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TOGETHER WITH
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Good morning.
There are only four days left until the full moon, which means it’s
once again time to remind you that sharing the Brew with friends and
coworkers can earn you some elite swag:
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Stickers (5 referrals): Never has a company created art so adhesive
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Mug (15): Makes for a cherished family heirloom
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Brewneck (100): Turn heads when you dine on patios this summer
Start sharing here.
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MARKETS 1-DAY PERFORMANCE
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*Stock data as of market close, cryptocurrency data as of 5:00pm ET.
Here's what these numbers mean.
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Economy: Onboarding szn is here. For the second straight week, jobless claims fell to a pandemic-era low of 547,000.
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Markets: Stocks ticked lower
after a report that Biden will introduce a big hike on capital gains
taxes—more on that in a jiffy. Our highlighted stock today is Hometown
International, that mysterious $100 million NJ deli everyone was buzzing
about last week. It was just delisted from an over-the-counter market platform for public disclosure "irregularities."
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Francis Scialabba
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President Biden will soon propose nearly doubling
the capital gains tax for wealthy people to 39.6%, according to
Bloomberg. Wealthy people = individuals earning $1 million or more.
Biden is
expected to announce the tax hike next week as part of the pitch for his
"American Families Plan," the highly anticipated sequel to the $2.3
trillion infrastructure proposal he released a few weeks ago.
- To pay for the first plan, which includes spending on bridges and broadband, Biden wants to hike taxes on corporations.
- To pay
for his second proposal, which includes spending on childcare and paid
leave for workers, he wants to hike taxes on wealthy investors.
Capital gains 101
You pay
capital gains taxes on your profits from a savvy investment. For
example, say in the summer of 2020 you listened to Roaring Kitty and
bought GameStop at $4.50/share, then sold it this year at $150/share to
buy courtside tickets to the Knicks' NBA Finals game—nice work, but
you're going to have to pay taxes once you sell that stock.
- Investments
held for less than one year are taxed like regular income, but
long-term capital gains (investments held for at least one year) have three tax brackets that top out at just 20%.
Critics of the current capital gains system say, "So you're telling me this rich investor is paying less
in taxes on their stock sales than a middle-class worker pays on their
income? That doesn't sound right." Wealthy people with a majority of
their net worth tied up in investments do benefit from the current system—Warren Buffett once said he's the lowest-paying taxpayer in his office.
But people who oppose raising capital gains taxes argue that the ripple effects
would be way worse, disincentivizing risk-taking, holding back economic
growth, and discouraging investors from selling their assets, which is
seen as keeping the market healthy.
Bottom line: Investors knew this dramatic hike was coming (the proposal was in candidate Biden's tax plan), but the report jarred Wall Street nonetheless. It could lead to a lot of asset sales before 2021's out, according to Axios.
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In a unanimous ruling yesterday, the Supreme Court said the Federal Trade Commission does not have the authority to make companies give back profits made through deceptive or unfair practices, aka "ill-gotten gains."
For decades,
the FTC has used a provision called Section 13(b) to recoup billions of
dollars and (at times) pay back consumers. Problem is, 13(b) does't explicitly
say the FTC is allowed to. So after the FTC ordered payday lender AMG
Capital Management to return a record $1.3 billion to consumers in 2016,
the company dug in its heels and appealed up the judicial ladder
(around $500 million was distributed to consumers in 2018).
Justices
said the FTC needs to ask Congress to grant those powers back, which
acting FTC Chair Rebecca Slaughter did earlier this week. Yesterday,
Slaughter criticized the Court's decision for ruling "in favor of scam
artists and dishonest corporations, leaving average Americans to pay for
illegal behavior" and urged lawmakers to act quickly.
Big picture: If
the FTC doesn't get its enforcement teeth back, wronged consumers will
have fewer opportunities to collect damages and big corporations could
get off easier in antitrust and privacy cases.
