Good morning. It's Wednesday, March 31, and we're covering the NCAA's pivotal week, a looming infrastructure and tax proposal, and more. Have feedback? Let us know at [email protected].

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NEED TO KNOW

NCAA Heads to Court

The Supreme Court will hear oral arguments today over whether NCAA rules capping compensation for certain student-athletes violate federal antitrust laws. Players are currently allowed tuition and a small stipend; two lower courts have ruled the NCAA must remove limits on non-cash educational benefits. Experts say such benefits could range from computers to study abroad opportunities and internships. 

With nearly 1,200 schools, the NCAA has long been criticized for monetizing students' abilities—bringing in more than $1B in annual revenue—while limiting their compensation. Opponents of rule changes fear allowing even modest benefits will spark a bidding war between programs for prized recruits. A ruling is expected by the end of June. 

On the court, No. 1 Gonzaga and No. 11 UCLA will join No. 1 Baylor and No. 2 Houston in the men's NCAA Final Four Saturday after notching Elite Eight wins last night. UCLA becomes the second team to advance from the First Four round to the Final Four after upsetting No. 1 Michigan. 

On the women's side, No. 1 seeds Stanford and South Carolina both cruised last night, and will join No. 1 seed UConn and No. 3 seed Arizona this Friday in the Final Four. UConn—led by superstar freshman Paige Bueckers—is a slight favorite to win the title over Stanford.

Tax and Build

President Joe Biden is set to announce parts of a sweeping infrastructure proposal today during a visit to Pittsburgh, Pennsylvania. Reports suggest the plan will be split in two, with the first component including support for transportation and housing infrastructure, domestic manufacturing, and more (see details). The second component, to be announced later, is said to focus on middle-class tax provisions. 

The first piece alone has an estimated price tag of $2.25T, plus a reported $400B in clean energy credits. Biden is expected to pitch tax hikes to pay for the plan (see details), including raising the corporate tax rate from 21% to 28% and the top income tax bracket from 37% to 39.5% for those making more than $400,000.

The proposal faces a steep climb in the evenly divided Senate, and has been criticized for containing a number of non-infrastructure-related provisions. Legislation is expected to be debated in early summer.

Hong Kong's Election Overhaul

Chinese lawmakers approved new restrictions yesterday on who may run for Hong Kong's Legislative Council. Currently, the city's parliament has 70 elected seats, 35 of which are elected directly by citizens, with the remainder chosen by various interest groups. The new laws reduce the number of directly elected seats by almost half; more notably, all candidates must be vetted by a pro-Beijing committee to ensure adequate "patriotism."

Observers say the moves are the latest in a crackdown on pro-democracy sentiment in the city under Chinese President Xi Jinping. Ostensibly semiautonomous, the city of 7.5 million has operated under the Basic Law—a "one country, two systems" approach—since being returned from British control in 1997.  

The new election laws follow a sweeping national security law last year that provides security officials broad authority, including prosecuting loosely defined seditious activity. 

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IN THE KNOW

Sports, Entertainment, & Culture

Brought to you by Kettle & Fire

> NFL owners approve change to 17-game regular season from 16 beginning in 2021 (More) | NFL commissioner Roger Goodell says the league plans to have stadiums open at full capacity (More)

> Academy Awards to create hubs in London and Paris to allow overseas nominees an opportunity to participate in Oscars ceremony (April 25) (More) | Los Angeles County movie theaters increase capacity from 25% to 50% (More)

> US Olympic and Paralympic Committee to allow kneeling and raised fists by athletes at US Olympic trials (More) | A look back at the dismissal of Americans John Carlos and Tommie Smith from 1968 Summer Olympic Games over raised fists (More)

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Science & Technology

> Germany pauses use of AstraZeneca COVID-19 vaccine for people under 60, citing possible rare brain blood disorder; country's health officials cite 31 cases out of 2.7 million people vaccinated (More) | COVID-19 cases in the US continue to rise, up more than 20% over the past week to an average of 66,000 per day (More)

> Virgin Galactic unveils its newest commercial spaceship, with test glide flights scheduled for the summer (More) | SpaceX's latest Starship test flight explodes shortly after takeoff; previous three tests exploded upon or after landing (More)

> Astronomers discover a new type of crater lake on Mars; likely fed by glacial runoff from nearby mountains, findings bolster theory that the planet had icy conditions billions of years ago (More)

Business & Markets

> US stock markets fall (S&P 500 -0.3%, Dow -0.3%, Nasdaq -0.1%); tech stocks see larger losses as US Treasury yields grow to 14-month highs (More)

> US home prices see 11% annual increase in January, increasing at the fastest pace since 2006 (More)

> Dapper Labs, maker of NBA Top Shot using non-fungible token (NFT) technology, raises $305M at $2.6B valuation from venture capital firms, prominent athletes, and celebrities (More) | Personalized celebrity video app Cameo joins unicorn club raising $100M at $1B valuation (More) | Substack, which provides writers with tools for building a newsletter business, raises $65M at $650M valuation (More)

Politics & World Affairs

> Prosecutors play 911 call made during George Floyd's death in trial of Derek Chauvin, with off-duty firefighter testifying her offers for medical assistance were rebuffed; watch replays of day here (More)

> Heads of Brazil's army, navy, and air force resign over what they say are attempts by President Jair Bolsonaro to exert undue influence over the military (More)

> Rep. Matt Gaetz (R, FL-1) says he's being investigated by the Justice Department over a past relationship with a 17-year-old girl, denies claims; probe was reportedly opened during Trump administration (More) | Gaetz considering early departure from Congress to take job at Newsmax (More) | Watergate mastermind G. Gordon Liddy dies at age 90 (More)

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ETCETERA

There is no such thing as Voltswagen.

A livestream of Washington, DC's, blooming cherry blossoms. 

Science uncovers why your brain likes music.

Watch the world's best free diver break an icy record. (YouTube)

British swan won't stop knocking on people's doors. 

... and a mystery illness is causing California bear cubs to act overly friendly.

Comparing America's richest families.

Dad bods are back in style. 

Clickbait: When your hen hatches kittens.

Historybook: Eiffel Tower opens in Paris (1889); Workers’ rights leader Cesar Chavez born (1927); RIP American track legend Jesse Owens (1980); Singer-songwriter Selena murdered (1995); Rapper Nipsey Hussle murdered (2019).

"Find the good. It's all around you. Find it, showcase it and you'll start believing in it."

- Jesse Owens

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