Welcome to Axis ProRata, where we take just 10 minutes to get you smarter on the collision of tech, business, and politics.

Sponsored by TSX Broadway. I'm Dan Premack. On today's show, Mark Zuckerberg's latest Facebook defense and the possible return of Toys R Us.

But first, taxing wealth. Massachusetts Senator

Elizabeth Warren yesterday endorsed the concept of a 2% tax surcharge on any American with more than $50 million in assets and a 3% surcharge on those with over a billion.

Again, we're talking assets here, not income. And this comes on the heels of New

York freshman Congresswoman Alexandria Ocasio-Cortez suggesting a 70% marginal tax rate on those

making over 10 million a year. So we'll certainly hear variations on these themes of basically

eat the rich. Now, why it matters is that income inequality, not immigration, is likely to be the central

policy debate of 2020, not just in terms of hand-ringing rhetoric, but in terms of actual

proposals.

And for Democrats who need to recapture the populist mantle, it makes all sorts of sense.

And here's what I think will be the basic stump speech.

They'll say, yes, unemployment is

low and GDP is relatively high, but you're living paycheck to paycheck while billionaires got tax

breaks. What happens when the economy turns south? In other words, steal Trump's populism

out from under him and put rich donors, many of whom have been supporting Democrats in a very

precarious position.

In 20 seconds, we'll go deeper on this and all other sorts of stuff happening in DC with

Axios executive editor Mike Allen.

But first, this.

Imagine watching your favorite performer live from one of the most highly traffic corners

of the United States, Times Square.

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