• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Politics

Warren Kicks Off 2020 Bid, Vows to End System ‘Rigged’ by Rich

By
Sahil Kapur
Sahil Kapur
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Sahil Kapur
Sahil Kapur
and
Bloomberg
Bloomberg
Down Arrow Button Icon
February 9, 2019, 2:50 PM ET
Add Fortune on Google for similar content.

Senator Elizabeth Warren made it official on Saturday: she’s running for president to change a country she says is “rigged by the wealthy.” She quickly drew the attention of President Donald Trump’s re-election campaign.

The Massachusetts Democrat announced during a speech in Lawrence, a former manufacturing hub and symbol of the U.S. labor movement in her home state, that she’s seeking her party’s nomination to challenge Trump in 2020.

“This is the fight of our lives. The fight to build an America where dreams are possible, an America that works for everyone. I am in that fight all the way,” Warren said, according to a copy of her remarks distributed in advance. “And that is why I stand here today: to declare that I am a candidate for President of the United States of America.”

A centerpiece of Warren’s campaign will be mitigating income inequality, and what she called “a system that has been rigged by the wealthy and the well-connected.”

Warren spoke at the site of the “Bread and Roses” strike of 1912, which pitted thousands of textile workers, most of them women and many of them immigrants, against mill owners in a dispute over pay and working conditions that ended with the state becoming the first in the U.S. to pass a minimum wage law.

‘We Fight Together’

“The story of Lawrence is a story about how real change happens in America. It’s a story about power — our power –when we fight together,” she said.

“When government works only for the wealthy and well-connected, that is corruption — plain and simple. It’s time to fight back,” Warren said. “Corruption is a cancer on our democracy. And we will get rid of it only with strong medicine — with real, structural reform.”

Warren was introduced on Saturday by Representative Joe Kennedy III, grandson of former U.S. Attorney General Robert F. Kennedy and part of the new generation of the most prominent Democratic family in Massachusetts and arguably the U.S.

Warren set up an exploratory committee on Dec. 31 to consider a run, though there was little doubt she’d follow through with a formal campaign. Since then, she’s sought to correct an early stumble by apologizing to the Cherokee Nation for claiming she’s part Native American.

“While it probably would have been more helpful to respond more quickly after hearing how her response impacted folks in the Native American community, it’s never too late to do the right thing,” said Neil Sroka, a spokesman for the activist group Democracy For America.

Pack of Senators

Three of her fellow senators also are running — Kirsten Gillibrand of New York, Kamala Harris of California and Cory Booker of New Jersey — with others actively considering it. Minnesota Senator Amy Klobuchar is set to announce her plans on Sunday. Warren’s campaign team said she plans to follow the announcement with trips to Iowa, New Hampshire, South Carolina, Georgia, Nevada, and California, early or important states that will help pick the Democratic nominee.

A challenge for Warren, 69, a regular target of Trump’s attacks, is to prove to a Democratic base desperate to defeat Trump that she won’t fail them. In a recent Monmouth University poll, 56 percent of Democrats said they’d prefer a candidate who can defeat the president over one who agrees with them on most issues, while 33 percent said they’d go with a candidate they mostly agree with but would have a harder time defeating Trump.

Tax the Rich

Closing the gap between the country’s rich and poor, a pursuit of Warren’s that dates back to her time as a Harvard law professor, is set to be a dominant theme of her campaign. She recently unveiled a proposal that pushes the frontier to a new place: directly taxing the very rich. Her new plan would impose an annual 2 percent levy on wealth above $50 million, rising to 3 percent on assets above $1 billion.

“It’s about dealing with extreme concentrations of wealth,” said Stephanie Kelton, a professor at Stony Brook University in New York and former senior economic adviser to the campaign of Senator Bernie Sanders, the Vermont independent who’s considering another run for the Democratic nomination. “There is an awareness that income and wealth inequality has reached levels that Democrats want to interrupt.”

Warren’s said she’d put the revenue raised by a tax on the ultra-wealthy toward programs to cut student debt and expand access to child care.

Pocketbook Issues

A survey by Politico/Morning Consult found that Warren’s tax idea is backed by 61 percent of Americans and opposed by 20 percent. Even among Republicans, 50 percent support it while 30 percent oppose it. An Economist/YouGov poll found that 50 percent of Americans support the idea while 23 percent oppose it; among Republicans, 46 percent favor it and 35 percent reject it.

In a presidential field that’s shaping up to be large, Warren’s grasp of pocketbook issues that affect voters is likely to be her main strength in attracting the Democratic activist base.

“In this environment when you have potentially 20 candidates running, everyone’s grasping for that policy that appeals to that most active part of the base, which is the most progressive wing of the base,” said Adrienne Elrod, who served as a spokeswoman for Hillary Clinton’s 2016 campaign.

Trump got ahead of Warren’s speech on Saturday with a statement on Saturday attributed to Brad Parscale, campaign manager for the president’s re-election bid. It was a move Trump didn’t make after the campaign launches of Booker or Harris.

“Warren has already been exposed as a fraud by the Native Americans she impersonated and disrespected to advance her professional career, and the people of Massachusetts she deceived to get elected,” Parscale said. “The American people will reject her dishonest campaign and socialist ideas.”

The Progressive Change Campaign Committee, a group which says it has nearly one million members nationally that it can mobilize, quickly endorsed Warren. “We believe she’ll be the most electable Democrat, and the best president, for America,” Stephanie Taylor, co-founder of PCCC, said in a statement.

About the Authors
By Sahil Kapur
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

U.S. official says $6 billion in frozen Iranian assets will be released, while Oman discusses possible Hormuz service fees with Tehran
PoliticsIran
U.S. official says $6 billion in frozen Iranian assets will be released, while Oman discusses possible Hormuz service fees with Tehran
By Jon Gambrell, Josh Boak and The Associated PressJune 29, 2026
35 minutes ago
paralegal
AIdisruption
The most reassuring argument about AI and jobs quietly explains why Gen Z can’t get one
By Nick LichtenbergJune 29, 2026
4 hours ago
This summer’s heat is a live stress test for data centers—here’s what it’s revealing in real time
AIData centers
This summer’s heat is a live stress test for data centers—here’s what it’s revealing in real time
By Tristan BoveJune 29, 2026
4 hours ago
Lisa Cook and E. Jean Carroll win against Trump at the Supreme Court
NewslettersMPW Daily
Lisa Cook and E. Jean Carroll win against Trump at the Supreme Court
By Emma HinchliffeJune 29, 2026
4 hours ago
Photo of Jim Farley
AIAutos
Ford realized AI wasn’t capable of taking human jobs years ago—and hired 350 ‘gray beard’ engineers to steer its program
By Sasha RogelbergJune 29, 2026
4 hours ago
The Supreme Court upholds Fed independence by saving Lisa Cook’s job—and also saves U.S. debt from a crisis
EconomyFederal Reserve
The Supreme Court upholds Fed independence by saving Lisa Cook’s job—and also saves U.S. debt from a crisis
By Jason MaJune 29, 2026
5 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
5 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
2 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
6 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
2 days ago
Cristiano Ronaldo is soccer's first-ever billionaire: He went from begging for burgers outside McDonald's to landing a $400 million contract
Success
Cristiano Ronaldo is soccer's first-ever billionaire: He went from begging for burgers outside McDonald's to landing a $400 million contract
By Preston ForeJune 28, 2026
1 day ago
Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
Success
Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
By Orianna Rosa RoyleJune 28, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.