“President Joe Biden is set to unveil six executive actions aimed at curbing gun violence on Thursday, following a string of mass shootings that has put pressure on the administration to act upon the president's long-held campaign promise to tackle gun control. The first action will direct the Department of Justice to propose a rule within 30 days to stop the proliferation of so-called ‘ghost guns,’ or makeshift weapons that can be constructed at home or that lack a serial number, according to a senior administration official who spoke on the condition of anonymity. Moreover, administration officials emphasized that the executive actions were ‘initial steps’ they would take to address gun violence and that officials would work on additional actions in the weeks ahead.” Read more at USA Today
“More witnesses are expected to take the stand Thursday in the murder trial of former Minneapolis police officer Derek Chauvin for the death of George Floyd. Jurors have heard from 30 witnesses so far, with all of them called by the prosecution. One expert witness, Sgt. Jody Stiger of the Los Angeles Police Department, testified Wednesday that the continuous pressure Chauvin exerted on Floyd ‘raised the possibility of death.’ But defense attorney Eric Nelson shifted focus back to Floyd's drug use, suggesting Floyd said the words ‘I ate too many drugs.’ during his struggle with police. He played several seconds of unintelligible police body-cam audio for witnesses. One said he couldn't make out Floyd's words, and other said he thought Floyd was saying ‘I ain’t do no drugs.’ Two forensic scientists also said pills found in the SUV and police squad car Floyd had been in that day contained methamphetamine, a stimulant, and fentanyl, a synthetic opioid. Chauvin is charged with second-degree murder, third-degree murder and second-degree manslaughter in Floyd's death in May 2020.” Read more at USA Today
“Jobless claims rose to 744,000 last week, bucking a downward trend amid other signs of recent labor-market improvement.” Read more at Wall Street Journal
“Tiger Woods was driving at an estimated speed of 84 to 87 mph before he crashed his vehicle in February, but authorities don't know if he was conscious when he lost control of his vehicle that day.” Read more at USA Today
“Louisiana lawmakers are not happy that Louisiana State University football coach Ed Orgeron has chosen not to appear Thursday before the Senate Select Committee on Women and Children to answer questions related to its probe of sexual misconduct over the years by LSU football players, and are considering subpoenaing him. Orgeron instead testified in a letter to the committee, which was one of the options he was afforded when it requested his testimony last week. However, state representative Aimee Freeman said that since part of Orgeron's salary comes from state taxpayers, him not sitting in front of a committee investigating his program is wrong. Orgeron is the highest paid state employee in Louisiana at $6 million a year after winning the 2019-20 national championship. USA TODAY's reporting revealed widespread mishandling of sexual misconduct cases by both the school's athletic department and its broader administration.” Read more at USA Today
“The Masters, the first major men's golf tournament of the year, will begin on Thursday. Dustin Johnson is chasing history in his attempt to become the fourth golfer ever to win back-to-back Masters champion titles. Johnson, the current world No. 1, will still have to fend off challengers like Jordan Spieth, Bryson DeChambeau and Justin Thomas to win the title. One familiar face will be missing from the tournament: Five-time Masters champion Tiger Woods, who is recovering from multiple leg injuries he sustained in a Feb. 23 car crash in Los Angeles. The tournament will begin honorary tee shots of Lee Elder, Jack Nicklaus and Gary Player and coverage will begin at 8:30 a.m. ET on CBS .” Read more at USA Today
“Twenty-five-year-old Travis Rudolph, a former Florida State standout and ex-NFL wide receiver, has been arrested on charges of first-degree murder and attempted first-degree murder. His arrest stems from a double shooting in South Florida early Wednesday.” Read more at USA Today
“The COVID-19 smart face mask from Razer should be available for consumers to buy in the third quarter of this year. As shown at the CES tech trade show in January, the mask promised N95 medical-grade respirator protection and had a built-in microphone and amplifier so your voice could be heard better.” Read more at USA Today
“The main cause of the radical decline in tax rates for very wealthy Americans over the past 75 years isn’t the one that many people would guess. It’s not about lower income taxes (though they certainly play a role), and it’s not about lower estate taxes (though they matter too).
