March 09, 2023
Good Thursday afternoon! Today's PM — edited by Erica Pandey — is 587 words, a 2-min. read. Thanks to Sheryl Miller for the copy edit.
⚡️ Breaking: Senate Minority Leader Mitch McConnell is being treated for a concussion after falling at a dinner event yesterday, his office said. Get the latest.
💰 1 big thing: Biden wants rich to pay "fair share"
President Biden's message to the wealthiest Americans is clear: "You have to begin to pay your fair share," Shalanda Young, the director of the Office of Management and Budget, told reporters. "We are happy to have that debate."
- The big picture: Biden released a $6.8 trillion budget proposal for fiscal year 2024 today.
Why it matters: His plan, which has little chance of being enacted by Congress, amounts to the clearest distillation of his political priorities as he prepares to mount a re-election campaign by running against congressional Republicans, Axios' Hans Nichols writes.
🧮 By the numbers: Biden is proposing $885 billion in defense spending to help fund the war against Russia in Ukraine and bolster the Pentagon’s procurement budget.
- For domestic programs, a traditional top priority for Democrats, he's asking for even more, proposing some $1 trillion for so-called nondefense discretionary spending.
🔭 Zoom out: Biden has sought to frame his budget as a serious effort to rein in deficits, claiming that he will reduce overall deficit spending by $3 trillion over the next decade.
Here's how he plans to do it:
- He's pursuing a new billionaire tax, forcing them to pay at least 25% of all of their income, including appreciated assets, in taxes.
- He wants to quadruple the tax on corporate stock buybacks and raise the overall corporate rate from 21% to 28%.
- For Americans with unearned income above $400,000, the Medicare tax rate would jump from 3.8% to 5%, which Biden says will extend the program's solvency by 25 years.
- He wants to increase the top tax rate to 39.6% from 37%, reversing a Trump-era tax bill.
2. ⛈️ Charted: Misinformation storm
Stunning stat: A recent MIT study found that false news online reaches people about six times faster than the truth and falsehoods are 70% more likely to be retweeted on Twitter than the truth.
- Why it matters: Companies are aware that misinformation abounds, but few are prepared to address it, Axios Communicators author Eleanor Hawkins reports.
Most U.S. businesses admit they are inadequately prepared to communicate during a crisis, per a recent Capterra survey. 28% of businesses don’t have formal response plans, and 23% have no plan at all.
3. Catch me up
- Above: A worker clears snow yesterday from the roof of Skyforest Elks Lodge in Rimforest, Calif., in the San Bernardino Mountains. A dozen people have died in the days since snowstorms cut off California's mountain towns. More from the L.A. Times.
- The spread of white supremacist propaganda hit record levels in 2022, according to a new report from the Anti-Defamation League. Go deeper.
- California will not renew a $54 million contract with Walgreens over the chain's decision to not dispense abortion pills in some states where abortion remains legal, per the governor's office. Go deeper.
4. 🔎 Inside Jackie O's former mansion
Jackie Kennedy Onassis’ former Georgetown home is coming on the market for $26.5 million.
- The intrigue: The property will be the most expensive listing in Georgetown — and it could set a record for D.C.’s priciest sale, Axios D.C. co-author Paige Hopkins writes.
The former first lady and fashion icon briefly lived in the 1790s-era Federal-style house, which is listed on the National Register of Historic Places, after President Kennedy’s assassination in 1963.