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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.

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Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 18,160,139 — Total deaths: 690,724 — Total recoveries — 10,755,137Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 4,698,244 — Total deaths: 155,191 — Total recoveries: 1,468,689 — Total tests: 56,812,162Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Business: Virtual school is another setback for retail — The pandemic hasn't hampered health care.
  5. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
1 hour ago - Sports

13 members of St. Louis Cardinals test positive for coronavirus

Photo: Hannah Foslien/Getty Images

Seven players and six staff members from the St. Louis Cardinals have tested positive for the coronavirus over the past week, prompting the MLB to postpone the team's upcoming four-game series against the Detroit Tigers.

Why it matters: Seven consecutive Cardinals games have now been canceled after St. Louis became the second team to report a significant coronavirus outbreak, just two weeks into the season.

2 hours ago - Podcasts

White House adviser Peter Navarro talks TikTok

President Trump has relaxed his threat to immediately ban the popular social media app TikTok, giving Microsoft room to negotiate an acquisition from Chinese tech giant ByteDance.

Axios Re:Cap digs into the situation with Peter Navarro, the White House's top trade adviser and a noted China hawk, who suggests Microsoft should be forced to make unrelated concessions related to its China operations.