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Francis Scialabba
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Tesla employees are preparing their epsom salt baths after a long week. On Monday, protestors took over
the company's booth at the Shanghai Auto Show to voice complaints about
vehicle malfunctions. One video of a woman climbing on top of a Tesla
claiming faulty brakes caused a crash that injured her parents went
viral. And over the course of the week, Tesla was battered by Chinese
media after the EV company issued statements deemed "insincere."
Big picture:
China accounts for 30% of Tesla's sales, so CEO Elon Musk is motivated
to make sure their gift basket has the good fruit in it (no honeydew).
But the company's cavalier attitude and inability to keep up with auto
repairs as sales grow rapidly have rubbed some Chinese regulators the
wrong way.
- In March,
Tesla cars were banned from military complexes in China over fears
their cameras would be used to spy on the government. Musk insisted that
would never happen.
Bottom line: If Tesla doesn't do some damage control in China, it could get lapped by Western automakers like Volkswagen or homegrown Chinese upstarts like BYD, Nio, or Xpeng.
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SPONSORED BY THE MOTLEY FOOL
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We’ve been savin’ this one-of-a-kind headline for a one-of-a-kind deal from our investing friends at The Motley Fool.
For a limited time (i.e., more than a day but less than 10 years), their premier stock picking service, Motley Fool Stock Advisor, is available to new members for 50% off.
With this membership you get access to the Fool’s favorite stock recommendations that can potentially get you big returns. In fact, their picks have an averaged return of 565%.
TMF believes
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that. If you bought Shopify when they recommended it in July 2016, you’d be up 3,324%.
But even with all those VIPs (very impressive percents), the best of all is that new members can get access to Stock Advisor for 50% off.
Save on Stock Advisor here.
[Returns as of 4/2/21]
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WarnerBros
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Stat: 2.8 million people in the US subscribed to HBO Max in Q1; Netflix added just 450,000 subs across the US and Canada in the same period.
Quote: "In-person is way better than anything. It's like the major leagues versus sandlot ball."
Fried Frank
exec Jonathan Mechanic is one of many bigwig New Yorkers relieved to put
down the homemade tuna sandwich and enjoy the return of the Midtown
Manhattan "power lunch,"
according to the WSJ. But things are a bit different in 2021: Desperate
for social interaction, diners are lingering for longer and getting
buzzed on cocktails or wine.
Read: There's a name for the blah you're feeling: languishing. (NYT)
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Francis Scialabba
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The feeling
of getting a 5/5 on the Brew's Weekly News Quiz has been compared to
actually having an umbrella on-hand when it starts raining.
It's that satisfying. Ace the quiz.
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Here are the big announcements from the US-hosted climate summit yesterday.
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SpaceX
is planning to launch its third crew to the International Space Station
at 5:49am ET this morning, so…it could already be in space by the time
you've read this.
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Snap posted an impressive quarter and said its Android user base is now bigger than its iOS user base.
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Senate Republicans countered Biden's infrastructure plan with a $568 billion proposal of their own.
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Overtime,
a social-first sports media company, raised $80 million from investors
including Drake, Reddit's Alexis Ohanian, and Jeff Bezos's investment
firm.
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Southwest
just became the first major US airline to ink a quarterly profit during
the pandemic, thanks to a little fiscal help from Congress.
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Francis Scialabba
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Many of you know Marques Brownlee, aka MKBHD, as one of the most authoritative tech reviewers on YouTube.
What you may not know is that Brownlee has a team including a researcher, accountant, brand manager, script supervisor, and more. On our podcast Business Casual, Brownlee explained how he scaled his channel and his thoughts on the future of the “creator economy.”
Listen here.
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In the following words, change one letter to two letters and you’ll form a country.
Ex. Belle → Belize (changing the second “l” to “iz”)
- Brawl
- No Say
- Brunt
- Mondo
- Belays
- Canal
- Panda (there are three potential answers)
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When you share the Brew, you earn rewards.
From Brew swag like t-shirts and coffee mugs to exclusive content, we've
got something for everyone in our premier rewards program.
Hit the button below to start sharing the Brew.
