President Joe Biden is proposing to unwind many of the tax goodies Republicans pushed through in 2017 that helped corporations and the rich get even richer. The White House thinks attacks from the right on corporate tax hikes will lose in the court of public opinion. Nevertheless, taxation will be the debate of the decade, Conor Sen writes for Bloomberg Opinion. In New York, the state’s new budget deal might backfire, while tax-the-rich initiatives gain support across Latin America. And international companies are facing a tax “revolution” after the U.S. proposed a global minimum tax, aimed at recouping overseas profits and ending a race to the bottom on corporate taxes between countries.

What you’ll want to read this weekend

Banks are worried. Junior staff at Bank of America will receive a salary boost while Barclays has reworked some policies to protect their mental health. The burnout is real, said RBC and Toronto-Dominion Bank, both of which are giving employees an extra paid day off this year.

The U.S. vaccination drive has been picking up since the Easter holiday, and Biden wants all adults to be eligible for Covid-19 shots by April 19. China is pressuring bank workers and college staff to get inoculated while a shortage of vaccines is undermining India’s fight against a deadly surge.

A vaccination site at Guangxi Sports Center in Nanning, China.

Photographer: China News Service/China News Service

The global middle class is shrinking for the first time in almost three decades, but things are looking up for the U.S. post-pandemic recovery. Jamie Dimon, the chief executive of JPMorgan, said the economic boom “could easily run into 2023.”

Tesla is unhappy that local authorities still haven’t issued final approval for a Berlin factory that’s supposed to churn out Model Ys starting in July.  Panasonic is betting it can make the next-generation battery that Tesla says is the key to unlocking cheaper and more ubiquitous electric vehicles.

A 3,000-year-old “lost city”—probably the most important archeological find since the discovery of King Tutankhamun’s tomb—may help Egypt win back tourists. Bloomberg Businessweek reports on some posthumous advice from Anthony Bourdain on how to travel the world.

Anthony Bourdain

What you’ll need to know next week

• U.S. inflation data may show if the Fed needs to tap the brakes.
• Coinbase, the biggest U.S. cryptocurrency exchange, is going public.
• The Archegos fiasco could dim Wall Street’s earnings parade.
• Brits can go back to the pub, but foreign travel remains on hold.
• The month-long Muslim holiday of Ramadan begins.

What you’ll want to read in Bloomberg Pursuits

For This Top Gun, There’s No Need for Speed

The Paramount Pictures action sequel “Top Gun: Maverick” will be released in November, four months later than expected. The long-awaited follow-up has been a victim of the pandemic. 

Tom Cruise in “Top Gun: Maverick.”

Source: Paramount Pictures

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