Raphael Stevens

Wealthy families could face combined tax rates of as much as 61% on inherited wealth under President Joe Biden’s tax plan, according to a recent analysis and tax accountants.As part of his American Families Plan, Biden is proposing to nearly double the top tax rate on capital gains and eliminate a tax benefit on appreciated assets known as the “step-up in basis.” Combining the estate tax, the new higher capital gains rate and the repeal of step-up in basis could bring total effective marginal rates as high as 61%, according to an analysis from the Tax Foundation. The rate would be the highest such rate in nearly a century, according to the tax policy research group.”It’s a big number,” said Brad Sprong, KPMG partner and private enterprise tax leader. “That’s why we’re telling our clients to be smart and start preparing now.”It’s unclear whether Biden’s plan can pass Congress, even with changes. Many moderate Democrats are likely to push back against his proposal to raise the capital gains rate to 39.6% as well as the plan to eliminate the step-up. What’s more, only a small number of the wealthiest taxpayers would ever face a rate of 61%. Many others would look to avoid it through tax and estate planning.Yet accountants say many wealthy families are starting to consider the combined impacts of several parts of Biden’s plan, which could add up to historically large tax rates.According to an analysis by Scott Hodge and Garrett Watson at the Tax Foundation, families who own a business or large amount of stock and want to pass the assets to heirs could see a dramatic tax change. Consider, for example, an entrepreneur who started a business decades ago that’s now worth $100 million. Under the current tax regime, the business would pass to the family without a capital gains tax. Instead, the value of the business would be “stepped-up,” or adjusted to its current value, and the heirs would only pay a capital gain if they later sold at a higher valuation.Under Biden’s plan, the family would immediately owe a capital gains tax of $42.96 million upon death, reflecting the capital gains rate of 39.6%, plus the net investment income tax of 3.8%, minus the $1 million exemption, according to the Tax Foundation.In addition, if the estate tax remains unchanged, the family would also face an estate tax of 40% on the $57.04 million of remaining value of the assets. Including exemptions, the estate tax would amount to $18.13 million.The combined estate tax and capital gains tax liability would total $61.10 million, reflecting a combined effective tax rate of just over 61% on the original $100 million asset, according to the Tax Foundation. The rate could go even higher when including potential state capital gains and estate taxes.Imposing both the estate tax and capital gains tax at death is highly unusual, if not unprecedented, tax experts said. If the step-up is eliminated, they said, Congress would likely eliminate or overhaul the estate tax.”Congress has historically understood that it was bad policy to levy a capital gains tax and estate tax on the same assets,” according to the Tax Foundation.Sprong recommended clients start modeling out their payments and assets to try to minimize the tax. He and others also recommend making maximum gifts to family members sooner, in case rates go higher.”We’re helping clients to do a lot of modeling and to figure out the best timing for recognizing gains,” Sprong said. More

In this articleFBGOOGLAMZNJWNWMTMSource: Bloomingdale’s PROn a recent weeknight, Jimmy Choo’s creative director, Sandra Choi, logged into Zoom to broadcast live to dozens of Bloomingdale’s customers.The livestreamed event, organized by the department store, ran for about 45 minutes, during which Choi highlighted some of the biggest trends she’s seeing in footwear this spring — chunky, jeweled sandals, and ballet flats with ribbons. She eventually pivoted to discuss inspirations for post-pandemic fashion and gave viewers a first look at Jimmy Choo’s upcoming summer collection.Participants who had signed up in advance received a complimentary cocktail and macarons, sent in the mail ahead of the event, to sip and snack on while watching. The first 50 people who bought a pair of Jimmy Choo shoes during or immediately after the event were told they’d receive a personalized fashion sketch as a token of appreciation. There was a separate gift basket and Bloomingdale’s gift card giveaway for everyone who watched the livestream until the end.Bloomingdale’s has hosted more than 50 shoppable livestreamed events during the Covid pandemic. It’s one way it has tried to reach its customers at home, when they haven’t been able to visit its