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Illustration: Aïda Amer/Axios

The “wealth tax” reportedly being considered by Sen. Elizabeth Warren reflects the fact that income inequality has become an early battleground of the 2020 campaign.

Why it matters: This is new in American politics, pushed by rising awareness of — and efforts to weaponize — the top 1%. At the same time, the left has more of a platform than ever, with liberal ideas dominating the primary so far, and Democrats now in control of the House.

Driving the news: The Washington Post, citing an economist advising Warren, reports that she will propose a new annual “wealth tax” on Americans with more than $50 million in assets:

  • "Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion."

The backdrop: The economy is technically as strong today as it has been in years, particularly the labor market.

  • But that's perhaps the problem: Many people see all these good numbers and wonder why they're still struggling so much economically, and what will happen when things turn south: "If this is the best case scenario ... uh-oh!”
  • So this is a way for Democrats to harness economic anxiety, as Trump did on the other side in 2016.

Be smart: 2020 could be the first presidential campaign in our lifetimes in which "the rich” genuinely have something to fear from one of the final candidates. 

Go deeper

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

7 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.