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TOGETHER WITH
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Good morning. What
do Morning Brew and Toy Story have in common? They both make you cry
and they both know how to make a good sequel: Watch your inbox tomorrow
morning for the second-ever Sunday Edition.
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MARKETS 1-DAY PERFORMANCE
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Here's what these numbers mean.
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Markets: Stocks headed into the weekend on a roll,
with the Dow and S&P closing at records. Alphabet stock has been on
a tear this year (up more than 30%), and it also hit a record
yesterday.
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Covid: The outbreak is getting
really bad in Michigan, where daily cases have gained 23%
week-over-week. Governor Gretchen Whitmer urged residents to take it easy with the socializing to keep hospitals from getting overwhelmed.
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Succession
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New York is seeing how much dough it can squeeze out of millionaires’ paychecks without pushing them to Fisher Island.
This week, state lawmakers passed a budget
that raises the personal income tax on individuals making over $1
million and introduces two new brackets for those making more than $5
million and $25 million.
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changes mean that the wealthiest New York City residents will face the
highest combined local and state personal income rate in the country,
surpassing California.
That’s not a record some New Yorkers want to break
250 business executives have sent a letter
to state lawmakers arguing that higher taxes would “jeopardize New
York’s recovery from the economic crisis inflicted by Covid-19” by
sending high-net-worth people fleeing.
- The top 1% of New Yorkers paid $4.9 billion in local income taxes in 2018, accounting for 42.5% of the income tax collected by the city.
Meanwhile,
just three hours south on a JetBlue flight, Miami’s Tweeter-in-Chief
Mayor Francis Suarez is welcoming New York’s wealthy with the promise of
zero state income taxes and a Carbone reservation. Firms such as Silver
Lake and Blackstone have already started beefing up their presence in
FL.
Which makes
many NYC leaders, including mayoral candidates Andrew Yang and Ray
McGuire, anxious that the tax hike could lead to a 1970s-esque corporate exodus, when the city lost half its Fortune 500 companies.
Proponents say it’s now or never
Armed with census data showing that NY has the greatest economic inequality
of any state, advocates of the tax hike argue the rich should pay more
to fund basic public services that can help turn the state’s
pandemic-stricken economy around. New York’s recovery is lagging behind
the rest of the country, posting the second-highest unemployment rate of any state in February.
Looking ahead...the
tax fight serves as the backdrop for what the FT calls “one of the most
consequential” mayoral races in the city’s history. The Democratic
primary, which in this liberal stronghold will likely determine the
race, is in June.
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Francis Scialabba
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In the US…20% of Americans are fully vaccinated
against Covid-19, and a third of the population has received at least
one dose, per the CDC. The US is averaging about 3 million shots per
day.
Around the world…40% of total Covid-19 vaccines have gone to 27 wealthy countries that make up 11% of the world population. Only 1.6% have gone to the least-wealthy 11% of countries, according to Bloomberg.
- One place that’s fully reopened after most of its population got vaccinated? The tiny British territory of Gibraltar.
More headlines
Supply chained: Johnson & Johnson vaccine deliveries are expected to drop more than 80% next week as the company copes with manufacturing hiccups.
Once vaccinated, twice shy: Some US health experts are arguing second doses should be delayed for the already-jabbed and instead redirected to people who have yet to receive their first.
Would be lit: Pfizer-BioNTech became the first vaccine makers to ask the FDA to expand emergency use authorization to adolescents aged 12–15.
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Jerod Harris/Getty, Karwai Tang/Getty
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We lost two
public figures yesterday: DMX and Prince Philip. While their work and
platforms couldn’t have been more different, both made contributions
that spurred emotional messages of remembrance on social media.
DMX. Earl Simmons’s family announced
yesterday that he had died at age 50 after a serious heart attack
following a reported drug overdose. Fans gravitated toward his intense
lyrics, where he opened up about his struggles with addiction and his
difficult childhood. Simmons released his first two albums in 1998, both
hitting No. 1 and going multi-platinum. He was regarded as one of the biggest hip hop stars in the late 1990s and early 2000s.
The Duke of Edinburgh. Prince Philip, husband of Queen Elizabeth II, was the longest-serving royal spouse in British history. He was 99 when he died
yesterday at Windsor Castle. Philip took his role seriously and tried
to modernize the royal family, but often made headlines for
controversial, racist comments. By our standards, Prince Philip sending
his children to school and cooking his own breakfast might not seem like
a big deal, but everything is relative inside a palace.
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You wouldn’t say Moroccan cubeb berries are just berries, or that West African Grains of Paradise are just plain old grains.
So you simply would not say Bombay Sapphire is just gin.
When it comes to botanicals, Bombay means business. Need proof? They have someone who literally bears the title, Master of Botanicals.
Not only is that the greatest resume mic drop you’ve ever heard, but this person gets to travel around the world to find the brightest and most vibrant botanicals from growers themselves.
All 10 of
Bombay’s botanical ingredients are on track to be certified sustainable
in 2021. That’s a win for farmers—and a big win for what’s in your glass.
In fact,
Bombay considers these botanicals so precious, they utilize a vapor
infusion process to delicately extract the flavors and aromas.
At the end of the day, it’s not just ingredients, it’s not just a G&T, and it’s not just gin.
It’s Bombay.
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Francis Scialabba
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President Biden released
a $1.52 trillion fiscal 2022 budget request to Congress yesterday, and
he’s asking for an 8% increase to fund the climate fight, the IRS, and
other social programs.
The earth is getting a makeover.
The plan calls for $14 billion for domestic climate programs and
investments in clean energy, such as buying electric vehicles for the
USPS. It wouldn’t hurt to throw in a couple extra mil for some design help...
You gotta spend money to make money.
Biden wants to give the IRS $900 million to ramp up audits and recoup
an extra $175 billion of lost taxes from the estimated 21% of income
some of the wealthiest households don’t report.
Other highlights:
- $3 billion for immigration—an issue Biden recently was criticized for and handed over to VP Kamala Harris
- $2.7 billion for Amtrak, with most of that going to pay for better delay excuses
- 23% increase in health spending and a record 40% increase for education
Bottom line: Biden
will have trouble passing this proposed budget because of a 1.7%
increase to defense spending that already has GOP lawmakers grumbling.
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Stat: More money has been poured into stock-based funds in the last five months than in the previous 12 years combined, per Bank of America. Stock valuations are at their highest level since the dotcom era of the late 1990s.
Quote: “Never become so involved with something that it blinds you / Never forget where you from someone will remind you”
—DMX
Read: Is horse racing still too big to fail? (Defector)
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Neuralink
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Elon Musk’s Neuralink is taking “monkey see, monkey do” to another level. Yesterday, the neurotech company released a video that claims to show a monkey controlling a game via chips implanted in his brain.
Here’s the play-by-play:
- The monkey (ironically named Pager) moves his joystick to play the Pong game displayed on the screen.
- The Neuralink device analyzes Pager’s movements and begins to predict them.
- The joystick is disconnected, but Neuralink continues to accurately predict Pager’s movements.
For Pager, the feat meant a well-deserved banana. For humanity, Elon Musk explained
on Twitter the technology could “enable someone with paralysis to use a
smartphone with their mind faster than someone using thumbs.”
Stay skeptical, San Diego
Musk later tweeted, “Soon our monkey will be on twitch & discord haha,” and the video lacks any peer reviews from the scientific community. But this kind of neural mind control does have precedent: A paralyzed man once controlled a robot arm in order to drink beer.
Looking ahead...Neuralink has grand ambitions that go beyond enabling people to play Pong while wrist-deep in two bags of Cheetos. Musk tweeted that later versions of this device could enable paraplegics to walk again.
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Amazon workers at an Alabama facility voted against forming a union, a blow to labor organizing around the country.
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Boeing asked airlines to ground some of its 737 Max jets over a power system issue.
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Kim Kardashian West’s shapewear company, Skims, is now worth $1.6 billion after a new fundraising round.
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Lee Delaney, the CEO of BJ's Wholesale Club, died unexpectedly on Thursday at 49.
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The Chinese
ride-hailing giant Didi Chuxing filed confidentially for an IPO in the
US, per Bloomberg. It could be valued at up to $100 billion.
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Boy, that’s one classy portfolio. Yieldstreet
can hook you up with a multi-asset fund that’s currently invested
across six asset classes. That means you can build your portfolio with
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durations, and low minimums—we’re talkin’ as low as $1,000. Start generating passive income with Yieldstreet today.
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Tomatometer, broken: The movies with the greatest difference between audience and critic ratings on Rotten Tomatoes.
Weekend conversation starters:
- Your bookcase is only allowed to have five books. What are they?
- What’s a bottom-tier fruit, and why is it apples?
- Brag about the most complicated Excel formula you’ve made.
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Francis Scialabba
Because they
were such a hit, today we're bringing back the Morning Brew Minis. Take
your pick of bite-sized crossword puzzles, or play all three:
Easy
Medium
Hard
Trending Headlines for you:
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Mike Pence is about to spill one secret that will have Donald Trump red with rage
SATURDAY 4.10.2021
BREAKING NEWS
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John D. Age 46, of Franklin, Ohio, passed away on Sunday, April 4,
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State House passes bill curbing governor’s emergency powers
Rep. Steube: Filibuster a Firewall Against Court Packing
Biden’s Border Czar Abruptly Quits Despite ‘No Crisis’
Black student responsible for racist graffiti at American college
April 10th, 2021
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AOC Goes After Anti-War Activist | |
Authored by Max Blumenthal via The GrayZone.com,An anti-war activist
said he was visited by California Highway Patrol officers after posting
video of Rep. Alexandria Ocasio-Cortez’s bumbling comments... Read More › | | |
| Vegas Democratic Mayor Switches to Republican: ‘Not the Party I Can Stand with Anymore’ |
| The first Democratic leader to publicly announce a switch in parties since Biden took office is North Las Vegas Mayor Jo [...] |
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