Good morning. It's Thursday, March 26, and welcome to this week's Business & Finance newsletter. Today, we're covering the credit card giant American Express and the increasingly popular Buy Now, Pay Later payments sector. We're also beginning a three-week-long series on tax basics so we can learn as much as possible on the subject between now and Tax Day, starting today with Death Taxes.
As always, thank you for being a reader!
—Phoebe Bain, 1440 Business & Finance Section Editor
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American Express, explained
Named for its early express shipping services, American Express is a credit card and bank holding company. As of 2025, American Express was the second-largest credit card issuer in terms of US purchase volume and had a market capitalization exceeding $200B.
American Express was founded in 1850 when Henry Wells, William Fargo, and John Butterfield decided to consolidate their rival express shipping rail services. By 1862, American Express operated more than 10,000 miles of railway from the East Coast into Minnesota and Missouri. Over time, American Express expanded its rail services into accompanying travel services, like traveler's checks and money orders, until it began focusing entirely on its financial business in 1918.
Since launching its first charge card in 1958, American Express has become known for offering expansive perks and rewards to cardholders—from access to airport lounges to dining credits—in order to attract affluent customers.
Explore everything else we've found on American Express.
Also, check out ...
> Why wealthy Americans love AmEx. (Watch)
> Two of the American Express cofounders also started Wells Fargo. (Read)
> The secret of the American Express black card. (Watch)
> How soybean oil fraud almost decimated American Express in 1963. (Listen) |
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In partnership with Northwestern Mutual |
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Tax Rules Changed – Here’s What to Know |
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Tax season is officially here, and with it come some big changes. From lower tax brackets and increased standard deductions to no personal exemptions and shifts in child tax breaks, there’s a lot of new variables to keep track of – and they can have a big effect on your return. It may feel overwhelming, especially with the busyness of everyday life, but lucky for you, a good plan (and a good advisor) like those offered by Northwestern Mutual will help you stay on track to meet your goals.
Northwestern Mutual’s trusted financial advisors keep a close eye on what’s changing and how that affects you. Whether that means helping you understand which tax laws apply, uncovering blind spots and opportunities, or simply building a great plan that takes your tax situation into consideration, they’re ready to help you navigate any changes that come your way.
Ready to set up a plan that works, no matter what life throws at you? Get matched with a Northwestern Mutual financial advisor right here.
This publication is not intended as legal or tax advice. Financial Representatives do not render tax advice. Consult with a tax professional for tax advice that is specific to your situation. |
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What is buy now, pay later?
Buy now, pay later (BNPL) companies offer services that allow online shoppers to buy something immediately and pay for it in installments—typically without the need for the applications or hard credit checks associated with credit cards.
The BNPL industry has boomed in the last decade, led by fintech companies Affirm, Klarna, and Afterpay, which have targeted young adults. Specifically, using buy now, pay later to shop became more popular during the COVID-19 pandemic, when BNPL companies moved quickly to partner with online retailers as lockdowns drove an uptick in e-commerce.
Some see BNPL as a way to allow borrowers easy access to cash with relatively few barriers. However, personal finance experts have warned that BNPL could be risky for consumers: For instance, although they are often advertised as 0% interest loans, missed payments can still result in fees and collections.
Explore everything else we've found on Buy Now, Pay Later.
Also, check out ...
> BNPL may be adding a layer of debt that doesn't show up in economic data. (Listen)
> Nearly half of millennials and Gen Z use BNPL, versus 21% of older generations. (Listen)
> Tips for managing buy now, pay later loans. (Read)
> Affirm's COO recently said that the company believes the credit card is "going the way of the VHS tape." (Watch) |
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Death taxes, 101
Death taxes are taxes that the US federal government and some state governments place on a person's estate after they die. In most cases, death taxes only impact the very wealthy, or about 0.2% of Americans, as a person's estate must be valued over a certain amount to be taxed. Although the majority of Americans won't have to pay any type of death tax, it's been a hotly debated tax for more than a century.
There are two main types of death taxes—estate taxes and inheritance taxes. Estate taxes are taxes paid from the estate to the government. The federal government only issues estate taxes, not inheritance taxes. With inheritance taxes, the estate's beneficiaries pay the tax after receiving money from the estate. Only five US states issue inheritance taxes—Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania.
Critics of death taxes often argue that only taxing a portion of the population on assets that have already been taxed is unfair, referring to the practice as "double taxation." Advocates say death taxes help shrink the growing gap between the upper and lower classes, arguing that these taxes can encourage wealthy individuals to give away more money to charity during their lifetime.
Explore everything else we've found on Death Taxes.
Also, check out ...
> Estate tax opponents coined the term "death tax" to sway public opinion. (Listen)
> Half of the richest people in the US are finding ways around death taxes. (Read)
> Death taxes have helped fund wars since the 1860s. (Read)
> How the rich avoid paying taxes. (Watch) |
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One Story We're Taking Stock In |
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When news broke last week that ABC had canceled its upcoming season of "The Bachelorette" just days before it was set to air, those curious about the financials of the entertainment business couldn't help but wonder: How much money does a decision like that cost?
Two Wall Street Journal reporters set out to answer that question in the feature story below, breaking down numbers including ad revenue lost (roughly $35M), the amount ABC had agreed to pay Warner to license the 10-episode season (about $50M, which ABC will eat assuming the season does not air), and more. Get the full breakdown below. |
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> Disney sank millions into the new "Bachelorette." Then it pulled the plug. (Read) |
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> The biggest moments that have defined ABC parent company Disney. (Watch) |
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In partnership with Northwestern Mutual |
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Could Your Tax Refund Be Higher? |
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It’s the number one question on everyone’s mind now that tax season is here, and we don’t blame them. And while you can’t control how much you owe in taxes, you can control how you prepare for them…which can have big financial benefits.
For everyday people like you and I, that can mean decreasing taxable income, taking advantage of tax credits, or even using tax-advantaged savings tools – but it’s a lot to navigate, unless you have a trusted financial advisor like the ones at Northwestern Mutual. Lucky for you, there’s still time to get matched with one right here and make the most of your tax season.
This publication is not intended as legal or tax advice. Financial Representatives do not render tax advice. Consult with a tax professional for tax advice that is specific to your situation. |
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"In this world, nothing is certain except death and taxes." |
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