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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

10 mins ago - Technology

Race and technology in America

Illustration: Annelise Capossela/Axios

The technology industry is famously determined to change the world — but its efforts to diversify its workforce and remove bias from its products haven't changed nearly enough.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.

Updated 5 hours ago - World

Islamic State claims responsibility for deadly bombing in southern Afghanistan

The mosque after the explosion in southern Kandahar province on Oct. 15. Photo: Murteza Khaliqi/Anadolu Agency via Getty Images

The Islamic State group claimed responsibility for a massive blast that tore through a crowded Shiite mosque in the southern Afghan city of Kandahar on Friday, killing at least 47 people and injuring dozens more, AP reports.

Why it matters: Friday's attack was the deadliest to strike Afghanistan since the U.S. withdrew its troops from the region and is the second major attack on a Shiite mosque in a week, underscoring the Taliban's growing security threat from other militant groups.