“Stop writing about politics. I signed up for a business newsletter.” I get that message, sometimes a lot of them, when this space’s eyes wander toward Washington, D.C.

Why it matters: Years ago, it might have been a valid critique. Today, though, the line between business and politics has all but vanished.

First and foremost: The reconciliation debate is really about restructuring the entire American economy, and about funding those changes. It could be a massive externality for how investments perform, what investments are available and how investors get paid.

  • Within this, the status quo on carried interest taxation is facing its most serious challenge in over a decade.

Antitrust: The Biden administration is painting with a very wide brush, arguing that corporate consolidation drives up consumer prices and drives down wages.

  • Within Big Tech, which has received the bulk of media attention on antitrust, the FTC is now taking a harder…

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