Democrats Aim to Make Wealth Tax Blueprint for Next White House

There’s a quiet competition among congressional Democrats to see who can position themselves as the champion of higher taxes on the wealthy.

While such proposals from 2020 contenders Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) have captured headlines and the hearts of activists during the Democratic presidential primary campaign, others, including a key Senate Democrat, have been quietly crafting an alternative that would achieve the same result while potentially avoiding the expected legal and political pitfalls.

Senate Finance Committee ranking member Ron Wyden (D-Ore.) and his staff have begun working on their own legislation that would expand ...