Click to ShareOr copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=a17a7110
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- Brawl = Brazil
- No Say = Norway
- Brunt = Brunei
- Mondo = Monaco
- Belays = Belarus
- Canal = Canada
- Panda (there are three potential answers) = Panama, Rwanda, and Uganda
Explosive
New Revelations Destroy Another Fake News Narrative
Liberals HATE these Newly Minted $1000 ‘Trump Bucks’
Gold Bills (sponsor)
CNN
Reporter SAVAGES Jen Psaki On Biden’s Chauvin Comments
McEnany
shreds Biden, Harris for prioritizing climate ‘crisis’ over border
GOP
rip Pelosi for ‘double standard’ on Maxine Waters’ comments
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| ADVERTISEMENT |
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April 23rd, 2021
Pelosi Says Maxine Waters Shouldn’t Apologize for Comments Inciting to Violence
GOP, Dem Senators Roll Up Their Sleeves to Take Care of Biden’s Border Crisis
BREAKING: President Trump calls out Lebron James
Why Are People Dumping Cow Poop Outside the White House?
A top Joe Biden ally got some bad news about a criminal investigation
Donald Trump let Sean Hannity in on a secret that CNN is going to hate
Trey Gowdy dropped the hammer on Maxine Waters with one brutal reality check
Donald Trump just admitted something about Joe Biden that left jaws on the ground
All hell broke loose when Fox News asked Jen Psaki the one question she feared the most
A jury in Minneapolis convicted Officer Derek Chauvin in the death of George Floyd.
And then all hell broke loose.
This popular Fox News host had an insane reaction to the Derek Chauvin verdict.
Click here to read the full story >>
Did
USPS Steal a List of Border-Wall Donors to Spy on Conservatives?
Cuomo
Became Highest-Paid Gov. in US History Amid Lockdown
SPECIAL: How
Biden Plans to Appoint 4 SCOTUS Judges This Year
San
Francisco Overdose Deaths Outpaced COVID Deaths in 2020
WHISTLEBLOWER:
Amazon Forces White VPs to Confess ‘Racial Bias’
Here’s
What You Can’t Do Without Biden’s Vaccine Passport
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| Video Of The Day |
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| Senator Denounces America's 'Systemic Racism' |
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| Speaking at the funeral of Daunte Wright, Democrat Amy Klobuchar denigrates both this nation and its police. |
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| Bill O'Reilly |
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| Radio: April 22, 2021 - The O'Reilly Update - Bill O'Reilly |
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| O'Reilly is on national radio - listen on BillOReilly.com or wherever you get your podcasts. |
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| Just The News |
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| Government anticipates at least another 100 people will be charged over Jan. 6 Capitol ... |
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| That figure comes on top of the more than 400 people already charged over the episode. |
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| Just The News |
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| Texas wages lawsuit regarding federal policy on illegal aliens amid the COVID pandemic |
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| "In a series of dangerous and inexplicable administrative actions, Defendants have abandoned the preexisting protecti... |
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| Just The News |
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| Amid murder spike in Baltimore, city police deny claims of imminent precinct closures |
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| Department hired hundreds of officers last year, police commissioner says. |
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| Just The News |
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| Tim Scott to give GOP response after Biden's speech before joint session of Congress ne... |
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| "I'm excited and honored for this opportunity to address the nation," the South Carolina Republican said in a statement. |
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| | Hot Today |
| Chicago Mayor May Soon Make Cops Get Permission Before Chasing Suspects on Foot | | Read More | | |
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| New York District Attorney’s Office to Stop Prosecuting Prostitution | | Read More | | |
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| Twitter Schools Speaker Pelosi After She Publicly Thanked George Floyd for ‘Sacrificing Life’ | | Read More | | |
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 | | Ma’Khia Bryant Neighbors Say She ‘Needed to be Stopped’ and Police Had No Choice | | Wednesday, Columbus police released bodycam footage of Tuesday’s police officer shooting of Ma’Khia Bryant, a 16-year-ol [...] | | | | |
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