Article snippet: Democrats have campaigned for decades on the need to address income inequality and raise taxes on the rich, but a new proposal from Massachusetts US Senator Elizabeth Warren could change the terms of the debate. On Thursday, Warren’s campaign began rolling out her “Ultra Millionaire” tax proposal, which would target wealth instead of income. Her plan, developed by professors at the University of California, Berkeley, proposes taxing 2 percent of a person’s assets above $50 million and 3 percent of assets above $1 billion. They estimate it would raise approximately $2.75 trillion over 10 years. Contrast that to how Democrats talked about taxes and the rich just a dozen years ago. In 2007, as Barack Obama and Hillary Clinton visited Iowa and New Hampshire, they were talking about “two Americas” in that campaign, many of his solutions called for aiding those with lower incomes, not raising taxes on the rich. In recent weeks, newly elected progressive politicians like Representative Alexandria Ocasio-Cortez of New York have forced a national discussion on dramatically hiking income taxes for the wealthy. The rising Democratic star has called for a 70 percent marginal rate on income above $10 million. But as tax experts and academics point out, income tax changes do nothing to address capital gains, corporate income, and other ways truly rich people amass their money. “Senator Warren’s idea to tax wealth can dramatically broaden the national discussion about how to ad... Link to the full article to read more