The progressive push to raise taxes on the rich is gaining new momentum.
Sen. Elizabeth Warren (D-Mass.), who has already proposed a wealth tax to raise funds for a variety of new government programs, on Thursday unveiled a plan to expand Social Security by creating two taxes on wage and investment income for wealthy Americans.
The proposal comes as Warren enjoys a long stretch of momentum in the Democratic presidential primary race that has lifted her in polls and put her side-by-side with former Vice President Joe Biden during last week’s debate.
Separately, Sen. Ron Wyden (Ore.), the top Democrat on the Senate's tax-writing committee, rolled out his own proposal designed to prevent the rich from avoiding taxes on their investment gains.
Since the start of the year, much of the debate around taxes among Democrats has been over how much and how best to raise taxes on the rich.
Democrats have been interested in increasing taxes on those with high incomes and net worths in order to combat wealth inequality and raise revenue to finance spending priorities.
Ideological differences between centrists and progressives have characterized the presidential race, with Biden to the right of Warren and fellow progressive Sen. Bernie Sanders (I-Vt.).
Some Democrats have voiced concern that their party could lose the White House to President Trump if they nominate a candidate too far to the left.
Yet that narrative obscures the fact that Democratic presidential candidates across the board have proposed ways to increase taxes on the rich.
The developments have encouraged liberal groups pressing for higher taxes on the wealthy.
“It’s really encouraging to see the ranking Democrat on the Senate Finance Committee as well as a top-polling presidential candidate introducing proposals on taxing the rich,” said Maura Quint, executive director of the liberal group Tax March.
Warren has been a leader in the 2020 Democratic presidential field in calling for higher taxes on the rich.
She regularly talks about the wealth tax she proposed in January, which would impose a new tax on people with net worth above $50 million.
Her Social Security proposal would impose a 14.8 percent tax on individual wages a