brick-and-mortar stores. The streams have ranged from make-up tutorials to cooking lessons to fitness classes to conversations around sustainability in fashion.The company, owned by Macy’s, doesn’t disclose how much sales it derives from each stream, but it said the events are helping to drive purchases and to gather more information on its customers.”Certainly in the beauty space, demonstrating product is incredibly helpful … and we’re making it easy to make the connection back to buy the products with relatively low friction,” said Bloomingdale’s chief marketing officer, Frank Berman. “The key for us is matching the right audience with the content that we’re putting together.”As online sales accelerate, retailers are giving livestream shopping a more serious look, along with other innovative tools like shoppable features on social media apps. Some brands have already been successful with these tools in markets such as China, where livestreaming was popularized by Alibaba. But in the U.S., livestreaming remains a risky bet for retailers. Even Amazon, which was an early adopter of the strategy, has yet to draw consistently large crowds to its livestream shopping events.The hope — especially among high-end retailers like Bloomingdale’s — is that Americans are beginning to splurge on pricey clothes, shoes, purses and jewelry to show off as they dress up and leave the house again. The behavior, often referred to as “revenge spending,” has already appeared in China. Livestreaming could be one way for these companies to showcase their merchandise to consumers who are armed with cash and ready to spend.$25 billion market by 2023In the U.S., the livestreaming market was worth about $6 billion last year and could reach $11 billion by the end of this year, according to consumer market research group Coresight Research. It expects the market could eclipse $25 billion by 2023.That’s still far behind China, where livestreaming is estimated to have driven about $125 billion in sales in 2020, up from $63 billion in 2019, according to Coresight.”We’ve seen this done this very successfully in China, there’s no secrets here,” said Coresight founder and CEO Deborah Weinswig. “Livestreaming doesn’t have to be hard at all.”Shoppable livestreaming appears to be gaining the most momentum, so far, among American beauty brands. Companies from Bobbi Brown to Clinique to L’Oreal have leaned into virtual shoppable events as a way to test products like lip balm and skin creams in front of customers and entice them to buy the products online, on the spot.A number of bigger chains are beginning to experiment, too. Nordstrom launched its own shoppable livestream channel earlier this year. In late April, Petco hosted its first-ever livestreamed event on Facebook, which was a mix of a pet fashion show along with a dog adoption drive. The shoe brand Aldo also in late April held its first live shopping event, tapping a celebrity stylist along with a TikTok star to help show off its products.Nordstrom said its experimentation with livestreaming to sell products is just beginning. It joins a small but growing list of businesses in the U.S. to test a livestreaming platform.Source: NordstromUnderpinning the interest from retailers is the endorsement of tech giants who have either launched or ramped up livestreaming services. TikTok has hosted shoppable livestream events with Walmart, where users can browse Walmart fashion featured by TikTok creators without having to leave the social media app. And Amazon, the biggest e-commerce player in the U.S., has embraced livestreaming on its site, featuring a rotating slate of QVC-style, interactive videos from brands and influencers at nearly all hours of the day.There are more eyes and ears on retailers’ websites than ever before. Even though Americans are likely to spend less time shopping online as they begin to socialize more outside the home, this transition period is an opportunity. Retailers can offer advice on what to wear or how to apply new makeup looks. 