Anti-tax billionaires? Normalcy? Stephen Colbert and The Circus hosts explore what voters want in 2020.

The hosts of the Showtime politics show The Circus were on Wednesday's Late Show, and Stephen Colbert focused the conversation on the state of the 2020 race, and what voters really want. Alex Wagner described this moment as "an existential crisis" where voters are "asking ourselves and demanding from our leaders answers to huge questions," and the old rules of political behavior don't apply. Colbert steered the discussion to former Starbucks CEO Howard Schultz, who is likely running as a "centrist independent."

"What do you think he means by that?" Colbert asked. "I can't tell, because he won't say what he would do as president — other than stop us from taxing billionaires." Mark McKinnon suggested that if 2020 ends up as President Trump versus someone like Sen. Elizabeth Warren (D-Mass.) or Sen. Bernie Sanders (I-Vt.), "there's a huge hole in the middle for somebody to run as an independent," and "why not" Schultz? Wagner answered: "Even if [voters] say they are independents, they want to feel an emotional, visceral pull" to their candidate in this moment, and Schultz is "running in the foam of a latte."

John Heilemann focused on the wealth tax part, noting that Schultz and fellow billionaire Michael Bloomberg both just attacked Warren's plan. "What's the market for a billionaire criticizing someone who thinks that billionaires should be taxed more?" he asked. "When this audience and at least 70 or 75 percent of the country agrees with Elizabeth Warren, I just don't see a whole lot of political future for either one of those guys on that basis." Colbert pointed to Trump's political success.

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Colbert asked what unites this year's Democratic contenders. Wagner said gender — they're mostly women — and Heilemann said "restoration," explaining: "The argument they're going to make is: This Donald Trump thing was an aberration," and "I'm the person who can bring America back to itself." McKinnon suggested a slogan: "Make America Normal Again." Watch below. Peter Weber