House Democrats are scrambling to cover the bill for their pricey $3.5 trillion budget proposal.

A thread explaining the plan they released yesterday that includes about $2.9 trillion in tax hikes.
Reality check: Unless you’re the CEO of Target or clutching your third boat, you won’t be targeted by the increases, which aim to raise money from corporations, wealthy Americans, and investors.

Here are some of the deets:
1. For bigger, profitable companies, the corporate tax rate would jump to 26.5% from 21% currently.
2. Americans who earn more than $435,000 per year would see their top tax rate increase from 37% to 39.6%.
3. Individuals earning over $5 million would get hit with a 3% surtax.
4. The top capital gains rate (taxes on the sale of stocks, real estate, NFTs of gorillas) would jump from 20% to 25%.
On the spicy scale, this plan is mild

While it reverses many of the Republican tax cuts for 2018, the plan stops short of the ambitious tax hikes President Biden first proposed.
For instance, Biden initially wanted to bump the corporate rate up to 28% (26.5% in the new plan) and the top capital gains rate to 39.6% (25% in the plan).

And the proposal doesn’t include a tax on billionaires’ investments, where most of their wealth is tied up.
This tax proposal is seen as an olive branch to moderate Democrats who don’t want to play the villain to business. However, it’s not nearly tame enough to gain support from Republicans.
Zoom out: You’d think that a $2.9 trillion tax proposal to fund the biggest social spending plan since the ’60s would be the No. 1 priority on Capitol Hill, but it’s not.

morningbrew.com/daily/stories/…
Lawmakers must pass a budget before Oct. 1 or else face a government shutdown, and time is also running out to raise the debt ceiling before the US defaults.

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More from @MorningBrew

15 Sep
One billionaire and three normies currently have the coolest answer to, “What are you doing this week?”

A thread on the SpaceX Inspiration4 mission and why it's the most ambitious space flight to date Image
The details:

At 8:02pm ET tonight, the four passengers will become the first all-civilian crew to go into orbit, rising about 80 miles higher than the International Space Station at the peak of their three-day joy ride. Image
Why it matters:

This mission is far more technically difficult than the other billionaires’ space flights this summer because of how much higher and how much longer the trip will take.
Read 13 tweets
14 Sep
So the #AppleEvent was short on big announcements, but full of incremental improvements.

Here are the main devices that got an upgrade.
1. iPhone 13

20% smaller notch
120Hz display
New colors
New camera arrangement
Better battery life

13 Pro $999
13 Pro Max $1099
Apple Watch Series 7

20% bigger screen
Slightly tweaked UI
40% thinner than previous model
70% brighter
33% faster charge

Cost: $399
Read 4 tweets
14 Sep
1/ In 2010, Steve Jobs created a seemingly innocuous meeting agenda item that would set Apple on the path to becoming the most valuable company in the world.

It's #AppleEvent day so we're taking a look at how Jobs' vision became Apple's notorious "walled garden."
2/ What is a walled garden?

It's a closed ecosystem of software and hardware products that restricts access to outside applications and content.
3/ While lots of tech companies have created walled gardens with their products and services, no one has done it as successfully as Apple.

Let’s break down how that is possible.
Read 24 tweets
13 Sep
With the NFL season officially underway, we thought we'd do a little season preview...

a thread of Super Bowl contenders as cryptocurrencies
Kansas City Chiefs - Ethereum

The Chiefs didn't win the Super Bowl last year and ETH isn't the biggest crypto in the world, but these two are the future. They both perfectly marry power and potential.
Tampa Bay Buccaneers - Bitcoin

The defending champs led by the GOAT. Bitcoin and Brady may be a little old but they are far from washed. Who knows, maybe Brady IS Satoshi. We could see it.
Read 10 tweets
13 Sep
In a Morning Brew + Generation Lab poll, we asked 524 college students across the US about their experiences back on campus.

Here is what we learned...

morningbrew.com/daily/stories/…
Vaccine mandates

The majority support vaccine mandates on campus. 56% of college students believe that their school should require vaccinations. Image
College communication has been mostly good.

On a scale of 1–10, students gave their schools an average score of 8 in terms of clarity about Covid safety rules on campus.
Read 7 tweets
13 Sep
President Biden’s vaccine requirement for employers grabbed all the headlines last week.

But another overlooked initiative could play a pivotal role in reducing the spread of Covid-19.

A thread on the dramatic expansion of affordable at-home testing. Image
First, what is an at-home Covid test?

Rather than having a health professional get all up in your nostrils, you can swab yourself and get the results in less than an hour.
At-home rapid tests (known as “antigen” tests) are less reliable than the lab-based PCR test, but experts say they can be an extremely useful tool for allowing life to proceed semi-normally.
Read 9 tweets

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