Bloomberg - Evening Briefing - Swimming in cash

Bloomberg’s Evening Briefing

The richest Americans are swimming in a bigger pool of cash thanks to Donald Trump and the Republican Party. Revenue from the U.S. estate tax has been cut in half in just two years, the IRS reports, just as dynastic wealth has skyrocketed. Some $9.3 billion in estate taxes were paid by 1,275 wealthy families in 2020. As recently as 2018, that figure was more than $20 billion paid by nearly 5,500 families. It’s all largely the result of the 2017 tax overhaul pushed through by Senator Mitch McConnell of Kentucky, who was then majority leader, and signed by Trump. The package doubled the amount America’s rich can pass on to heirs without triggering the estate tax. In the last five years, U.S. billionaires have doubled their collective net worth to more than $5 trillion, according to the Bloomberg Billionaires Index

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Here are today’s top stories

While the 1% are keeping their money, the IRS may be more successful at seizing billions of dollars in cryptocurrency linked to tax fraud and other crimes, according to the agency’s head of criminal investigations. The IRS seized $3.5 billion worth of crypto during fiscal year 2021, a figure that accounted for 93% of all the assets seized by tax enforcement that year. The agency predicts the trend will only continue in 2022.

A more infectious version of Covid-19’s delta variant is spreading fast in the U.K., accounting for about 12% of the samples gathered in the most recent government survey. Still, the new sub-variant seemed less likely to cause symptomatic disease. Here’s the latest on the pandemic.

Getting inflation right is a make-or-break moment on Wall Street. For a generation of investing professionals, stable prices were a fact of life. Bloomberg Businessweek asks the question: What do you do when the old assumptions stop making sense?

Apple is pushing to accelerate development of its electric car and is refocusing the project around full self-driving capabilities, aiming to solve a technical challenge that has bedeviled the auto industry. 

Microsoft’s head of Xbox said he’s “evaluating all aspects of our relationship with Activision Blizzard” in light of recent revelations at the video game publisher. Phil Spencer said he’s “deeply troubled,” referring to allegations that CEO Bobby Kotick knew of sexual harassment at the company for years and that he mistreated women

Bobby Kotick  Photographer: Patrick T. Fallon/Bloomberg

U.S. President Joe Biden may have a plan to make daycare more affordable for parents, but first those providers must stay in business. Bloomberg Businessweek reports on how childcare became the most broken business in America.

Battling the political consequences of the strongest inflationary surge in decades, Biden has spent a month trying to talk down the price of oil, often not the most effective strategy. But for now, it strangely seems to be working.

What you’ll need to know tomorrow

This European City Is Denser. But at What Cost?

The capital of Albania is getting a makeover intended to stop urban sprawl. But critics tell Bloomberg CityLab that Tirana’s plan could leave the city changed beyond recognition—and erase its history

Tune into the Bloomberg New Economy Forum livestream. At a moment of unprecedented crisis, world leaders are convening in Singapore to define the challenges that face the global economy and to draft solutions together. Watch now

Older messages

Greed trumps fear

Wednesday, November 17, 2021

More than 100000 Americans died of drug overdose deaths last year, up 29% from 2019. Roughly three-quarters of the total deaths were from o View in browser Bloomberg More than 100000 Americans died of

Infections are rising again

Tuesday, November 16, 2021

There are on average 83000 new confirmed Covid-19 cases in the US each day, though the true number is likely much higher. More than 1000 View in browser Bloomberg There are on average 83000 new

Bad news for retirement

Monday, November 15, 2021

There's some bad news for Americans planning to retire over the next few decades. How much you can “safely” withdraw each year without fear View in browser Bloomberg There's some bad news for

Americans keep quitting

Friday, November 12, 2021

Johnson & Johnson is splitting into two. The health-care behemoth will spin off its consumer division (which has been beset by lawsuits) as View in browser Bloomberg Johnson & Johnson is

Inflation goes wild

Wednesday, November 10, 2021

China and the US vowed to work together to slow global warming, issuing a surprise joint statement on Wednesday. The new accord marks a ra View in browser Bloomberg China and the US vowed to work

You Might Also Like

🇨🇳 The US is out, China is in

Tuesday, March 11, 2025

Citigroup's forecast for US and Chinese stocks, Lego stacked bricks, and Boeing's investigation | Finimize Hi Reader, here's what you need to know for March 12th in 3:10 minutes. Citigroup

The Under-the-Radar Threat to Your Retirement

Tuesday, March 11, 2025

Nearly half of older adults are burdened by bad debt ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

15 Years Since We Bought Our Toxic Asset

Tuesday, March 11, 2025

In a new Planet Money plus episode, former Planet Money hosts David Kestenbaum and Chana Joffe-Walt look back at a pioneering series that sought to explain a major source of the 2008 financial crisis.

👋 Investors ditched the S&P 500

Monday, March 10, 2025

The US president didn't rule out a recession, but TSMC eased some of investors' other worries | Finimize Hi Reader, here's what you need to know for March 11th in 3:07 minutes. TSMC's

💳 Find a new credit card

Monday, March 10, 2025

Let's get those rewards ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Text and Telos

Monday, March 10, 2025

Plus! Diff Jobs; Scaling; Retail Investors; Comparative Advantage; Transaction Costs and Corporate Structure; DeepSeek Governance Text and Telos By Byrne Hobart • 10 Mar 2025 View in browser View in

Longreads + Open Thread

Saturday, March 8, 2025

Personal Essays, Lies, Popes, GPT-4.5, Banks, Buy-and-Hold, Advanced Portfolio Management, Trade, Karp Longreads + Open Thread By Byrne Hobart • 8 Mar 2025 View in browser View in browser Longreads

💸 A $24 billion grocery haul

Friday, March 7, 2025

Walgreens landed in a shopping basket, crypto investors felt pranked by the president, and a burger made of skin | Finimize Hi Reader, here's what you need to know for March 8th in 3:11 minutes.

The financial toll of a divorce can be devastating

Friday, March 7, 2025

Here are some options to get back on track ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Too Big To Fail?

Friday, March 7, 2025

Revisiting Millennium and Multi-Manager Hedge Funds ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