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.

  • A paper released by Saez and Zucman in September analyzed how the plan would have affected the 15 wealthiest Americans' fortunes if it was in place since 1982. It found that subjects' net worth could have decreased by more than half.

What they're saying: "You look at the numbers and it's very similar to the Gilded Age... Taxation was very regressive during the Gilded Age," Zucman said.

  • Saez also argued America is facing new monopolies: "The equivalent of the Gilded Age today, are the Microsofts, the Apples, the Amazons — incredible companies that really transform the world, but you can see that they really monopolize things because everybody goes, you know, to the same provider and that dominates, entirely, the market."

Go deeper: Elizabeth Warren: What to know about the 2020 candidate's wealth tax proposal

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3 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
4 hours ago - Health

In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.