2021 will be a year for retailers to seize the moment.Weinswig said a key reason why livestreaming may soon gain momentum, particularly with younger consumers, is because of the friction it can remove in the shopping process. During a livestream, shoppers may be able to ask questions and see various sizes and colors in real time. That means shoppers are more likely to keep what they buy, she said.”Returns are 50% lower when items are bought in a livestream,” Weinswig said, citing Coresight data on the matter. “Because of the U.S. consumer’s focus on sustainability right now, that is what could ultimately drive livestreaming.”Sales associates at one of Alibaba-owned InTime’s store display products for sale during a livestream.InTime | AlibabaPrime opportunityRetailers and tech companies have closely watched Amazon’s efforts around livestream shopping, which began in earnest about six years ago.Amazon first entered the livestream shopping space in 2016 with Style Code Live, a high energy show that let viewers shop while they watched hosts talk about the latest fashion trends. It brought in on-air personalities to host the show with previous experience at MTV’s “Total Request Live” and ABC’s “Good Morning America.” Style Code Live appeared poised to become QVC-style programming for the internet era before Amazon canceled the show, just 15 months after it launched.Since then, Amazon’s strategy has evolved. It now operates Amazon Live, a livestreaming service that lets businesses and members of Amazon’s influencer program, both of which Amazon refers to as “creators,” show off merchandise and talk directly to shoppers.Amazon has democratized the ability to start a livestream by launching the Live Creator app.AmazonThrough an app called Amazon Live Creator, Amazon has democratized companies and influencers’ ability to host livestreams. With just a few taps, they can go live to Amazon’s millions of shoppers, though only a fraction of those shoppers typically tune into a stream. Under each video is a slideshow of products that can be purchased on Amazon. Influencers earn a cut of each sale made by shoppers who click through to products featured on the stream.On any given day, there are dozens of Amazon Live streams with a mix of programming that can lean more on the casual or educational side. Influencers might go live to “unbox” their latest haul of beauty products or walk viewers through a full-body cardio workout that also highlights recommended bike shorts, dumbbells and yoga mats, all available to buy with just a few clicks. Another recent stream, which drew roughly 40 viewers, featured a “success coach and mind guide” who provided tips for “navigating life,” above a carousel of holistic beauty products for sale on Amazon.Amazon Live has also become a fixture of the holiday shopping season and Prime Day, Amazon’s annual, two-day discount bonanza. As Amazon becomes flooded with markdowns, some of which expire in a few hours, brands will attempt to draw in deal-seeking shoppers by promoting discounted wares on Amazon Live. Last holiday season, more than 700 businesses streamed on Amazon Live, the company said.Amazon declined to share Amazon Live usage data, such as the total number of companies and brands registered for the service.Amazon said it encourages creators to stream longer than an hour, so that it gives viewers enough time to show up and sound off in the chat window. In the chat, viewers can talk with the host and ask questions about products featured on the stream. They can also choose to “follow” a business or influencer to get notified when they go live.The ability to “follow” a creator has lent Amazon Live an air that’s similar to social media platforms like TikTok, Alphabet-owned YouTube, Facebook’s Instagram or Twitch, which is owned by Amazon. While consumers can’t see a creator’s follower count, the metric can be important for brands and influencers to improve their visibility on the platform.Creators are encouraged to stream more frequently to climb internal Amazon Live rankings and “unlock more benefits.” For example, to reach “A-List” status, Amazon said companies must amass 2,000 followers and sell either 100 units or $5,000 worth of goods via livestream sales within 30 days. As creators ascend through the rankings, Amazon will reward them in certain ways, like placing their streams on the amazon.com homepage, as well as near or at the top of the Amazon Live landing page.As Amazon Live has grown, the platform has become a hotspot for high-profile product launches, author Q&As and, occasionally, celebrity guests like pop star Dua Lipa, whose stream last March racked up 1.5 million views within the first 24 hours it was recorded.Not all companies that sell on Amazon may have the time or resources to plan and execute livestreams. But businesses that have experimented with Amazon Live say they’ve experienced significant payoffs.Coffee and tea maker Quivr has been able to attract a wider array of customers by promoting its nitro cold brew coffee products on Amazon Live. Last year, Quivr co-founder Ash Crawford went live for the first time from his backyard. He talked about Quivr for about an hour in front of 50 viewers. After that, Crawford was hooked and now he regularly streams on Amazon Live.Crawford has tried out other technologies like livestreaming on TikTok and Instagram, but he