempt to impose their wealth tax plans if the Supreme Court strikes it down.

  • Both proposals revive an aspect of constitutional law that stems from the Constitution’s ban of direct taxes.
  • The Supreme Court in 1895 ruled that a wealth tax is a direct tax and is unconstitutional, but the American Bar Association has argued that a tax on the wealthy is constitutional.

Go deeper: Bernie Sanders' plan to restructure your life

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Go deeper

Inaugural address: Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Joe Biden sought to soothe a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.

Updated 56 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 1 hour ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.