The Daily Valet. - 3/3/21, Wednesday

✔️ Let's Talk Money

Wednesday, March 3rd Edition

Cory Ohlendorf, Editor in Chief of Valet.

If we get really good at deepfakes, think of all the money we could make on Cameo.

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

Talking About Taxing the Rich

Two of America’s most powerful economic voices disagree on a wealth tax

Sen. Elizabeth Warren and Rep. Pramila Jayapal

Now that Democrats control the White House and Congress, President Joe Biden and other party leaders are pushing to spend big to revive the economy and address income inequality. And Massachusetts Sen. Elizabeth Warren, Washington Rep. Pramila Jayapal and Pennsylvania Rep. Brendan Boyle want the ultra-wealthy to pay for it.

The three Democrats unveiled the Ultra-Millionaire Tax Act on Monday. It would levy a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion as well as a 1% annual surtax on assets above $1 billion (for a 3% tax overall on billionaires).

The progressive senator told Newsweek that it would “level the playing field just a little bit.” She said that 99% of taxpayers paid about 7.2% of their total wealth in taxes. The richest Americans, however, “The top tenth of 1%, people who would be covered by the wealth tax, they paid about 3.2 percent—less than half.”

According to CBS News, about 100,000 American families would be liable for the tax. They also estimated it would generate about $3 trillion in revenue over 10 years without raising taxes on 99.95% of American households.

And while the measure has a lot of people talking, it essentially has no chance of passing, because Republicans oppose it en masse and some Democrats—including President Biden—don’t support it, either. In fact, Treasury Secretary Janet Yellen shot it down, saying the plan would be a nightmare to enforce.

However, that’s a solvable problem, Jayapal told Yahoo Finance. She said the way we tax estates currently shows a wealth tax is possible. “It actually is something we are already doing,” she said. “When people die, we value their net worth and their estates—we just do it at death.”

Warren said the proposal builds on what has previously been done in European nations and improves on their policies. Critics argue that the system could be easily gamed by the wealthy, who often take advantage of loopholes and workarounds. According to CNBC, most European countries have abandoned wealth taxes since they raised less revenue than expected and were easily avoided by millionaires and billionaires.

↦ FYI: The proposal includes several provisions to block tax evasion, including a $100 billion investment in the Internal Revenue Service and a 30% minimum audit rate for ultra-wealthy taxpayers.

Vaccines for All U.S. Adults by End of May

That's less than 90 days away ...

President Biden said Tuesday the U.S. expects to take delivery of enough coronavirus vaccine for all adults by the end of May—two months earlier than anticipated. And he pushed states to get at least one shot into the arms of teachers and child-care workers by the end of the month to get more schools reopened.

This will be possible after the White House brokered a deal between two pharmaceutical competitors. Merck will now help manufacture Johnson & Johnson's COVID-19 vaccine—producing the drug substance at the heart of the vaccine as well as work on filling vials and getting them ready for distribution.

Merck is the world's second-largest vaccine manufacturer, though its own attempt at a coronavirus vaccine was unsuccessful. Officials described the partnership between the two competitors as historic and referenced Biden's vision of a wartime effort to fight the coronavirus—similar to the manufacturing campaigns when FDR was president.

But even though vaccine production is picking up, the work of inoculating Americans could extend well into the summer, officials told the Associated Press. It all depends on the government's capacity to consistently deliver doses and Americans' willingness to roll up their sleeves.

↦ Meanwhile: Dolly Parton just received a dose of the Moderna COVID vaccine that she helped to fund.

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What Is Happening With Dr. Seuss?

Several books will no longer be published because of racist themes

On Tuesday, as some celebrated the birthday of late children's author Theodore Geisel, known famously as Dr. Seuss, the author's estate announced it will stop publishing six Seuss books featuring racist images.

