Democrats Embrace Tax-the-Rich Label After Years of Ducking It

by Laura Davison
February 21, 2019

(Bloomberg) — Some of the top Democratic presidential candidates are trying to make a name for themselves by calling for higher taxes on the wealthy. And for some wealthy donors, that’s not a problem.

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

The proposals are exciting small-dollar political donors — and so far aren’t scaring off wealthy contributors, said Rachael 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 looking to ride a wave that reclaimed the House of Representatives for the party last November and swept many unabashed progressives into office.

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