Tuesday, March 16, 2021

BREW WITH HEADLINES

 

Daily Brew

TOGETHER WITH

Cytonics

Good morning. On this day one year ago, the Dow fell 2,997 points (nearly 13%) for its worst point loss in history. The S&P fell 12% for its second-worst day ever. It felt like the world was ending. 

What's happened since? 

  • Investors have added $40 trillion to the value of global stocks.
  • Healthcare and technology, which accounted for a third of global equity market capitalization, now account for 42%. 

There's a lesson here somewhere...

MARKETS


NASDAQ

13,459.71

+ 1.05%

S&P

3,968.94

+ 0.65%

DOW

32,953.46

+ 0.53%

GOLD

1,730.00

+ 0.59%

10-YR

1.610%

- 1.90 bps

OIL

65.28

- 0.50%

*As of market close. Here's what these numbers mean.

  • Markets: Continuing the theme from the top blurb, the Dow and S&P 500 both hit fresh record highs. The Dow is on a seven-day win streak, the S&P five.
  • Covid: Starting today, Mississippi will become the second state after Alaska to open vaccine eligibility to all adults. And the Sixers are becoming even bigger favorites in the East now that Pennsylvania is allowing numerous businesses, including sports venues, to increase capacity.  

TAXES

Biden Tells Taxes to Take a Hike

An illustration of a Monopoly board. The space for taxes shows "Corporate Tax: Pay 21% or $200" with the 21% crossed out in red pen and 28% written beside it.

Francis Scialabba

We're just going to rip off the Band-Aid: President Biden is aiming to raise taxes sooner rather than later, according to a new Bloomberg report. 

What can you expect? For individuals...

  • Bumping the income tax to 39.6% for those earning $400,000+  
  • Taxing capital gains like normal income if you earn $1+ million
  • Increasing estate taxes to 45% for assets worth $1+ million

So, if you still clip coupons, don't expect any changes. These increases largely follow Biden's campaign proposals to only tax high-earners.

What about businesses?

The headline proposal is raising the corporate rate to 28%. Biden may also get rid of preferential tax treatment for "pass-through businesses" like LLCs and increase incentives to avoid offshoring. 

When Trump slashed the corporate rate to 21% in 2017, he wasn't the first to bat for business interests. From 2000–2018, 76 countries reduced their corporate rates to attract investment; now, the average rate is ~24%. Treasury Sec. Janet Yellen wants to stop that "race to the bottom," which some economists say has only benefited large companies, so she's working with allies on establishing a global minimum tax for multinationals. 

  • UC Berkeley economists estimate 40% of profits earned by multinational firms (or $700+ billion) were located in tax havens in 2017. 

Critics argue this plan puts companies at risk for double taxation. And the Tax Foundation estimates that some of the proposed changes to corporate taxes would reduce US GDP by 0.8% and wages by 0.7% in the long run. 

So why do they want to do this? 

Given that the last major tax hike happened in 1993, it's not an easy play for hearts and votes. And groups with lots of money at stake are sure to lobby against the plan.

But after funding his ambitious $1.9 trillion Covid package largely with government debt, Biden needs something more sustainable for the even more ambitious infrastructure package he's eyeing, which could run anywhere from $2–$4 trillion. 

        

HEALTH

The Only Clots Europeans Will Stand Are in Their Cream

An illustration of the Earth on a turquoise background with two needles filled with a red serum (symbolizing vaccines) injecting it from either side

Francis Scialabba

Yesterday, Germany, France, and Italy joined several of their neighbors in suspending AstraZeneca's two-shot Covid vaccine following reports of blood clots. Indonesia and the Democratic Republic of the Congo also suspended rollout. 

Only 37 out of the 17 million Europeans who received an AstraZeneca shot reported clots—a number some experts say is below the expected natural occurence in a sample size that large. The WHO and AstraZeneca maintain the shot is safe, and countries including the UK and Poland continue to administer it, arguing the benefits of preventing Covid outweigh the risks.  

  • Several countries will wait on an assessment scheduled for Thursday from the European Medicines Agency. 

Zoom out: The EU's vaccine rollout has been slower than expected and plagued by production issues. Suspending the vaccine from AstraZeneca, the bloc's second-largest supply after Pfizer-BioNTech, could delay a goal of immunizing 75% of the population by August by several weeks, per research firm Airfinity. 

