Victor Fleischer has stepped down as co-chief tax counsel for Senate Finance Committee Democrats, just one year after signing on, in order to return to the University of San Diego faculty. In a Facebook post about his decision, Fleischer noted that he might have stuck it out longer if he felt the prospects for 2017 tax reform were stronger.

  • Why it matters: Fleischer was the author of the 2006 academic paper on carried interest taxation that really kicked off a national debate over how hedge fund and private equity investors are taxed. Fleischer argued that carried interest – the percentage of investment profits retained by fund managers – should be treated as ordinary income, rather than at lower capital gains rates.
  • Facts matter: Taxing carried interest.

Go deeper

California judge orders Uber, Lyft to reclassify drivers as employees

Photo: ROBYN BECK/AFP via Getty Images

Uber and Lyft must reclassify their California drivers as employees under a preliminary injunction granted Monday by a San Francisco judge.

Why it matters: The ride-hailing companies, along with other gig economy firms, are resisting classifying their drivers as employees, which labor advocates say would give the workers greater benefits and rights. A new California law codified stricter requirements before companies can classify workers as contractors.

27 mins ago - Health

The winter from hell

Photo: Stan Grossfeld/The Boston Globe via Getty Images

The hope and promise of May is gone, replaced by the realization that America is in for another miserable year of COVID-19.

Why it matters: Another winter — and another flu season — is on the way as the U.S. engages in a whack-a-mole strategy that slows down the virus in one region, but sees it flaring up in another.

Updated 38 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 19,947,467 — Total deaths: 732,650 — Total recoveries — 12,150,055Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,071,306 — Total deaths: 163,252 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: House will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: How America can do smarter testing — At least 48 local public health leaders have quit or been fired during pandemic.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."