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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

Dan Primack, author of Pro Rata
9 mins ago - Economy & Business

Momentum builds for major antitrust reform

Illustration: Aïda Amer/Axios

President Trump's outgoing antitrust chief Makan Delrahim on Tuesday endorsed a proposal from House Democrats that would put new limits on acquisitions by large companies, during comments made at a Duke University event.

Why it matters: Momentum is building for major antitrust reform, updating rules that were written for railroads instead of routers.

Updated 1 hour ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 2 hours ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.