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Combination images of Democratic presidential nominee Joe Biden and President Trump. Photo: Alex Wong/Getty Images/Spencer Platt/Getty Images

Democratic presidential nominee Joe Biden's campaign team released an ad on Twitter late Sunday in response to the New York Times' explosive report on President Trump's income tax contributions.

Why it matters: The ad and accompanying tweet stating how much tax American workers like nurses and teachers pay compared to the $750 in federal income taxes the NYT said Trump paid in 2016 and again in 2017 marks the first official response by the Biden campaign to the report, which Trump called "fake news." The ad comes ahead of the first presidential debate on Tuesday.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Go deeper:

Go deeper

Facebook will resume political ad ban in Georgia after polls close

Photo: Chesnot/Getty Images

Following the Georgia runoff elections, the Facebook ban that restricts ads on social issues, elections and politics nationwide will be reimplemented in the state, the company said on Tuesday.

The big picture: The company has been trying to adapt its political ad policies in real time to curb confusion and possible misinformation around the election results.

Dan Primack, author of Pro Rata
54 mins ago - Politics & Policy

Biden starts negotiating to raise capital gains tax rate

Illustration: Aïda Amer/Axios

President Biden wants to nearly double the capital gains tax paid by wealthy Americans, as first reported yesterday by Bloomberg and confirmed by Axios.

Counterintuitive: Biden's plan is better for private fund managers (hedge, PE, VC, etc.) than what he proposed during the campaign.

Scoop: Caitlyn Jenner makes it official for California governor

Caitlyn Jenner. Photo: Paul Archuleta/Getty Images

Former Olympic decathlete and reality TV star Caitlyn Jenner has filed her initial paperwork to run for governor of California and will officially announce her bid later today, her campaign tells Axios.

The big picture: Jenner, a longtime Republican, is seeking to replace Democratic Gov. Gavin Newsom in a recall election, hoping her celebrity status and name recognition can yield an upset in the nation's most populous state.