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

Dave Lawler, author of World
2 mins ago - World

U.S. no longer recognizes Lukashenko as president of Belarus

Lukashenko at his secret inauguration. Photo: Andrei Stasevich/BELTA/AFP via Getty Images

The U.S. no longer recognizes Aleksandr Lukashenko as the legitimate president of Belarus, the State Department said in a statement on Wednesday.

Why it matters: Lukashenko has clung to power with the support of Russia amid seven weeks of protests that have followed a blatantly rigged election. Fresh protests broke out Wednesday evening in Minsk after it emerged that Lukashenko had held a secret inauguration ceremony.

Updated 45 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 31,735,542 — Total deaths: 973,443 Total recoveries: 21,798,488Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 6,925,840 — Total deaths: 201,617 — Total recoveries: 2,646,959 — Total tests: 96,612,436Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Poll: 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  6. Sports: Less travel is causing the NBA to see better basketball.

Trump says he wants 9 justices in case Supreme Court must decide 2020 election

President Trump told reporters at the White House on Wednesday that part of his urgency to quickly push through a replacement for the late Justice Ruth Bader Ginsburg is that he believes the Supreme Court may have to decide the result of the 2020 election.

Why it matters: Trump claimed at the Republican National Convention that the only way he will lose the election is if it is "rigged," and he has declined to say whether he would accept the results of November's election if he loses to Joe Biden.

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