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Nathan Klima for The Boston Globe via Getty Images

Sen. Elizabeth Warren (D-Mass.) opened her 2020 campaign with a wealth tax policy proposal that was inspired by University of California-Berkeley economists Emmanuel Saez and Gabriel Zucman. The plan would tax the wealthiest Americans on their assets.

Key details
  • Annual 2% tax on assets above a taxpayer's first $50 million, and 3% on assets that exceed $1 billion.
  • The wealth tax would raise an estimated $2.75 trillion over 10 years from 75,000 families.
  • Warren is branding it as the "Ultra-Millionaire Tax."
  • To fight tax evasion, the policy would bolster the IRS budget, install a minimum audit rate for the very rich and add a 40% "exit tax" on the very rich who try to give up U.S. citizenship.
  • Warren has also proposed a universal child care program that would use revenues from the wealth tax to provide public and family-run centers to guarantee care from birth until schooling age.
Arguments in favor of Elizabeth Warren's wealth tax
  • Addresses glaring wealth inequality.
  • Gets to the heart of people's wealth: Assets instead of income.
  • Added source of government revenue for child care proposal and other programs.
  • Combats tax evasion.
Arguments opposed to Elizabeth Warren's wealth tax

Go deeper: Everything you need to know about Elizabeth Warren

Go deeper

Caitlin Owens, author of Vitals
25 mins ago - Health

Where seniors remain vulnerable to the coronavirus

Expand chart
Data: CDC and Simon Willison; Note: The last reliable figure reported for New Hampshire was 83.9% on April 6, 2021; Chart: Danielle Alberti/Axios

More than 80% of Americans 65 and older have received at least one dose of a coronavirus vaccine, per the CDC, but millions across the country remain unvaccinated — particularly in the South.

Why it matters: Seniors who have yet to receive their shot remain highly vulnerable to the virus even as the country overall becomes safer.

Axios-Ipsos poll: Americans say J&J pause was the right call

Data: Axios/Ipsos Poll; Note: 3.3% margin of error; Chart: Andrew Witherspoon/Axios

Most Americans support the pause in distribution of the Johnson & Johnson COVID-19 vaccine, and so far there's no evidence that it's leading to broader vaccine hesitancy, according to the latest installment of the Axios/Ipsos Coronavirus Index.

Driving the news: In our weekly national survey, 91% of respondents were aware of the temporary pause recommended by the Food and Drug Administration and the Centers for Disease for Control and Prevention. Of those, 88% said the pause was a responsible decision.

2 hours ago - World

China's Xi swipes at U.S.: "Countries shouldn't impose rules on others"

China's President Xi Jinping during a video summit in Beijing on Friday. Photo: Li Xueren/Xinhua via Getty Images

China's President Xi Jinping on Tuesday warned against "bossing others around or meddling in others' internal affairs" and called for "more fair and equitable" global governance.

Why it matters: Xi's thinly veiled swipes at the U.S. during an online speech at an economic forum come at a time of heightened tensions between Beijing and Washington over trade, human rights and China's strategic and economic ambitions.