Sanders and Warren aim to sharply curb the economic power that the super-rich have amassed in recent decades and use their money to fund new programs.
The median taxpayer's income — $41,740 — may have grown 20% since 2011, but the threshold to join the 1% has grown 33%.
In 2018, billionaires paid 23% of their income in federal, state, and local taxes, down from 50% in 1980, according to Saez and Zucman.
The racial wealth gap reduces the buying power of black families and prevents investment in the housing and equities markets, according to McKinsey.