Higher taxes are a hot topic in American political circles.

Democratic presidential candidate Elizabeth Warren has called for a 2% tax on

family fortunes above $50m.

Rival candidate Bernie Sanders, who tugged the Democratic Party to the left in his
2016 presidential run, is back with his own tax on "extreme wealth" and remains
another top contender.

Billionaires such as George Soros, Warren Buffett, Eli Broad and Marc Benioff
have also come out in support of higher taxes on the super rich.

Even US President Donald Trump speaks about the need to close tax loopholes for
the wealthy.

Yet for years, standard political doctrine has held that anti-tax sentiment is as
American as apple pie.

So what's going on?

Americans have long told opinion polls they think the wealthy should pay more.
But the issue has gained political traction in recent years, galvanised by eye-
catching research about rising income inequality, stalling upward
mobility and findings that the richest 400 Americans now pay lower tax rates than
any other income group.
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Economists are engaged in a heated debate about just how big the gulf between
rich and poor is.

But there is little doubt that the gap has widened sharply over four decades toward
record levels, fuelled by a mix of forces, including rapid gains in company shares
and a relatively stagnant minimum wage.