The books set to be pulled from publishing lines are And to Think That I Saw It on Mulberry Street, If I Ran the Zoo, McElligot's Pool, On Beyond Zebra!, Scrambled Eggs Super! and The Cat's Quizzer. “These books portray people in ways that are hurtful and wrong,” Dr. Seuss Enterprises said in a statement. “Ceasing sales of these books is only part of our broader plan to ensure our catalog represents and supports all communities and families.”

And because President Biden released a statement about Read Across America Day that broke with years of precedent by not mentioning Dr. Seuss, you might've seen headlines like, “Biden CANCELS Dr. Seuss.” But discussions of cancel culture were mainly overblown. Yes, educators and retailers are acknowledging problematic racial undertones (such as Orientalism, anti-Black imagery and White Supremacy), but they're not banning Dr. Seuss outright.

Frankly, it's been a while since I've read them myself, but these discontinued books aren't even the good ones everyone remembers, right?

↦ Quoted: “Sometimes the questions are complicated and the answers are simple.” - Dr. Seuss

Deepfakes are Getting Worryingly Good

And they raise concerns about technology, security

Tom Cruise stares into the camera. “I'm going to show you some magic,” he says holding up a coin. “It's the real thing,” the Hollywood legend says with laugh. But it's not the real thing. It's a deepfake.

The Times of London reports three videos that use artificial intelligence technology to make a TikTok user look like Cruise have gone viral on social media. The account, @deeptomcruise, already has more than 11 million views and is the handiwork of a visual effects specialist from Belgium.

Deepfakes are created using a machine-learning technique called a GAN (generative adversarial network), in which two deep neural networks—a type of machine learning loosely based on the way the human brain works—are trained in tandem. As with most A.I. methods, the amount and quality of the data help determine how good the system is.

Rachel Tobac, the CEO of online security company SocialProof, told the New York Post that the latest Cruise videos are so well done that its implications are scary. “Deepfakes will impact public trust, while providing cover and plausible deniability for criminals/abusers caught on video or audio.”

↦ Related: Drop what you’re doing and try this cool yet creepy AI-powered photo animation tool from MyHeritage.

In Other News

Other Things We’re Talking About Today

Reese’s new ‘All-Peanut Butter Cup’

Adaptable home accents

That Fisher-Price WFH kit? It’s real.

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Take Self-Care Seriously

Make your regular grooming more than skin deep

The way a man feels is often reflected in how good he looks. That said, our grooming routines shouldn't simply be superficial—they should positively affect our internal world just as much as our external appearance. The best routines will offset the worst health offenders, from stress and lack of sleep to inflammation and poor gut health.

And MR PORTER has kitted out their grooming section with high-potency products to help you treat yourself. From masks designed to soothe and smooth your skin to scalp treatments that lead to fuller, healthier hair and body scrubbers designed to not only shed dead skin but boost circulation, they're not just grooming products ... they're tools to help you relax, revive and feel like the best version of yourself.

Pumpkin Enzyme Resufacer mask, $60 by Peter Thomas Roth and SpotLite LED Blemish Reducer, $52 by Dr. Dennis Gross

Body scrubber and hook set, $24 by Toiletries

Detox Scalp mask, $34 by Malin + Goetz; Sub-Zero De-Puffing Energy mask, $32 by 111Skin and Siesta candle, $38 by La Montaña

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What We’re Buying

Philips One by Sonicare Electric Toothbrush

After brushing twice a day and flossing, we think the next recommendation should be a serious electric toothbrush. This compact, lightweight and very affordable Philips One toothbrush uses signature Sonicare vibrations and tapered bristles to polish teeth for a brighter smile—and we all want that, right? It even has a colorful, sleek travel case (for when we're all eventually back on the road).

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The ultra comfortable high tops are cut from premium leather and finished with a lightweight EVA outsole—making it easier to sport the bold look of a high-top without the added weight of a classic rubber outsole. What's more, proceeds from the Donald Driver collection for Moral Code go towards helping young men in underserved communities “look good, feel good, do good.”

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