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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

Updated 7 mins ago - Politics & Policy

Shooting at Michigan high school leaves 3 dead, 8 wounded

Police cars restrict access to Oxford High School following the shooting in Oxford, Michigan, on Tuesday. Photo: Matthew Hatcher/Getty Images)

A 15-year-old sophomore was arrested after a shooting at a Michigan high school that left three people dead and eight others wounded Wednesday, according to the Oakland County Sheriff's Office.

The latest: Oakland County Sheriff Michael Bouchard said at a briefing Tuesday night that the suspect's father had on Friday bought the 9mm Sig Sauer pistol investigators believe was used in the shooting at Oxford High School. Authorities released the names of the victims late Tuesday.

City Council member Andre Dickens wins Atlanta mayoral race

Andre Dickens during a rally at Center Stage on November 28, 2021 in Atlanta, Georgia. (Photo by Paras Griffin/Getty Images)

City Council member Andre Dickens won a runoff election Tuesday to become Atlanta's next mayor, soundly beating the council's president Felicia Moore.

The big picture: Dickens was just a few months ago considered to have an outside chance of replacing Mayor Keisha Lance Bottoms, who announced in May that she wouldn't seek a second term.

UN report: Pandemic set to cost global tourism $2 trillion in 2021

A tourist in front of the Eiffel Tower on November 25, 2021 in Paris. Photo:Chesnot/Getty Images

A new United Nations report warns that global tourism will see only modest revenue gains in 2021 after last year's historic losses amid the COVID-19 pandemic.

Why it matters: Tourism revenues in 2020 fell by more than half from the previous year — a significant blow to the global economy, according to analysis by the UN World Tourism Organization (UNWTO).