A Swedish appeals court has ruled that carried interest should be treated by local tax authorities as ordinary income rather than as capital gains, in a reversal of a 2013 lower court decision.

This is similar to what may be proposed legislatively in the U.S., but with one huge difference: The Swedish decision could be retroactive for a full decade, meaning massive sticker shock for private equity investors on take-home pay that might have already been spent years ago. Plus, of course, a whole heap of uncertainty and wasted legal fees.

Go deeper

Hunter Biden saga dominates online debate

Data: NewsWhip; Table: Axios Visuals

The mainstream media turned away. But online, President Trump's charges about Hunter Biden were by far the dominant storyline about the final presidential debate, according to exclusive NewsWhip data provided to Axios.

  • Coverage of business dealings by Joe Biden's son — and pre-debate allegations by one of his former business associates, Tony Bobulinski — garnered more than twice as much online activity (likes, comments, shares) as the runner-up.
Bryan Walsh, author of Future
54 mins ago - Health

America's poor health is jeopardizing its future

Illustration: Eniola Odetunde/Axios

From high levels of obesity and opioid addiction to inequities in access to care, America's pre-existing conditions make the country an easy target for COVID-19, as well as future pandemics that could cripple the United States for decades to come.

Why it matters: One of the best ways the country could prepare for future threats — and boost its economy — is to improve Americans' overall health.

10 hours ago - Health

Fauci says if people won't wear masks, maybe it should be mandated

Anthony Fauci. Photo: Graeme Jennings- Pool/Getty Images

NIAID director Anthony Fauci told CNN on Friday evening that if "people are not wearing masks, then maybe we should be mandating it."

Why it matters: Fauci made the comments the same day the U.S. hit its highest daily COVID-19 case count since the pandemic began.