The biggest tax boon for the wealthy has been the sharp fall in the corporate tax rate.
In the 1950s, ’60s and ’70s, many corporations paid about half of their profits to the federal government. The money helped pay for the U.S. military and for investments in roads, bridges, schools, scientific research and more. ‘A dirty little secret,’ Richard Clarida, an economist who’s now the vice chairman of the Federal Reserve, once said, ‘is that the corporate income tax used to raise a fair amount of revenue.’
By The New York Times | Source: Federal Reserve Bank of St. Louis
Since the mid-20th century, however, politicians of both political parties have supported cuts in the corporate-tax rate, often under intense lobbying from corporate America. The cuts have been so large — including in President Donald Trump’s 2017 tax overhaul — that at least 55 big companies paid zero federal income taxes last year, according to the Institute on Taxation and Economic Policy. Among them: Archer-Daniels-Midland, Booz Allen Hamilton, FedEx, HP, Interpublic, Nike and Xcel Energy.
‘Right now, the U.S. raises less corporate tax revenue as a share of economic output than almost all other advanced economies,’ Alan Rappeport and Jim Tankersley of The Times write.
The justification for the tax cuts has often been that the economy as a whole will benefit — that lower corporate taxes would lead to company expansions, more jobs and higher incomes. But it hasn’t worked out that way. Instead, economic growth has been mediocre since the 1970s. And incomes have grown even more slowly than the economy for every group except the wealthy.
By The New York Times | Sources: Gabriel Zucman; Federal Reserve Bank of St. Louis
The American economy turns out not to function very well when tax rates on the rich are low and inequality is high.
Corporate taxes are wealth taxes
Corporate taxes are such an important part of the overall taxes paid by the wealthy because much of their holdings tend to be stocks. And as the owners of companies, they are effectively paying corporate taxes. Most of their income doesn’t come through a salary or bonus; it comes from the returns on their wealth.
‘In effect, the only sizable tax for these billionaires is the corporate tax they pay through their firms,’ Gabriel Zucman, an economist and tax specialist at the University of California, Berkeley, told me. ‘The main reason why the U.S. tax system was so progressive before the 1980s is because of heavy taxes on corporate profits.’
President Biden is now trying to reverse some (but by no means all) of the decline in corporate taxes. His plan would raise the corporate tax rate, punish companies that move profits overseas and introduce a rule meant to prevent companies from paying zero taxes, among other things. The money would help pay for his infrastructure plan. ‘It’s honest, it’s fair, it’s fiscally responsible, and it pays for what we need,’ Biden said at the White House yesterday.
Experts and critics are already raising legitimate questions about his plan, and there will clearly be a debate about it. Biden said he was open to compromises and other ideas.
But one part of the criticism is pretty clearly inconsistent with the facts: The long-term decline in corporate taxes doesn’t seem to have provided much of a benefit for most American families.” Read more at New York Times
“The coronavirus variant first identified in the UK is now the most common strain of coronavirus in the US, CDC Director Dr. Rochelle Walensky says. Case numbers in the US have risen over most of the last four weeks in part because of its spread, and that of other dangerous variants. Starting today, the province of Ontario, which is home to 14 million people, will go under a four-week stay-at-home order as a third wave begins to overwhelm Canadian hospitals. Some countries are enacting new travel bans, like in New Zealand, which just restricted entry for travelers from India, or the UK, which issued a travel ban for Kenya. The East African nation hit back at the ban, warning of the consequences of vaccine inequity between countries.” Read more at CNN
Clotting Links Slow AstraZeneca Rollout. “Governments across Europe have placed restrictions on the AstraZeneca COVID-19 vaccine after the EU medicines regulator determined a link between the vaccine and ‘very rare’ blood clots coupled with low blood platelet counts; the risk appears to be higher for younger people.
After the news was announced, Spain and Italy reportedly restricted usage of the AstraZeneca vaccine and will now only give it to people over 60, following similar moves in Germany and the Netherlands, while the United Kingdom says it will offer alternative shots to those under 30 years old. The vaccine had already been on hold in Norway and Denmark.
