Senators Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont are focusing their 2020 campaigns on trendy new tax-the-rich plans, like Warren's 2 percent wealth tax or Sanders' expanded estate tax, as they make their cases against Donald Trump.
The proposals are exciting small-dollar political donors--and so far aren't scaring off wealthy contributors, said Rachel Rice, who advises Maryland Democrats on fundraising. Those deep-pocketed donors are more motivated to unseat Trump than worry about their own wallets, she said.
The plans are emerging as some 20 Democratic contenders try to catch fire in a party that is unified in its hopes of defeating Trump next year. They're looing to ride a wave that reclaimed the House of Representatives for the party last November and swept many unabashed progressives into office.
Patriotic Millionaires, made up of high net-worth donors, was formed in 2010 to demand an end to President George W. Bush's tax cuts benefiting top earners. Now, the group is pushing for new taxes on the wealthy and is backing ideas like Warren's proposed annual 2 percent taxon fortunes of more than $50 million and an even larger levy on assets above $1 billion.
