Jan 24, 2019

Elizabeth Warren set for "wealth tax" on richest Americans

Sen. Elizabeth Warren. Photo: Scott Eisen/Getty Images

Sen. Elizabeth Warren (D-Mass.) is planning to propose a 2% "wealth tax" on Americans with more than $50 million in assets and a 3% tax on those with more than $1 billion, an economist advising the senator told the Washington Post.

The big picture: The proposal would raise $2.75 trillion from fewer than 0.1% of U.S. households over the course of a decade, according to University of California, Berkeley economist Emmanuel Saez. Warren, who announced earlier this month that she would run for president in 2020, has sought to cast herself as a working-class populist, railing against "billionaires and big corporations" for their role in contributing to mass economic inequality.

Go deeper: Ocasio-Cortez open to 70% tax rate to fund Green New Deal

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Coronavirus prompting historic drop in air travel and jet fuel demand

Air travel — and the jet fuel powering it — are plummeting alongside most other parts of our modern economy as vast swaths of the world shut down to fight the coronavirus.

Go deeperArrow24 mins ago - Health

Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restriction put in place following the bank’s customer abuse scandals.

Why it matters: One of the nation's biggest lenders said the Fed's asset cap prevented it from lending more to struggling small businesses as part of the government's aid package. Now Wells Fargo says it will reopen its application process and lend to a broader set of business owners.

Go deeperArrowUpdated 34 mins ago - Economy & Business

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 1,464,852 — Total deaths: 85,397 — Total recoveries: 315,105Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 402,923 — Total deaths: 13,007 — Total recoveries: 22,717Map.
  3. State latest: New York Gov. Andrew Cuomo issued an executive order for New Yorkers to vote by absentee ballot for June 23 primaries.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Dr. Anthony Fauci said.
  5. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments — The Fed will lift Wells Fargo's asset cap to help small business lending.
  6. 🎧 Podcast: The battle over billionaire coronavirus saviors
  7. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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