found few of them have same buying power or conversion rate as Amazon Live. “It’s like clockwork or guaranteed that if we go live and I do a show, sales are increased for the next 24 hours by like 150%,” Crawford said in an interview.Whereas TikTok or Instagram also features a mix of entertainment or catching up with friends and family, on Amazon, consumers are typically on the site with the intent of making a purchase.”It’s about what thing are they going to purchase and how many of them,” Crawford said. “So, that’s kind of taken that step out of the equation, because on all the other platforms, you’re trying to drive them to a sales page, whether it’s your own website or Amazon.”Zoe Zhang was a fashion designer prior to starting the U.S.-based livestreaming consulting group, And Luxe.Source: And Luxe’Another arm of retail’Many retailers are still waiting on the sidelines to see which third-party livestreaming platform will scale large enough to catch and keep consumers’ attention — a platform could potentially rival Amazon’s.That might not end up being a social media site.”The average social media user is not going into social media for commerce,” said Amitaabh Malhotra, co-founder of VISX.live, which is encouraging retailers to use their store associates to hold livestreams in their stores. “That’s where most of the U.S. mindset is when it comes to social media. … Most people use social media as an entertainment media channel where they’re looking at it just to see what’s going on.”According to Mark Yuan, who co-founded the livestreaming consultancy And Luxe, retailers shouldn’t try to do livestreaming on their own, either.”If choosing between a brand building their internal livestreaming capability or a marketplace where hundreds of brands and sellers and new influencers are livestreaming … I will choose the latter,” Yuan said. “Because consumers like one-stop shopping, and the convenience of just ‘swipe left.'”There are a number of up-and-coming third-party livestreaming platforms, including Livescale, which has been used by brands such as L’Oreal, Lancome, Tommy Hilfiger and Kiehl’s.ShopShops is another platform that launched in China in 2018 and recently expanded to the U.S., with a kickoff event with designer Rebecca Minkoff late last year.”The focus on our English program right now is to recruit people who could potentially be livestream influencers,” ShopShops founder and CEO Liyia Wu said in an interview. “We’re targeting more retail associates. … Where we create the best, most authentic content, that’s where we have very high stickiness of user-ship.”There’s also Popshop Live, which started working with the Mall of America to host livestreams last fall.According to Coresight’s Weinswig, malls could become the perfect venue for livestreaming in the U.S., as they have been in China.”Malls can make use of any vacant spaces and reassign employees to organize livestreaming events while physical traffic is low,” she said.Coresight recently highlighted in a report the mall owner Your Mark, which operates around 40 shopping centers in Hunan province, and started livestreaming during the pandemic. The shopping mall Suntec City also launched Singapore’s first livestreaming shopping festival last June.In China, where so-called revenge spending was especially pronounced as malls began to reopen, luxury brands like Hermes, Gucci and Prada reported a rapid bounce back in sales. Some of these companies could be the biggest beneficiaries of livestreaming.”I really believe that livestream shopping is going to be another arm of retail, one that the Western world has not caught on to yet,” fashion designer Tommy Hilfiger said recently during a virtual panel at the Global Retailing Ideas Summit.”We’ve tested it, we’ve had success with it, and we’re going … fully into it, because I really believe that the consumer is [always] walking around with a mobile device — or they’re shopping,” Hilfiger explained. “And if we combine all of that together with livestream shopping … we’re able to speak to the consumer, worldwide.” More

