Salon - Amanda Marcotte
Adding:Here's the real story of the 2020 election: Billionaires vs. America
Will 2020 be defined as the election that pitted the super-wealthy against everyone else? Early indicators, as candidates start to enter the race, suggest that may well may be the case. Increasing rhetoric on the Democratic side is highlighting the already popular idea of soaking the rich as a way to address the myriad of social problems caused by economic inequality. Meanwhile, billionaires are panicking and the right-wing propaganda machine is snapping into action, trying to portray mild economic reforms as the moral equivalent of the Holocaust.
There's a real chance, then, that 2020 will become a showdown between American democracy and American capitalism. The question of whether money can trump the will of the people may be put to the test in a way it hasn't before.
Sen. Elizabeth Warren was the first serious Democratic contender to make it official that she's running for president. It's clear that Warren's campaign, like her political career so far, will be focused on these issues of economic fairness. Last week, the Washington Post reported that Warren is proposing a "wealth tax" that would be applied to assets of the fantastically wealthy, with a focus on ameliorating massive inequality over time.
"Middle-class America has been paying a wealth tax forever," Warren explained on MSNBC Monday night. "It's called a property tax, on their principal accumulation of wealth, which is their home."
"How 'bout we'll also tax your diamonds and your yachts and your art collection and all those other ways that people accumulate wealth?" she added.
Rolling Stone: Turns Out Americans Actually Do Want to Tax the Rich
New polls find big backing for taxing accumulated wealth, hiking income tax for “ultramillionaires”