💵 Axios PM: 2023 raise

Plus: California helpers | Monday, January 02, 2023

Open in app View in browser   Presented By Cooley   Axios PM By Mike Allen · Jan 02, 2023 Happy holiday! Today's PM — edited by Justin Green — is 357 words, a 1.5-min. read. Thanks to Sheryl Miller for the copy edit.     1 big thing: 2023 raise Illustration: Annelise Capossela/Axios   Many Americans will enjoy higher paychecks in 2023 thanks to changes the IRS made for inflation, Axios' Kelly Tyko reports. Why it matters: Cost of living adjustments are now crucial in the era of high inflation, Axios' Emily Peck explains. For single taxpayers, the standard deduction will be up $900 to $13,850. For married filers, it's up $1,800 to 27,700. For retirement savings, the cap is raised $2,000 on 401(k), 403(b) and most 457 plans. Workers can put another $200 in health flexible spending arrangements, with the cap going to $3,050. Data: IRS; Table: Axios Visuals Share this story.     2. ⚽ Pelé's 24-hour wake Photo: Wagner Meier/Getty Images Thousands of fans lined up to honor Pelé today at Vila Belmiro Stadium in Santos, Brazil, the soccer legend's hometown. Photo: Wagner Meier/Getty Images His coffin was placed at midfield. Loudspeakers played a song Pelé recorded himself: "Eu sou Pelé" ("I am Pelé"). —AP More photos.     A message from Cooley Key ways to reduce risk in a down market     Can board members mitigate risk when raising financing in a depressed valuation? With appropriate planning. Here's how: Form a special committee. Engage outside advisors or obtain fairness opinions. Check the market. Here's what you should know.     3. Catch up quick The Donate Life America float, the Sweepstakes winner, rolls down Colorado Blvd. in Pasadena, Calif., today. Photo: Michael Owen Baker/AP 🌹 The flower-covered floats of the 134th Rose Parade slipped through a gap in California's drenching storms on a chilly but dry day in Pasadena. The theme: "Turning the Corner." Former Rep. Gabby Giffords of Arizona was grand marshal. More photos. Jeremy Renner, star of "The Avengers," is in critical condition after a "traumatic injury" while plowing snow near Reno, Nevada. The Washoe County (Nev.) Sheriff's Office said he had to be flown by helicopter to a hospital for treatment. Get the latest. 🔋 Tesla today reported record production and deliveries for fourth-quarter electric vehicles (405,000), but it missed Wall Street estimates (431,000). The headwinds: logistics problems, slowing demand, rising interest rates and fears of recession. —Reuters     4. 📷 1 for the road Photo: Jose Carlos Fajardo/The Mercury News via AP Katie Leonard, a nurse, hands hot tea to Patsy Costello, 88, after she'd been trapped in her car for over an hour in Contra Costa County, California. Leonard's kayak also brought blankets and a phone to call a friend. Flood warnings were in effect today in Northern California after an "atmospheric river" storm drenched the state over the holiday weekend. With more storms barreling toward Northern California, some communities could face flood evacuations later this week, The Sacramento Bee reports.     A message from Cooley Read the fine print of bridge loans     Cooley recommends paying close attention to unique and aggressive terms when private companies consider convertible note financing. An example: Investors can ask for sweeteners like warrant coverage or exchanging previously issued securities for more senior securities. Find out more.   Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. 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. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: