📜 Background: Treasury officials said the plan will raise more than $2T over the next 15 years to pay for eight years of recently-proposed infrastructure spending.
It includes changing several key features of the 2017 tax law, including raising the corporate tax rate to 28% from 21% (compared to 35% before 2017 – the highest rate among highly-developed nations).
It also features the adoption of a 21% global minimum tax on U.S. corporations – up from 10.5% (which was first imposed under the 2017 law). The move is intended to deter sheltering profits overseas for tax benefits.
🌍 Around the World
In virtual remarks on Monday, Treasury Secretary Janet Yellen called on other countries in the G20 to adopt a minimum global corporate tax rate similar to the one outlined in Biden’s proposal (which penalizes countries that do not follow suit).
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💉 Europe & AstraZeneca’s Vaccine
British health authorities yesterday recommended an alternative to AstraZeneca’s vaccine for adults under 30 where possible, due to strengthening evidence the shot may be linked to rare blood clots.
Their decision came after a review of European Economic Area and UK data found 86 cases of blood clots resulting in 18 deaths out of 25M people receiving the vaccine.
Most of the cases reported have occurred in women under 60 years of age within 2 weeks of vaccination.
More: In a simultaneous news conference, EU regulators said they found a link between AstraZeneca’s shots and rare blood clots, but the benefits still “outweigh the risks of side effects.”
🚗 Tiger Woods Crash Update
LA police revealed Tiger Woods’ February crash was caused by speeding in a press conference yesterday.
Authoritiessaid Woods’ SUV was traveling from 84 to 87 mph on a downhill stretch of road with a speed limit of 45 mph, and was going 75 mph when it crashed into a tree. There was no evidence of impairment or distracted driving.
More: After examining the SUV’s ‘black box,’ police said there was no evidence that Woods braked throughout the wreck, leading them to believe he inadvertently hit the gas pedal instead of the brake.
🇺🇸 Political Affiliation Polling
Gallup published political affiliation polling data from the first quarter of 2021 yesterday.
It found 49% of U.S. adults identified as Democrats or independents who lean toward the Democratic party, compared to 40% who identified as Republican or independents who lean toward the GOP.
The 9% gap is the largest measured by Gallup since the fourth quarter of 2012. The GOP last held the lead in party affiliation in 2014 (historical graph).
The FBI arrested Los Angeles actor Zachary Horowitz (screen name “Zack Avery”) on wire fraud charges, accusing him of masterminding a $690M film licensing Ponzi scheme.
The SEC also filed a civil suit against Horowitz alleging his company, 1inMM Capital, took money from investors who thought they were financing distribution rights for movies that would run on HBO and Netflix.
Authorities accused Horowitz of paying investors their purported returns using proceeds generated by new investors – the hallmark of a Ponzi scheme.
More: Horowitz appeared in several low-budget films according to iMDb.
🚁 Reaching New Heights
UPS agreed to buy ten electric vertical takeoff and landing (eVTOL) aircraft from startup Beta Technologies yesterday. The price of the transaction was not disclosed.
UPS holds an option to purchase up to 150 more eVTOLs, which are set to be delivered by 2024 pending FAA approval.
More: The aircraft will have a 1,400-pound cargo capacity, 250-mile range, and cruising speed of 170 mph.
More: Twitter has reportedly held discussions about acquiring Clubhouse for around $4B, according to Bloomberg ($), though they are no longer underway. Earlier reports said Clubhouse is considering raising money at the same valuation.
💡 Lighting The World… Isamu Akasaki, a Japanese physicist who won a Nobel Prize for developing the blue light LED, which allowed the ubiquitous use of LEDs in lighting, passed away last Thursday at the age of 92.
🎸 Smells Like Nirvana… a Toronto-based organization called Over the Bridge used AI to generate a new Nirvana song called “Drowned in the Sun.” The program analyzed 30 of the band’s songs and studied each tracks’ vocal melodies, chord changes, guitar riffs, and drum patterns. (Listen here.)
📍 Address to Impress
Which company’s headquarters is located at 1 Hacker Way in Menlo Park, CA?
A) Facebook B) Apple C) Google D) Twitter
(keep scrolling for the answer)
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