It's especially bad timing. Several EU countries—including Germany and Italy—are facing a third wave of cases. Over half of Italy's population is back under strict lockdowns. 

        

ENTERTAINMENT

Everyone Is Winning the Streaming Wars

DJ Khaled saying "All we do is win"

Giphy

Like the duo of ranch and buffalo sauce on a Chick-fil-A sandwich, Discovery and ViacomCBS have been huge under-the-radar successes this year.

Since the start of 2021, ViacomCBS stock is up 156% and Discovery has gained 141%, powered by the launches of their respective streaming services, Paramount+ and Discovery+. They're among the top performers in the S&P 500.

The backstory: The companies had been written off by experts who thought Netflix, Disney, and other tech/entertainment giants would muscle out these slow-moving dinosaurs in the streaming wars. But while the biggest players have gobbled up hundreds of millions of subscribers...there are plenty of leftovers.

  • Since launching in December, Discovery+ has attracted more than 11 million subscribers, while Paramount+, ViacomCBS's streaming service, is believed to have around 8–9 million subscribers.

Bottom line: Investors have cheered these companies' moves to leverage their content libraries for streaming, proving that as long as you bring beer to the party, no one cares if you show up late.

        

SPONSORED BY CYTONICS

Your Chance to Invest in Biotech

Cytonics

You don’t need a PhD in molecular biology to understand the investment potential of this scientific breakthrough.

The alien lifeform (we’re pretty sure) in the image above is a patented, genetically engineered protein developed by Cytonics

This protein, “CYT-108,” is a novel therapy developed to treat osteoarthritis—a debilitating disease that affects millions worldwide—and now you have a chance to invest in its future.

A couple of key stats:

  • Cytonics has raised over $15 million to-date, including a $4 million investment from Synthes (a Johnson & Johnson company) and a successful SeedInvest round in 2019.
  • CYT-108 is based on a naturally occurring molecule, and Cytonics’s research shows that it has the potential to reverse the progression of cartilage damage in arthritic joints. 

More than $180 billion is spent on treating osteoarthritis every year—but these treatments only focus on symptoms. Cytonics's revolutionary CYT-108 attacks osteoarthritis at the source.

Invest in Cytonics today.

GRAB BAG

Key Performance Indicators

BERLIN, GERMANY DECEMBER 01:  SpaceX owner and Tesla CEO Elon Musk arriv...

Pool/Getty Images

Quote: "Effective as of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively."

In a new filing with the Securities and Exchange Commission, Tesla promoted (?) its CEO and CFO to esteemed new positions, though to the relief of many Tesla investors, they'll also keep their previous titles. 

Stat: Yesterday, Rosalind Brewer became the only Black woman currently serving as the CEO of a Fortune 500 company. She's the new head of Walgreens. 

Read: Will the literature of the suburbs be written on TikTok? (Dirt)

        

INFLATION

The UK Weaves a New Basket

A GIF of a balloon being inflated by a helium tank

Francis Scialabba

In the biggest shakeup to inflation tracking since bike pumps added a PSI gauge, the UK’s Office for National Statistics has added Covid-era staples including hand sanitizer, home exercise equipment, and men's sweatpants to the basket of goods it uses to calculate inflation.

  • How it works: Officials assemble a "virtual basket" filled with hundreds of goods and services meant to reflect the spending habits of consumers. If the price of that basket goes up, that means inflation is on the rise.

The UK updated its basket to show not only how the pandemic has impacted current spending, but also what spending post-pandemic could look like. For instance, face masks didn't make the cut because officials don't think they will play a role in a post-Covid world. But electric and hybrid vehicles did.  

Bottom line: In total, 17 items were added to the basket while 10 items, including gold chains, canteen sandwiches, and Axminster carpets, were dropped. 

        

WHAT ELSE IS BREWING

  • Deb Haaland was confirmed as Interior secretary. She makes history as the first Native American to lead a Cabinet agency.
  • Netflix's Mank topped the list for most Oscar nominations with 10. Here's a thread of NYTimes reviews for all the best picture nominees.
  • US airline execs reported "glimmers of hope" for a travel rebound at a conference yesterday. Last weekend was the busiest at US airports since the pandemic began.
  • Sen. Mitt Romney called for an "economic and diplomatic boycott" of the Beijing Olympics in 2022.
  • GM-backed Cruise is buying fellow self-driving company Voyage as the industry consolidates around a few major players.
  • China glowed orange yesterday during the country's biggest sandstorm in a decade.

