Zaktor

Mamdani's emphasis on socialism and redistribution of wealth runs counter to Wall Street's preference for unbridled capitalism and policies that support growth, such as deregulation and low taxes. The 33-year-old has supported taxing the ultra-wealthy, financial transactions and passive income like dividends. He has also endorsed a state-level wealth tax and increased marginal income tax rates on high earners.

Hedge fund magnate Bill Ackman said he woke up Wednesday "a bit depressed" by Mamdani's victory. The Pershing Square chief said he's now looking at the logistics for another candidate, not himself, to run.

Lawrence Summers, the former Treasury Secretary and president of Harvard University, also expressed his distaste Mamdani's nomination.

Guys, Bill Ackman and Larry Summers are sad. 😂

The pushback against immigration raids is evolving into an organic movement that is making things more difficult for officers in charge of Trump’s deportation drive.

Many of those who were loudest in denouncing cancel culture then are now curiously silent in the face of Donald Trump’s assaults on free speech.

A Democratic National Committee subcommittee on Monday recommended that the organization invalidate one of its February vice-chair votes over claims that it unfairly disadvantaged female candidates.

The move, which won't be official unless the entire DNC votes to approve it, could open up new races for the positions held by David Hogg, a Florida activist, and Malcolm Kenyatta, a Pennsylvania state legislator.

The challenge by Oklahoma Democratic Committeewoman Kalyn Free, who unsuccessfully ran against Hogg and Kenyatta in the February race for vice chair, is not related to the ongoing tension between Hogg and the national party over his push to support primary challenges against incumbent Democrats.

Instead, it was based off Free's claim that the handling of the vice-chair vote gave the two men an unfair advantage amid the national party's requirements that its executive committee achieve gender balance.

The U.S. Senate on Wednesday cleared a national defense authorization bill celebrated for troop pay raises but condemned by Democrats for targeting transgender children in military families, sending the bill to President Joe Biden’s desk.

Senators voted 83-12, with five not voting, to approve the $884.9 billion National Defense Authorization Act that received bipartisan praise for the pay bump, upgrades to military housing and investments in artificial intelligence and other advanced technology.

But the annual legislation drew ire this year from Democrats for a provision banning the military’s health program from covering certain treatments for youth experiencing gender dysphoria, defined by doctors as the mismatch between a person’s sex assigned at birth and the gender they experience in everyday life.

All Democrats present for the Dec. 11 U.S. House vote opposed the defense package, which passed along party lines under the Republican majority.

The White House has not released its position on the bill, as it generally does with legislation ready for the president’s signature.

Harris only received five percent of Republican votes — less than the six percent Joe Biden won in 2020 when he beat Trump, as well as the seven percent won by Hillary Clinton in 2016 when she lost to him. While Harris won independents and moderates, she did so by smaller margins than Biden did in 2020.

Meanwhile, Harris lost households earning under $100,000, while Democratic turnout collapsed. Votes are still being counted, but Harris is on pace to underperform Biden’s 2020 totals by millions of votes.

Israel’s ousted defence minister, Yoav Gallant, has reportedly said the army has achieved all its objectives in Gaza and that Benjamin Netanyahu rejected a hostages-for-peace deal against the advice of his own security establishment.

Gallant was speaking to hostages’ families on Thursday, two days after being sacked by Netanyahu, and reports of his remarks quickly surfaced in Israeli media.

“There’s nothing left in Gaza to do. The major achievements have been achieved,” Channel 12 news quoted him as saying. “I fear we are staying there just because there is a desire to be there.”

The editors of Israel's oldest newspaper on Wednesday published an editorial decrying the ethnic cleansing of Palestinians from northern Gaza amid a ferocious Israeli offensive there that's killed more than 1,000 people over the past three weeks.

Original paywalled editorial in Haaretz.

Vice President Kamala Harris proposed increasing the long-term capital gains tax rate to 28% for wealthy Americans during an economic speech in New Hampshire on Wednesday, breaking with the policy laid out by President Joe Biden in his 2025 budget by suggesting a lower rate.

The current long-term capital gains tax rate – 20%, plus an additional 3.8% tax on higher earners – is paid when an investment is sold, or gains are realized. The Biden budget proposes raising that rate to the top rate he wants to levy on ordinary income – 39.6% – for households with taxable income over $1 million. Harris, the people familiar with the matter say, believes 39.6% is too high.

While Harris still supports taxing the wealthiest individuals and corporations at higher rates – as Biden’s budget also calls for – she believes that a lower capital gains rate would incentivize investors to put more money into startups and small businesses. She has also proposed increasing the corporate tax rate to 28%, up from the current 21% rate set by Trump’s Tax Cuts and Jobs Act of 2017.

Progressive Sen. Elizabeth Warren (D-Mass.) announced Wednesday that there are currently enough votes in the Senate to suspend the filibuster to codify Roe v. Wade and abortion rights if Democrats win control of the House and keep the Senate and White House.

“We will suspend the filibuster. We have the votes for that on Roe v. Wade,” Warren said on ABC’s “The View.”

She said if Democrats control the White House and both chambers of Congress in 2025, “the first vote Democrats will take in the Senate, the first substantive vote, will be to make Roe v. Wade law of the land again in America.”

A new budget by a large and influential group of House Republicans calls for raising the Social Security retirement age for future retirees and restructuring Medicare.

For Social Security, the budget endorses "modest adjustments to the retirement age for future retirees to account for increases in life expectancy." It calls for lowering benefits for the highest-earning beneficiaries. And it emphasizes that those ideas are not designed to take effect immediately: "The RSC Budget does not cut or delay retirement benefits for any senior in or near retirement."

Biden has blasted Republican proposals for the retirement programs, promising that he will not cut benefits and instead proposing in his recent White House budget to cover the future shortfall by raising taxes on upper earners.