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Millions of Americans watch the State of the Union each year (22.7 million watched Trump's last major speech to Congress last March), so it's prime time for partisan ads. The conservative side's advertisement is trying to sell tax cuts during the SOTU, when Trump will likely be further selling it himself. And the progressives are continuing their multi-million dollar anti-Trump tax plan campaign with this latest ad.

  • Not One Penny, a progressive group, launched a $10 million "Repeal the Trump Tax" campaign earlier this year, and this ad is part of that. It cuts together Trump at various rallies talking about his tax bill in a way that supports the group's argument that it is actually a tax cut for the wealthy.
  • American Action Network, a conservative group, is airing a $1 million national TV and digital ad specifically targeting Pelosi's comment referring to the tax cut average workers will see as "crumbs." This is the group's first time using Pelosi's tax comments in their messaging. They've spent more than $29 million on their tax push since August.

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Scoop: Instacart raises another $100 million

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Grocery delivery company Instacart has raised $100 million in new funding, on top of the $225 million it announced last month, the company tells Axios. This brings its valuation to $13.8 billion.

Why it matters: This funding comes at what could be an inflection point for Instacart, as customers it acquired during coronavirus lockdowns decide whether they want to continue with the service or resume in-person grocery shopping.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 10,902,347 — Total deaths: 521,940 — Total recoveries — 5,777,662Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 2,739,879 — Total deaths: 128,740 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.

Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.