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Photo: Nic Antaya for The Boston Globe via Getty Images

The top 15 richest Americans could have seen their net worth decline by more than half — hundreds of billions of dollars — had Elizabeth Warren’s wealth tax plan been in place since 1982, Bloomberg reports.

Why it matters: A new paper by two French economists, Berkeley professors Emmanuel Saez and Gabriel Zucman, who helped Warren devise the proposed tax, shows how a wealth tax of "just a few percentage points might erode fortunes over time and presumably reduce wealth inequality."

  • Warren's tax plan proposes an annual 2% tax on assets above a taxpayer's first $50 million, and 3% on assets that exceed $1 billion.

Worth noting: The model doesn't take into account steps that the ultra-wealthy might have taken to lessen their exposure to the tax, including increased charitable giving.

Go deeper:

Go deeper

Biden confronts mounting humanitarian crisis at the border

Illustration: Eniola Odetunde/Axios. Photo: Pool/Getty Images     

Just over a month into his presidency, President Biden is staring down a mounting crisis at the border that could be just as bad as the ones faced by Barack Obama and Donald Trump, if not worse.

Why it matters: Immigration is an issue that can consume a presidency. It's intensely and poisonously partisan. It's complicated. And the lives and welfare of vulnerable children hang in the balance.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

The rise of vaccine passports

Illustration: Annelise Capossela/Axios

Vaccine passports were touted early in the pandemic as an important piece of the plan to get people back to normal life. Now they’re becoming a reality.

Driving the news: CLEAR, the secure digital identity app that you see in airports around the world, and CommonPass, a health app that lets users securely access vaccination records and COVID test results, have joined forces.

"Vaccine tourism" stretches states' supplies

Illustration: Sarah Grillo/Axios

Americans who are highly motivated to get vaccinated are traveling across state lines after hearing about larger vaccine supplies or loopholes in sign-up systems.

Why it matters: "Vaccine tourism" raises ethical and legal questions, and could worsen the racial socioeconomic and racial inequalities of the pandemic.