Independence Day, Global Tax Deal, and Wally Funk Goes to Space
Independence Day celebrations are back in the US, officials from 130 countries strike a deal on a tax floor, and more.
Good morning. It's Friday, July 2, and we're looking forward to the return of Independence Day festivities—have a happy and safe Fourth of July. Have feedback? Let us know at [email protected]. First time reading? Sign up here. NEED TO KNOW
Happy Birthday (Eve Eve), AmericaCongratulations, America—Sunday marks the 245th commemoration of the adoption of the Declaration of Independence by the Second Continental Congress. The Congress actually voted to separate from Great Britain two days earlier, and possibly didn't sign the document until early August. Some argue the US didn't fully become a country until we began operating under the Constitution in 1789. Still, the country has since grown from 13 colonies and roughly 2.5 million people, to 50 states and 14 territories with a population of more than 330 million. The economy has swelled to almost $21T, and while income and wealth disparities remain an issue, economic output per person has risen by a factor of 30 over two centuries. Advances in public health—public sanitation, the germ theory of disease, and more—have cut the child mortality rate from more than 45% to under 1%, and our citizens live 35 years longer on average. Educational attainment has skyrocketed, with more than 200 million people having at least finished high school, compared to 18 million in 1940. We've built almost 3 million miles of paved roads and more than 5,000 public airports. Millions of miles of power lines electrify the country and almost 80% of adults have access to broadband internet. In 1800, 95% of the population lived in rural areas; more than 80% now live in urban cities and towns. Demographics have also shifted, with minorities representing close to 30% of the population. The 244th year was a tough one, but so far, the American experiment has held strong. So grab a hot dog and your drink of choice—here's to the next 245 years. PS—Be careful with fireworks. Trump Organization Indictments An indictment against the Trump Organization was handed down yesterday by a New York state grand jury, introducing tax fraud charges against both the company and its Chief Financial Officer Allen Weisselberg. The charges were the first in a multiyear probe into the company's finances that included a high-profile legal battle over former President Donald Trump's taxes. The former president was not named in the charges. While the counts include conspiracy, grand larceny, and falsifying business records, the indictment reportedly focuses on whether Weisselberg and other top executives evaded paying taxes on fringe benefits. Such perks reportedly included apartments, cars, and private school tuition for children. Prosecutors allege Weisselberg, who pleaded not guilty, evaded at least $900K in tax payments over 15 years. The company and former president have framed the case as politically motivated and stated the payments were standard business practice. Global Minimum TaxIn an unprecedented announcement, 130 countries agreed yesterday to implement a minimum corporate tax of at least 15%. The agreement includes the Group of 20 major economies, including China and India. Each country will now seek to pass legislation at home supporting the agreement. US corporations are currently taxed at 21%, plus state-levied taxes that result in a top average rate of almost 26%. A number of large companies have adopted a strategy known as a tax inversion—a legal maneuver that effectively moves their headquarters overseas, while keeping domestic operations as a subsidiary of a new foreign-based company. Analysts say leveling a global minimum corporate tax would reduce this effect. For context, corporate tax revenue will account for about 7% of the US government's federal tax receipts this year. Enjoy the holiday weekend—we'll be back Tuesday! In partnership with The Motley Fool OOPS, THEY DID IT AGAIN
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Sports, Entertainment, & Culture> Princes William and Harry reunite to unveil statue they commissioned for Princess Diana at Kensington Palace on what would have been her 60th birthday (More) > Academy of Motion Picture Arts and Sciences invites 395 new members; 46% of new class are women and 39% are from underrepresented ethnic or racial communities (More) > American sprinter Sha'Carri Richardson, who finished No. 1 in the 100-meter race at the US Olympic trials, could miss Tokyo games over reported failed drug test (More) | College athletes across the nation begin to sign endorsement deals as NCAA rule change went into effect yesterday (More) Science & Technology> Wally Funk to accompany Amazon founder Jeff Bezos into space on his company Blue Origin's inaugural flight (More) | See the 82-year-old Funk, who was the top woman in NASA's 1961 training class but never entered space, discuss the opportunity (Watch) > MIT releases its annual list of the top 35 innovators under 35 years old (More) > Scientists demonstrate millimeter-sized cubes with complex internal designs that transport fluids via capillary action; allows study of processes such as how plants absorb and move water (More) Business & MarketsBrought to you by Masterworks > Congressional Budget Office estimates 7% US gross domestic product growth for 2021 as economy recovers from pandemic; also estimates $3T 2021 deficit, representing 13.4% of US GDP (More) > Free stock trading app Robinhood files for initial public offering, will sell 35% of IPO shares to retail investors; analysts project the company could be valued at $40B+ (More) > Global mergers and acquisitions activity surges to all-time high for second quarter with $1.5T of deals (More) From our partners: Founded by serial tech entrepreneurs, this little-known startup has become the premiere platform for art investing. Demand is up and it’s no surprise why: Contemporary art prices outgained S&P 500 returns by 174% from 1995 through 2020. Over 175,000 have signed up and when we see that much demand, our ears perk up. Discover more with this private 1440 link.* *See disclaimer Politics & World Affairs> Rescue crews in Miami-area building pause rescue efforts amid safety concerns to workers; death toll sits at 18 with 145 unaccounted for (More) | President Joe Biden and first lady Jill Biden visit site, meet with Gov. Ron DeSantis and first responders (More) > House Speaker Nancy Pelosi (D, CA-12) appoints Rep. Liz Cheney (R, WY-At large) to committee probing the Jan. 6 storming of the US Capitol (More) | California sets gubernatorial recall election for Sept. 14 (More) > Supreme Court upholds Arizona laws limiting how ballots can be collected and banning out-of-precinct voting (More) | Court also strikes down California law requiring nonprofits to disclose donors (More) | Attorney General Merrick Garland suspends federal executions (More) IN-DEPTH
The Greatest Field Ever AssembledSports Illustrated | Michael McKnight. On a sweltering hot Independence Day in 1935, soon-to-be historical icon Jesse Owens faced off against the one man he feared. (Read) What to the Slave Is the Fourth of July?Speech | Frederick Douglass. Considered one of the greatest speeches in American history, Douglass passionately lays out the case against slavery to the Ladies' Anti-Slavery Society of Rochester, New York, in 1852. (Read) Pell-MellAtlantic | Tom Wolfe. The recounting of Thomas Jefferson's deliberate humiliation of the new British ambassador in 1803, which obliterated the idea of European-like aristocracy in the US. (Read, paywall) The Forgotten Founding FatherCity Journal | Richard Brookhiser. Fifty-two words are etched into the memory of American schoolchildren. But the Preamble to the Constitution wasn't penned by Washington, Jefferson, Adams, or Franklin. (Read) WORDS TO INVEST BY
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What Americans say makes a good citizen. Ranking the best of the best Fourth of July movies. The 13 best US National Parks in high-definition. (via YouTube) Worth knowing: Thomas Jefferson and John Adams both died on July 4, 1826, just hours apart. ... and read this letter from Adams to his wife on the eve of signing the Declaration of Independence. How fireworks work, in photos. ... and which states use the most fireworks. Miniature Statue of Liberty arrives in New York. Clickbait: The strangest fact about each US state. Historybook: Thurgood Marshall, first Black US Supreme Court justice, born (1908); Amelia Earhart disappears on round-the-world flight (1937); RIP Ernest Hemingway (1961); Civil Rights Act is signed into law (1964); RIP author and Nobel Peace Prize winner Elie Wiesel (2016). 
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