XPO LogisticsSource: XPO LogisticsXPO Logistics on Monday afternoon announced better-than-expected quarterly earnings and revenue on the strength of its trucking and logistics business.Shares of XPO hit an all-time intraday high ahead of its first-quarter earnings report, which was released after the closing bell on Wall Street. The stock was slightly lower in after-hours trading.The company reported adjusted quarterly profit of $1.46 per share, more than double that of the year-ago period, on total revenue growth of more than 23% to $4.77 billion.Here’s how XPO Logistics fared, compared with analyst estimates compiled by Refinitiv:Earnings: $1.46 adjusted vs. $0.97 expectedRevenue: $4.77 billion vs. $4.33 billion expectedAdjusted earnings before interest, taxes, depreciation and amortization, referred to as EBITDA, rose 33% in the first quarter to $443 million.XPO raised full-year adjusted EBITDA guidance to a range of $1.825 billion to $1.875 billion from the prior guidance of between $1.725 billion and $1.8 billion.The company’s Q1 North American truck brokerage revenue increased 83% year over year to $589 million.”In logistics, our record first quarter revenue of $1.82 billion was propelled by the ‘big three’ logistics tailwinds: e-commerce, outsourcing and warehouse automation,” CEO Brad Jacobs said in a press release that announced the results.XPO shares have doubled over the past year as the pandemic has led to a boom in e-commerce and demand for warehousing, logistics and reverse logistics. The stock is up about 19% year to date.”We’ve won a tremendous amount of logistics business in the first four months of this year, including a $1.8 billion contract with a longstanding customer that extends and expands our relationship through 2032. This is the largest contract in our company’s history,” Jacobs said.XPO will spin off its highly profitable logistics segment into a new company called GXO Logistics in a deal expected to close in the second half of 2021. Current logistics customers Nike, Coca-Cola, Intel and others are expected to remain with the spinoff firm. Malcolm Wilson, XPO’s current European CEO, will take the helm at GXO.Apple also announced last week it will hire XPO to run a new $100 million logistics facility in Indiana.— Programming note: Malcolm Wilson will be interviewed by CNBC’s Jim Cramer later Monday on “Mad Money.” More

In this articleAEOGPSURBNMDDSA Gap store in New York, August 2, 2020.Scott Mlyn | CNBCA number of retail stocks surged Monday as investors looked for ways to buy into the economy reopening, after several large states further loosened Covid restrictions or suspended the measures entirely.The S&P Retail ETF closed Monday up 2%, as a host of retail stocks rallied.Apparel retailers were seeing some of the largest gains, as investors bet that these companies would see sales pick up as people rush to buy new clothes to wear to the office and to go to restaurants and other social events.Shares of the department store chain Dillard’s closed up 9.7%. Gap shares hit a 52-week high of $37, but settled at $35.47, a 7% gain for the day. Macy’s closed up 8%, while American Eagle and Kohl’s gained 5%. Nordstrom and Urban Outfitters shares added 6%.Florida Gov. Ron DeSantis signed an executive order on Monday that immediately suspends the state’s remaining Covid-19 public health restrictions. New York, New Jersey and Connecticut will begin lifting most of the states’ capacity restrictions starting on May 19. This means businesses such as restaurants and gyms will be able to fully open their doors again.New York Gov. Andrew Cuomo’s plan accelerates the timeline that New York Mayor Bill de Blasio laid out Thursday, which had set a July 1 date for a full reopening.Jefferies analyst Stephanie Wissink said in a Sunday note to clients that apparel spending is poised to benefit from pent-up demand and new fashion trends coming out of the health crisis. Citing data from NPD Group, Wissink noted that 47.5% of consumers in the U.S. are planning to purchase apparel in the next 60 to 90 days.Gap also saw a lot of activity in its $35 call options, which are set to expire in May. Call options give investors the right, but not an obligation, to buy shares at a specific price by a stated time. The company is set to report first-quarter earnings on May 20.Gap shares have risen more than 75% since the start of the year, as the company embarks on a turnaround effort. The retailer has been closing stores of its slower growing brands Gap and Banana Republic and expanding its faster ones such as Athleta. It recently formed a partnership with rapper Kanye West.— CNBC’s Tom Franck contributed to this reporting. More

