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Illustration: Aïda Amer/Axios

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.

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:

  • "Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion."

The backdrop: The economy is technically as strong today as it has been in years, particularly the labor market.

  • But that's perhaps the problem: Many people see all these good numbers and wonder why they're still struggling so much economically, and what will happen when things turn south: "If this is the best case scenario ... uh-oh!”
  • So this is a way for Democrats to harness economic anxiety, as Trump did on the other side in 2016.

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. 

Go deeper

42 mins ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.

Updated 2 hours ago - Health

Texas to end all coronavirus restrictions

Texas Gov. Greg Abbott speaking at the White House in December 2020. Photo: Al Drago/Bloomberg via Getty Images

Texas will end its coronavirus restrictions next week with an upcoming executive order, Gov. Greg Abbott (R) announced Tuesday during a press conference in Lubbock.

Why it matters: After Abbott signs the new order, which rescinds previous orders, all businesses can open to 100% capacity and the statewide mask mandate will be over, though large parts of the state will remain under mask local ordinances.

Senate confirms Rhode Island Gov. Gina Raimondo as commerce secretary

Rhode Island Gov. Gina Raimondo (D). Photo: David L. Ryan/The Boston Globe via Getty Images

The Senate voted 84-15 on Tuesday to confirm Rhode Island Gov. Gina Raimondo to lead the Commerce Department.

Why it matters: The agency promotes U.S. industry, oversees the Census Bureau, plays a key role in the government's study of climate change through the National Oceanic and Atmospheric Administration, and evaluates emerging technology through the National Institute of Standards and Technology.