Facebook founder Mark Zuckerberg says that Elizabeth Warren is an “existential” threat to the company. That may be true. The Democratic presidential candidate would like not only to break up Big Tech, but tax companies such as Facebook and people like Mr Zuckerberg a lot more.

The question is whether she will get the nomination (I believe she will), win the election (also very likely, particularly if there’s a recession in the US) and then be able to push her proposals through.

I think the rich should pay more taxes, particularly on their investment income. It galls me not that I pay roughly half my income in taxes, but that I do so because I earn it from actual work while those who earn money from rising share prices pay much less. Changing this is a core point in The Triumph of Injustice, a book by Emmanuel Saez and Gabriel Zucman, who are advising Ms Warren on tax issues, including the details of how to tax wealth rather than just income.