Axios PM: Dems' short-lived dream

Plus: ⚾️ Heroics on the mound | Wednesday, October 27, 2021

Open in app View in browser   Presented By American Edge Project   Axios PM By Mike Allen ·Oct 27, 2021 Good afternoon: Today's PM — edited by Justin Green — is 394 words, a 1.5-minute read.     1 big thing: RIP billionaire tax (2021-2021) Illustration: Annelise Capossela/Axios   Democrats' short-lived dream of a special tax for billionaires was extinguished today by Sen. Joe Manchin. The West Virginia Democrat doesn't oppose taxing billionaires, but said he's not OK with singling them out. Instead, he suggested everyone should have to pay taxes on at least some of their income, reports Axios' Hans Nichols. The big picture: Under the plan, billionaires would have been taxed at 23.8% on their capital gains, whether realized or not, Axios' Felix Salmon writes. For billionaire entrepreneurs like Jeff Bezos or Elon Musk, substantially all of their net worth is capital gains. Consider Elon Musk, the richest person in the world. Under Wyden's proposal, Musk would have to pay 23.8% tax on his liquid Tesla gains, which are estimated at well over $100 billion. The bottom line: Taxing unrealized capital gains is as good as dead for this Congress — but it will be a feature in Democratic primaries and is now part of the public consciousness, ala Medicare for All, Hans tells me.     2. 100 days until the Games Photo: Kevin Frayer/Getty Images Dancers practice at the Olympic Park in Beijing in front of a countdown screen to the 2022 Winter Olympics.     A message from American Edge Project There's virtually no constituency for anti-competitive legislation     Only 14% of voters support recent efforts in Congress to advance bills that would hurt America's ability to compete technologically. The reason: Voters believe it would harm the economy, national security and small businesses. See the new survey released by Ipsos and AEP.     3. Catch up quick The State Department issued the first "X" gender marker on a U.S. passport, and said applicants no longer need to submit medical certification if their stated gender does not match their other documents. Go deeper. Senate Minority Leader Mitch McConnell endorsed football great Herschel Walker, the favorite in Georgia's Republican Senate primary. Gambling in the Big Apple: Hard Rock wants to build a casino in or near New York City + one in northern New Jersey. (AP)     4. ⚾ Heroics on the mound Photo: Ashley Landis/AP   In Game 1 of the World Series last night, Atlanta Braves pitcher Charlie Morton took a 102 mph comebacker off his right leg — then recorded three outs on 16 pitches on what turned out to be a broken bone, Axios Sports reports. Morton's right fibula was fractured by the one-hop screamer leading off the second inning in Houston against the Astros, per AP. By the time Morton started the third with a 5-0 lead, his leg started to swell. Four relievers finished the 6-2 Braves victory. Charlie Morton leaves the game. Photo: Elsa/Getty Images Braves manager Brian Snitker said: "He wanted to keep going ... He said, 'It kind of hurts more when I run. I feel good when I throw.'"     A message from American Edge Project Here's what frontline district voters think about tech     Poll results make it clear that policymakers who are pushing misguided tech regulation are out of touch with voters. What this means: Elected officials should focus on the issues that are top-of-mind for American voters instead of prioritizing bills to break up U.S. tech companies. Learn more.   Like this email style and format? Learn more about Axios HQ. It'll help you deliver employee communications more effectively.   Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Suite 1300, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. Change your preferences or unsubscribe here.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: