🥁 Axios PM: Surprise tax relief

Stunning pic: Pillars of Creation | Wednesday, October 19, 2022

Open in app View in browser   Presented By Morgan Stanley   Axios PM By Mike Allen · Oct 19, 2022 Today's PM — edited by Justin Green — is 472 words, a 2-minute read.     1 big thing: Surprise tax relief Data: IRS; Table: Axios Visuals Congressional action from the Reagan era is about to provide some relief to taxpayers, Axios' Emily Peck and Herb Scribner report. Federal tax brackets will be about 7% higher for the 2023 tax year (filed in 2024). The standard deduction is going up too. Zoom out: The IRS adjusts tax brackets every year to ward off "bracket creep," when inflation pushes you into a too-high tax bracket. The bracket adjustments are much higher than usual this year because of inflation. Brackets weren't adjusted annually like this until Congress codified the annual inflation adjustments as part of the Reagan tax cuts in 1981. Between the lines: This makes a bigger difference the more you earn. The 10% marginal rate threshold is going from $10,275 to $11,000. The 37% rate threshold is going from $539,901 to $578,126 Go deeper.     ✨ 2. Stars in a whole new light Photo: NASA, ESA, CSA, STScI via AP These are the Pillars of Creation in near-infrared-light view, Axios Space author Miriam Kramer reports. Why it matters: This is one of the most hotly anticipated images released so far by the James Webb Space Telescope. The pillars in this view of the Eagle Nebula are made of interstellar dust and gas that feed star formation. Bright red globes just outside of that dust are newly formed stars, and the squiggly red areas are caused by material being blasted out from those temperamental, baby stars. Share this story.     A message from Morgan Stanley Why collaboration software stocks have more room to grow     More workers are coming back to the office. But a number of companies are still betting on work from home and hybrid models with added investments in cybersecurity architecture, videoconferencing capabilities and remote-desktop programs.     3. Catch up quick Photo: Fabrice Coffrini/AFP via Getty Images Above: Swiss special forces are suspended from a helicopter today in an aviation display at the highest air force firing range in Europe — in the Bernese Oberland, in the Swiss Alps. Scoop: Ukraine officially asked Israel for air defense systems to counter Iranian ballistic missiles and Iranian attack drones used by Russia in Ukraine, Axios from Tel Aviv author Barak Ravid reports. Russian President Putin declared martial law in four recently annexed regions of Ukraine. Go deeper. COVID contributed to 1/4 of maternal deaths in the first two years of the pandemic, with Black pregnant women experiencing a mortality rate nearly 3x higher than white women, Axios' Sabrina Moreno reports.     4. Warriors' last dance Andre Iguodala, Draymond Green, Klay Thompson and Steph Curry in 2022. Photo: Jesse D. Garrabrant/NBA via Getty Images The Golden State Warriors aren't saying it. But there's reason to believe this season will be "The Last Dance" for the legendary trio of Draymond Green, Klay Thompson and Steph Curry, Axios Sports editor Kendall Baker reports. Why it matters: New extensions for Jordan Poole and Andrew Wiggins set the stage for Green to possibly depart at the end of this season. The backdrop: "It was always the likeliest that this was headed to a zero-sum dollar decision for the future: Poole or Draymond," writes The Athletic's Tim Kawakami (paywall). When Green punched Poole at practice earlier this month, it may have crystallized their fates. Share this story.     A message from Morgan Stanley Why collaboration software stocks have more room to grow     More workers are coming back to the office. But a number of companies are still betting on work from home and hybrid models with added investments in cybersecurity architecture, videoconferencing capabilities and remote-desktop programs.   Thanks to Sheryl Miller for copy editing today's newsletter. Are you a fan of this email format? It's called Smart Brevity®. Over 300 orgs use it — in a tool called Axios HQ — to drive productivity with clearer workplace communications.   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, 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: