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The Affordable Care Act raised taxes on wealthy people and diverted the money into health care benefits for lower-income people. A new analysis from the Urban Institute, a liberal-leaning think tank. shows just how dramatically the Senate health-care bill would reverse that redistribution. The figures below represent Urban's best guess at the overall changes the Senate bill would affect in household income — accounting not just for its overhaul of the ACA's taxes and subsidies, but also changes in benefits.

Expand chart
Data: Urban Institute; Chart: Chris Canipe / Axios

Key caveat: The discrepancies here might flatten out somewhat after Republicans release the next version of their bill, which likely won't give wealthy families as big a tax cut as the initial version. But the bill's Medicaid cuts would still leave a deep dent in many poor families' pocketbooks.

Go deeper

Justice Department drops insider trading inquiry against Sen. Richard Burr

Sen. Richard Burr (R-N.C.) walking through the Senate Subway in the U.S. Capitol in December 2020. Photo: Stefani Reynolds/Getty Images

The Department of Justice told Sen. Richard Burr (R-N.C.) on Tuesday that it will not move forward with insider trading charges against him.

Why it matters: The decision, first reported by the New York Times, effectively ends the DOJ's investigation into the senator's stock sell-off that occurred after multiple lawmakers were briefed about the coronavirus' potential economic toll. Burr subsequently stepped down as chair of the Senate Intelligence Committee.

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. Photo: Alex Wong via Getty Images

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.