Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sen. Ron Wyden. Photo: Drew Angerer/Getty Images

Senate Democrats on Wednesday released a billionaires' tax proposal, designed to help support President Biden's social spending and climate change legislation.

Why it matters: Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, said the Billionaires Income Tax would raise "hundreds of billions of dollars" and would affect approximately 700 taxpayers who have more than $1 billion in assets or incomes of over $100 million a year.

Details: "Under today’s tax system, [billionaires] don’t have to pay capital-gains taxes unless they sell their assets, and they can borrow against that wealth to finance their lifestyles," the Wall Street Journal writes.

  • The new plan would require billionaires to give the IRS a detailed account of how much the assets they own gained or lost each year.
  • It will ensure "the wealthiest people in the country pay their fair share toward historic investments in child care, paid leave and addressing the climate crisis," said Wyden, who released the proposal.

The big picture: The unveiling of the plan comes as Biden and congressional leaders race to finish — and figure out how to pay for — their nearly $2 trillion social spending and climate package.

  • The billionaires' tax gained currency over the weekend because Sen. Kyrsten Sinema (D-Ariz.), a moderate and key negotiator, signaled her opposition to corporate, personal and capital gains tax hikes, Axios' Hans Nichols writes.

Yes, but: Multiple Democrats in the House and Senate are skeptical of the billionaires' tax proposal, including Sen. Joe Manchin (D-W.Va.), both for its implementation and its likelihood of getting tied up in the courts, reports Axios' Alayna Treene.

  • It would also fundamentally change the country’s tax system.

Of note: Senate leaders unveiled a separate plan to impose a 15% minimum book tax on corporations with more than $1 billion in profits.

Go deeper: Manchin waffles on billionaire tax

Go deeper

Gov. Hutchison to call special session for tax cuts

Gov. Asa Hutchinson announces a special session. Photo courtesy of state of Arkansas

Gov. Asa Hutchinson will call a special session for Dec. 7 primarily focused on a tax reduction bill, he announced Tuesday during a news conference.

Why it matters: The bill, if passed, would reduce the top individual income tax rate from 5.9% to 4.9%, and the top corporate income tax rate from 5.9% to 5.3%. The move would reduce state general revenue by $135.25 million in fiscal 2022, which started July 1, according to the Arkansas Democrat-Gazette.

Dec 2, 2021 - Politics & Policy

Conservatives target vulnerable Democrats with college football ad buy

A screenshot shows an ad running this weekend against Sen. Maggie Hassan (D-N.H.). Courtesy: America Next

A conservative group is taking its air campaign to defeat President Biden’s $1.75 trillion social spending package to college football games, targeting vulnerable senators in Arizona, Nevada and New Hampshire with a nearly $3 million buy.

Why it matters: By running TV ads during this weekend's widely watched conference championships, America Next is seeking a big audience while trying to lash those senators to Biden's proposals — and sink them with his sagging approval ratings.

Australia joins U.S. in diplomatic boycott of Beijing Winter Olympics

Australian Prime Minister Scott Morrison. Photo: Darrian Traynor/Getty Images

Australia is joining the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympic Games in protest of human rights abuses committed by China's government, Prime Minister Scott Morrison said Wednesday.

Driving the news: After the Biden administration's announcement that U.S. officials won't attend the Games due to the ongoing genocide of Uighurs and other Muslim minorities in the Xinjiang region of China, Morrison said at a Sydney briefing that Australia would follow suit as "it's the right thing to do."

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!