Tax reform

Architects of Elizabeth Warren wealth tax say we're in new Gilded Age

In an interview with Axios' Mike Allen for "Axios on HBO," economists Emmanuel Saez and Gabriel Zucman, who helped guide Democrat Sen. Elizabeth Warren's 2020 wealth tax plan, said America has entered a new Gilded Age.

The big picture: Warren's "ultra-millionaire tax" is one of the most progressive tax plans on the Democratic market. It aims to adjust rates so that the rich are not paying less, proportionately, in taxes than the wealthy. Opponents of the plan argue it would de-incentivize investments and stifle economic growth.

Mitt Romney opposes cutting capital gains tax rate for the rich

In an interview with Mike Allen for "Axios on HBO," Republican Sen. Mitt Romney said he opposes cutting the capital gains tax rate for the rich.

The big picture: Republicans typically argue that cutting the capital gains tax rate will boost economic growth and provide room for increased spending. Democrats argue that doing so disproportionately benefits the rich.