Hey Influence Traders,
The gamesmanship and partisanship in DC are peaking like meme stocks!
But for those of you who don’t think that DC can move quickly, particularly when it smells revenue in the water, just one day after Jeff Bezos’s flight into space there was talk of taxing commercial space travel.
Rep. Earl Blumenauer (D-Ore.) is introducing a bill that would establish excise taxes on commercial space flights with human passengers that aren’t focused on scientific research.
The two-part bill would create a per-passenger tax on the price of a flight to space and create a two-tiered excise tax for each space launch:
- One tier for flights between 50 and 80 miles above the Earth’s surface
- A second tier — with a higher tax — for flights that exceed the 80-mile threshold
Can’t make this stuff up.
January 6th Commission
A January 6th Commission (as partisan and pointless as it is) was put together to investigate the breach of the Capitol … and then the Republicans pulled out.
Speaker of the House Nancy Pelosi granted the Republicans five of the 13 seats on the commission.
But she then refused to seat two of House Minority Leader Kevin McCarthy’s picks, Reps. Jim Jordan and Jim Banks.
In retaliation, McCarthy yanked all of his picks in protest.
Pelosi has vowed to move forward with her eight picks, one of which is Republican Liz Cheney.
That should help create incredible and unprecedented unity on the Hill.
Senate Majority Leader Chuck Schumer pushed forward with an initial vote on the bipartisan infrastructure bill.
Or did he…
Republicans suggested that he postpone the vote to allow more details on the bill to come forward or they’d block him.
He didn’t listen.
They blocked the bill.
Schumer went 0-for-50 with Republicans.
But the vote was actually 49-51, well short of the 60 votes needed to pass.
Wait, 51 against?
In a bizarre last-second move, Schumer himself sided with all the Republicans to create a procedural loophole that will allow him to bring the same bill up for a new vote more quickly than if he’d voted for it.
It will be interesting to see if Democrats take another shot at bringing this bill for a vote (my sources say Schumer will do that next week).
The other option is that Democrats use this as an excuse to push heavily on the $3.5 trillion partisan spending bill by claiming that they are unable to work with Republicans.
It might be the impetus that Democrat leadership needs to push Joe Manchin over the edge and agree to kill the filibuster.
Power Moves Portfolio Roundup
My trading partner Andrew Giovinazzi has made some #PowerMove trades into Coinbase (Ticker: COIN) and Ford (Ticker: F).
In May he made trades on F that have generated a 66% return to date.
In June he started trading around COIN and has generated an 80% return to date.
And BIG news coming soon for the #PowerMoves portfolio.
Cutting Through the Noise for You.