Despite the decisions in Europe, the World Health Organization has urged further study saying the link to clotting should be ‘considered plausible but is not confirmed.’ In its statement, the WHO contrasted the rare incidents that have caused concern with the huge numbers of those without any ill-effects. About 200 million people worldwide have already received a dose of the vaccine.
COVAX effects. Even if the link to increased blood clotting is minor, any hint of serious side effects threatens the global vaccine rollout. AstraZeneca accounts for roughly 14 percent of the vaccine stock of COVAX, the global facility that many poorer countries rely on for doses. It’s also the only vaccine to have signed licensing agreements with manufacturers around the world, allowing the vaccine to be produced closer to the countries where it is needed.
The effects of the European actions are already being felt in Africa: Cameroon and the Democratic Republic of the Congo have delayed their rollout of the vaccine as a result, a move that puts the 500 million AstraZeneca shots the African Union has already purchased in jeopardy. Mexico, which has secured a loan arrangement with the United States for its neighbors’ AstraZeneca stock, does not plan to restrict the vaccine’s use, its regulator said. Brazil, the current epicenter of the pandemic has also said it would continue its rollout: 4 million AstraZeneca doses have been administered so far in the country.
Money problems. In India, which had administered roughly 47 million doses of the AstraZeneca jab by the end of March, the problem lies in creating more doses, rather than holding off. The Serum Institute, the vaccine’s manufacturer, has called for $403 million in funding to offset a shortfall following the government’s decision to halt exports to deal with its own virus surge.” Read more at Foreign Policy
“New York will offer one-time payments of up to $15,600 to undocumented immigrants who lost work during the pandemic and could not get unemployment benefits.” Read more at New York Times
“Twenty-one players on the N.H.L.’s Vancouver Canucks — nearly the whole team — have tested positive.” Read more at New York Times
“Joe Manchin, the West Virginia Democrat, suggested he might not support his party repeatedly using a budget process to pass Senate bills with a simple majority.” Read more at New York Times
“Lawyers working to reunite migrant families that the Trump administration separated said they still could not find the parents of 445 children.” Read more at New York Times
“Kentucky, which has a Republican legislature and a Democratic governor, has enacted a bill to expand voting rights.” Read more at New York Times
“Ten congressional Democrats joined a federal lawsuit that accuses Donald Trump and Rudy Giuliani of conspiring to incite the Jan. 6 riot at the Capitol.” Read more at New York Times
“The USS Johnston, a U.S. Navy destroyer sunk during a World War II battle in 1944, has finally been found in ‘the deepest wreck dive in history.’ Read more at USA Today
USS Johnston off Seattle, Washington, 27 October 1943 a year before it sank in October 1944. Courtesy of Naval History and Heritage Command
“Greenland’s green election. The left-wing Inuit Ataqatigiit party won Tuesday’s election in Greenland with 37 percent of the vote, casting doubt on the future of a controversial rare-earth and uranium mine that’s attracted international attention. IA’s victory is a win for those concerned about the environmental impacts of the project and a blow for Greenland Minerals—the Australian company looking to exploit the mine—as well as its Chinese investors.
