Elizabeth Warren to propose new ‘wealth tax’ as 2020 race heats up: Economic advisor

Sen. Elizabeth Warren, D-Mass., is planning to propose a “wealth tax” on some of the richest Americans, an economist who advises her told CNBC on Thursday.

The new tax from Warren, who recently announced her bid to challenge President Donald Trump in 2020, would only apply to Americans with more than $50 million in assets.

The Washington Post first reported the development.

Warren’s proposal comes alongside other Democratic lawmakers’ plans to raise taxes on the wealthiest Americans to pay for ambitious policy goals, including a “green new deal.”

The development has not gone unnoticed by affluent investors and executives, many of whom are meeting this week at the World Economic Forum in Davos, Switzerland.

“By the time we get to the presidential election, this is going to gain more momentum,” Scott Minerd, global chief investment officer for $265 billion Guggenheim Partners, told CNBC earlier this week.

He was referring specifically to freshman Rep. Alexandria Ocasio-Cortez’s proposal for a 70 percent marginal rate on income above $10 million.

Warren’s proposal, however, differs from Ocasio-Cortez’s in distinct ways.

This is breaking news. Check back for updates.