According to an article in the Washington Post, during her campaign for the 2020 Democratic presidential nomination, Massachusetts Senator Elizabeth Warren considered proposing an increase in federal income tax rates on high-income households before deciding to propose a 2 percent tax on household wealth above $50 million and a 3 percent tax on wealth above $1 billion. Source: Jeff Stein and Christopher Ingraham, "Elizabeth Warren to Propose New 'Wealth Tax' on Very Rich Americans, Economist Says," Washington Post, January 24, 2019. a. Briefly explain the difference between income and wealth. Your is your earnings during the year, while your wealth income is the difference between the value of your assets and the value of your liabilities