On Wednesday, IA’s chairman, Mute Egede, pledged opposition to the mine. ‘The people have spoken,’ Egede told broadcaster DR. ‘It won’t happen.’ IA, who won 12 out of the 31 seats in the parliament, will now seek a support of a smaller party—such as Naleraq, which is also opposed to the mine—in order to form a coalition government.” Read more at Foreign Policy
“70% — The percentage of the world's rare earths—the raw materials needed to make the batteries and magnets in cellphones and other electronics—that are mined by China. Beijing is pursuing a project in Greenland that was expected to unearth about 10% of the global supply of rare earths. But public opposition to the project, which was forecast to trigger a 45% increase in Greenland’s CO2 emissions, led to a snap election that the country's environmentalist party won, putting the venture in limbo.” Read more at Wall Street Journal
“Palestinian assistance. The Biden administration will resume funding for a U.N. agency that supports Palestinian refugees, U.S. Secretary of State Antony Blinken announced on Wednesday. The move means the U.N. Relief and Works Agency (UNRWA) will receive a $150 million boost to put toward health care, education, and other aid services in the West Bank, Gaza Strip, Lebanon, and Jordan. Although Wednesday’s announcement is a departure from the Trump administration, which had halted the funding, the Biden administration still plans to keep some of Trump’s policies in place—including keeping the U.S. embassy in Jerusalem.” Read more at Foreign Policy
“The Biden administration is considering a withdrawal of troops from Iraq as the threat from ISIS wanes. About 2,500 US troops are currently in the country as part of the global Operation Inherent Resolve, which was created to defeat the ISIS caliphate that controlled parts of Iraq and Syria. The campaign against ISIS is ongoing, but Iraq’s security forces have become stronger, shifting the duties of US troops to training and advisory roles. The timing of the exit will be determined in future "technical talks” between US and Iraqi officials. Along with the upcoming withdrawal in Afghanistan, the Biden administration has now set plans to remove troops from two of America's longest wars.” Read more at CNN
“Parts of Northern Ireland have seen six straight days of violence as unionists and nationalists clashed with police and each other. Brexit-related tensions have been simmering for months, and last week, a decision by police not to prosecute leaders of the Irish nationalist party Sinn Fein for allegedly breaking coronavirus restrictions brought the whole thing to a boil. Now, rioters have clashed along the so-called "peace line" dividing predominantly unionist and nationalist communities. They’ve thrown petrol bombs and set a bus on fire. The arrival of Brexit created the potential of a border between the British-ruled north and the Republic of Ireland in the south, which remains in the European Union. That has been seen as a major breach of trust with Northern Ireland, since the lack of a border had been a key element of the post-1998 peace that followed three decades of violence.” Read more at CNN
“Hundreds of sellers are offering false and stolen vaccine cards on Etsy, eBay, Facebook and Twitter, the N.Y. Times reports.
Sellers are asking ‘$20 to $60 each, with a discount on bundles of three or more. Laminated ones cost extra.’” [Axios]
Photo: Mike Cardew/USA Today Network via Reuters
“In a push against so-called cancel culture, the Republican majority in the Florida Legislature is ready to pass legislation that would require public colleges and universities to survey students, faculty and staff about their beliefs and viewpoints.
The survey is part of a broader measure that would also bar university and college officials from limiting speech that ‘may be uncomfortable, disagreeable or offensive,’ and would allow students to record lectures without consent to support a civil or criminal case against a higher-education institution.
The objective, according to the bill sponsors, is to protect the ‘intellectual freedom and viewpoint diversity’ on state campuses. But university faculty members worry the proposal, House Bill 233, is likely to send a chilling effect on their freedom of speech. Read more at Miami Herald
“New rules from tech companies are making it harder for users who commit crimes in the real world to become famous online, Sara Fischer and Stephen Totilo write.
Twitch, the Amazon-owned livestream platform used primarily by gamers, yesterday unveiled a new policy to take action against users in cases of "severe misconduct" off its platform.
That can include deadly violence, terrorist activities or recruiting, credible threats of mass violence, sexual exploitation of children, sexual assault or membership in a hate group.
Why it matters: This more holistic approach may help tech companies protect themselves against criticism for hosting potentially harmful people or groups.
But it'll be harder to draw the line on activity that's harder to define as explicitly illegal, including bullying.” Read more at Axios
“TWITTER TO ARCHIVES: NO @REALDONALDTRUMP FOR YOU— Twitter will not allow the National Archives to make former President Donald Trump’s past tweets from his @realDonaldTrump account available on the social media platform, the company told POLITICO today, in the latest display of Silicon Valley’s power over communications channels used by the U.S. government.” Read Quint Forgey’s full report. Read more at POLITICO
“Former Vice President Mike Pence has signed a two-book deal, with a significant advance, as part of a strategy to be vocal and visible ahead of a possible 2024 presidential race, Axios has learned.
Details: Both books will be published by Simon & Schuster and are expected to be out within the next few years. Both will emphasize his Christian faith and public service.
The first, to be published by 2023, is mainly a memoir of his four turbulent years in the White House with President Trump. The second will be more broadly autobiographical.
Pence, 61, said in a statement: ‘I am grateful to have the opportunity to tell the story of my life in public service to the American people.’ He added that he will take ‘readers on a journey from a small town in Indiana to Washington.’” Read more at Axios