BREW'S BETS

There’s spring cleaning, and there’s spring redecorate everything. With HAY, there’s never been a better time for both. From colorful home essentials to modular furniture in fresh hues, you can ready your home and patio for warmer weather with HAY. Enjoy 15% off site-wide.*

Fly commando with confidence. The Vuori Kore Short comes with a breathable, boxer brief liner, meaning you can cruise along comfortably while running, hiking, training, traveling, or yes, just chilling. Get 20% off your first purchase of these soft, stretchy shorts here.*

Tech Tip Tuesday: Here's how to create and sell an NFT, if you happen to be the main character of a 2013 meme or something. Plus, this is the only NFT guide you need.

Stay secure: This infographic shows how long it would take a hacker to figure out your password through brute force.

GPOAT Sweet 16: The 64 products that began our Greatest Product of All Time tournament have been whittled down to just 16. #14 air fryer continued its Cinderella run, while Coke bested Bud Light in the battle of the beverages. Check out the full results, then get ready for the next round on Wednesday. 

*This is sponsored advertising content

TAXES

T Minus 30 Days

Tax illustration

Mark Wang

After the moon completes just one more rotation around the Earth, you will be staring face-to-face with the deadline to file your taxes this year.

Yes, that was kind of meant to freak you out, but here's something meant to un-freak you out: This filing season, we created a tax guide with a focus on the growing gig economy. So if you're a freelancer/contractor or have a side hustle, there's likely something very helpful for you here. 

You'll find...

  • Tips from veteran freelancers (including a former NBA player) about how they file taxes
  • Guides on filing as an S-corp, LLC, and more
  • Fun quizzes

Check out the tax guide.

Google Finance

Discovery and ViacomCBS aren't the only companies dominating the market. One year ago, this stock was at $8.54. Yesterday, it closed higher than $136. What is the company?

  • Hint: It made a big acquisition in January 2020.

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ANSWER

Penn National Gaming. The acquisition was Barstool Sports.


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Joe Biden is furious after Mexico’s President said two words about him you won’t believe

Mexico’s President Andres Manuel Lopez Obrador formed a shocking friendship with President Trump.

Some even went so far as to call him Trump’s puppet.

And now Joe Biden is furious after Mexico’s President said two words about him you won’t believe.

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Trey Gowdy revealed the one scary place cancel culture will lead America

Joe Biden admitted something about Barack Obama that left Democrats’ jaws on the ground

The Supreme Court is about to hand Trump this big win on voter fraud

March 16th, 2021

Mainstream Media Publishes Fake Trump Quote In Notorious Election Fraud Call
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March 16
Caroline Herschel
FEATURED BIOGRAPHY

Caroline Herschel

READ MORE
 
My Lai Massacre
FEATURED EVENT
1968
My Lai Massacre

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MORE EVENTS ON THIS DAY
Crimea
2014: In a popular referendum, Crimea voted to secede from Ukraine and join the Russian Federation; despite opposition from numerous countries, Russia later annexed the region. [Test your knowledge of Russian history.]
Mississippi: flag
1995: Mississippi ratified the Thirteenth Amendment—which abolished slavery—130 years after it was added to the U.S. Constitution; however, Mississippi's ratification was not made official until 2013, when the state notified the U.S. Archivist. [Take our amendments to the U.S. Constitution quiz.]
Jerry Lewis in The Disorderly Orderly
1926: American comedian Jerry Lewis, whose unrestrained comic style made him one of the most popular performers of the 1950s and '60s, was born. [Discover how much you know about actors.]
United States Military Academy
1802: The United States Military Academy at West Point, New York—one of the oldest service academies in the world—was originally founded as a training centre for the U.S. Corps of Engineers.
James Madison
1751: James Madison, the fourth U.S. president and one of the Founding Fathers, was born in Virginia. [ Watch an overview of the Founding Fathers.]
Ferdinand Magellan
1521: Portuguese navigator Ferdinand Magellan, sailing under the Spanish flag on his circumnavigation of the globe, reached the Philippines, securing the first alliance in the Pacific Islands for Spain . [Test your knowledge of human exploration.]
SEE ALL EVENTS ON THIS DAY

