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House GOP keeps tax loophole for hedge fund managers

Dan Primack, author of Pro Rata

House Ways and Means chairman Kevin Brady (R-TX). Photo: Jacquelyn Martin/AP

The tax plan released Thursday by House Republicans would maintain the "carried interest" loophole, which benefits managers of hedge funds, private equity funds, venture capital funds, real estate funds and other types of investment partnerships.

Why it matters: President Trump had pledged to change this tax treatment during the campaign, and Treasury Sec. Steve Mnuchin has reaffirmed that pledge repeatedly, at least in regards to hedge funds. White House chief economic advisor Gary Cohn has said the same.

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Rebecca Falconer
Updated 4 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.

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Jonathan Swan, Alayna Treene
9 hours ago - Politics & Policy

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

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Bryan Walsh, author of Future
11 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

Go deeper (2 min. read)Arrow