Photo: Drew Angerer/Getty Images

Taxation has become a foremost issue in the 2020 Democratic primaries on the heels of an administration widely accused of favoring corporations and the rich.

Why it matters: Taxation has become a defining issue among Democrats. Wealth-tax plans like Sen. Elizabeth Warren's have drawn considerable attention and boosted her platform. Sen. Bernie Sanders similarly favors a tax overhaul and emphasizes his belief that corporations aren't paying their fair share. But after President Trump's 2017 tax cuts, a Democratic administration would have a lot to do to reverse conservative policy on the issue.

What they're saying: On the second night of the first Democratic debates, candidates took aim at tax cuts for the highest economic class.

  • Sen. Bernie Sanders: When asked if taxes will go up for the middle class to fund medicare for all, he stated, "Yes, they will pay more in taxes and less in health care for what they get."
  • Former Vice President Joe Biden: "The one thing I agree on is we can make massive cuts in the $1.6 trillion in tax loopholes out there, and I would be going about eliminating Donald Trump's tax cut for the wealthy."
  • Sen. Kamala Harris: "For too long, the rules have been written in the favor of the people who have the most and not in favor of the people who work the most... On Day One, I will repeal that tax bill that benefits the top 1% and the biggest corporations of America."
  • Andrew Yang: "We need to put the American people in position to benefit from all these innovations and other parts of the economy. If we had a value-added tax at even half the European level, it would generate over $800 million in new revenue... It would be the trickle up economy."

Go deeper: Filthy rich, owing no taxes

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Updated 2 hours ago - World

Pandemic plunges U.K. into "largest recession on record"

The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images

The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.

Updated 2 hours ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The United Kingdom slumped into recession on Wednesday, as its gross domestic product GDP shrank 20.4% compared with the first three months of the year.

By the numbers: Over 741,400 people have died of the novel coronavirus globally and more than 20.2 million have tested positive, per Johns Hopkins. Almost 12.6 million have recovered from the virus.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,294,091 — Total deaths: 741,420— Total recoveries: 12,591,454Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,141,207 — Total deaths: 164,537 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.
  7. World: Anthony Fauci "seriously" doubts Russia's coronavirus vaccine is safe