BREAKING: Donald Trump Drops Bomb on WaPo for Fake News Story Correction
Army Considering Changes to Gender-Neutral Physical Test Due to High Female Fail Rate
Ammon Bundy Arrested After Refusing to Wear a Mask Into Courthouse and Not Being Allowed Into His Own Trial (VIDEO)
As Meghan Markle Weighs Running for President, Trump Gives His Take on Her: ‘No Good’
Coca-Cola Will Only Hire Law Firms If They Have Enough Black Lawyers

 

Why Were Donald Trump's Accounts Closed; By a Florida Bank?

Could Your Account Be Next?

If you have more than $5,000 in an American bank account, this could be the most important message you see in 2021

The 2nd Amendment Is Unconstitutional?!?

NJ congressman rips Biden over planned tax hike: ‘It’s a nightmare’

[RESTOCKED!] Get Your Trump Collectible Pocket Watch Today (sponsor)

Tom Cotton quotes ‘Billy Madison,’ rips Pelosi’s border remarks

Democrats using COVID relief bill to limit state tax cuts

Kamala Harris couldn’t believe the name of the one Democrat planning to challenge her in 2024

Joe Biden has some bad news for every American about their paycheck

SPORTS WITH BALLS POLL: Do You Have a Favorable or Unfavorable Opinion of Colin Kaepernick?

New York Governor Andrew Cuomo just got smacked with news that will end his political career

Newt Gingrich gave this scary insight to how Kamala Harris is taking over for Joe Biden

Columnists
What The Washington Post Did to Trump Should Brand Them As Enemies of the People

Matt Vespa


There Is No ‘Too Far’ for Leftists

Derek Hunter


The Human Need To Feel Important -- and How Government Squelches It

Dennis Prager


The Culture Curators Want To Think For You

Salena Zito


Given Biden’s Immigration Policy When Do We Begin Challenging Administration Officials in Restaurants?

Brad Slager



Don't Force Workers to Join a Union

Stephen Moore


Gov. Cuomo Puts His Ego Over Our Most Vulnerable Citizens

Tim Hoefer


Slate Columnist: ‘I Don’t Want to Be a Parent’ Is Fine Reason for Abortion

Katie Yoder


Who and What Killed George Floyd?

Pat Buchanan


ADVERTISEMENT
Tell the Truth, Mr. President

Cal Thomas


The Desperate Attempts to Separate Trump from Conservatism

Rachel Alexander


Women in Combat: The Bottom Line

Bill Wenger


It's Time to Restore the America First Agenda in Illinois' 16th District

Catalina Lauf



INVESTING
Stimulus Cash Explodes Into Economy


Tipsheet
The Left Turns on Psaki, Demanding Answers Over 'Inhumane Conditions' for Migrant Children

Leah Barkoukis


Where's the Objectivity? Fact-checkers' Parent Company Chides Tucker Carlson

Beth Baumann


It’s Time to Tell Fauci to Go to Hell

Matt Vespa


Paralyzed by Fear? Johns Hopkins Doctor Notices Something Peculiar About the COVID Vaccine Guidelines

Matt Vespa


BREAKING: Senate Confirms Rep. Deb Haaland as Interior Secretary

Beth Baumann


WaPo's Story About Trump's Call with GA Secretary of State Was Fake. Here's How the President Responded.

Beth Baumann


Elise Stefanik Urges Biden to Call for Cuomo's Resignation

Reagan McCarthy


Hey, Liberal Media, This Is Why You Suck

Matt Vespa


Conservative Group Takes Aim at Accountability for Biden's 'Job-Killing' Energy Policies

Reagan McCarthy


A Third Cuomo Scandal...This Time on Vaccine Distribution

Cortney O'Brien


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Political Cartoons
Bearing Arms
David Hogg Learns A Valuable Lesson About Brand Management | Cam Edwards

Boulder Gun, Magazine Ban Struck Down By Colorado Court | Cam Edwards

Calls For Self-Defense In Myanmar As Military Murders Continue | Cam Edwards

Pennsylvania Gun Show Promoter Bans Sales Of DIY Gun Kits | Cam Edwards

One Murder Illustrates New Jersey's Flawed Approach To Violent Crime | Cam Edwards

 

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