Phil Murphy, New Jersey’s governor, speaks at a news conference after touring the New Jersey Convention and Exposition Center Covid-19 vaccination site in Edison, New Jersey, Jan. 15, 2021.Mark Kauzlarich | Bloomberg | Getty ImagesNew Jersey Gov. Phil Murphy on Monday announced a new bid to boost coronavirus vaccinations: Receive your first dose in May and get a free beer.”We’re not going to be afraid to try new things,” Murphy said as he unveiled the new program, dubbed “Shot and a Beer,” at a press briefing.CNBC PoliticsRead more of CNBC’s politics coverage:U.S. to restrict travel from India effective May 4 as Covid surge devastates the countryU.S. begins Afghanistan withdrawal, deploys military assets to protect troopsThere’s going to be a big fight over Biden’s tax hike plan, top Republican saysThirteen New Jersey-based breweries are participating in the program — which is only available to state residents ages 21 years and older, Murphy specified.Those New Jerseyans will have to show their vaccine cards as proof before receiving their reward, the Democratic governor said.The breweries themselves are footing the bill for the free drinks, said Murphy, who suggested more beer-makers could soon be added to the list.The breweries currently participating are: Battle River Brewing, Bradley Beer Project, Bolero Snort Brewing Company, Brix City Brewing Company, Carton Brewing Company, Flounder Brewing Company, Flying Fish Brewing Company, Gaslight Brewery and Restaurant, Hackensack Brewing Company, Kane Brewing Company, Little Dog Brewing Company, Magnify Brewing Company and River Horse Brewing Company.The program came from the New Jersey Department of Health in partnership with the Brewer’s Guild of New Jersey.The Garden State is hardly the first to propose an outside-the-box incentive for people to get vaccinated.West Virginia’s Republican Gov. Jim Justice last week announced an initiative to give $100 savings bonds to younger state residents who get vaccinated.Connecticut is offering its own alcoholic incentive with its “Drinks On Us” campaign: Residents who get fully vaccinated and show their vaccine cards at certain restaurants will score a free drink between May 19 and May 31.Incentive or no, vaccine rates are rising. More than 29% of the U.S. population is fully vaccinated, according to Johns Hopkins University, and cases and deaths from Covid are on the decline.But a significant number of Americans say they are not willing to get vaccinated. A Monmouth University poll published in mid-April found that about 1-in-5 Americans say they won’t get the shot.That’s prompting health officials and leaders at every level of government to urge more people to seek out and receive their vaccinations.The “Shot and a Beer” campaign is just one piece of New Jersey’s broader slate of programs aimed at returning the state to a more normal summer as the fight against the pandemic continues.Murphy announced the free-beer plan after detailing the “Grateful for the Shot” initiative, which makes it possible for congregants to go from religious services directly to vaccination sites.It’s “perhaps at the other end of the spectrum” of incentives, Murphy said. More

West Virginia Gov. Jim Justice on Monday implored young Americans to receive the Covid vaccine, telling CNBC it’s essential in helping the country overcome the devastating coronavirus pandemic.Justice’s comments on “Squawk on the Street” came one week after the Republican governor announced an initiative to give $100 savings bonds to West Virginia residents ages 16 to 35 who get the Covid vaccine.”Now what we know is … our young people have a real reluctancy to absolutely step up because they think they’re invincible,” Justice said. While they face a lower risk of death than older individuals, Justice said, young people have proven to be “tremendous transmitters of this, and by stepping up they’re going to save a lot of lives, too.”Nearly 83% of U.S. residents ages 65 and up have now received at least one Covid vaccine dose, according to the CDC. About 80% of all Covid deaths in the U.S. have been in that age group.Older Americans, given their vulnerability to the disease, were among those to receive priority access to the vaccine after U.S. regulators granted emergency use authorization late last year. Pfizer’s and Moderna’s two-dose vaccines earned limited clearance in December, while Johnson & Johnson’s single-shot vaccine was given emergency use authorization in late February.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:WHO is closely monitoring 10 Covid variants as virus mutates around the world Florida Gov. DeSantis suspends all remaining Covid restrictionsMajor drugstore chains offer same-day Covid vaccines as eligibility increases, pace slows 2 in 5 American adults fully vaccinated as daily average of new Covid cases falls below 50,000About 35% of U.S. residents ages 18 to 29 — who are generally the Americans to most recently have become eligible — have now received at least one Covid vaccine dose, according to the CDC. Almost 45% of Americans ages 30 to 39 have had at least one Covid shot, CDC data shows.Early on in the vaccination campaign, West Virginia was one of the top states for administering shots to residents, but its pace has slowed as broader groups of people qualified. On March 22, West Virginia opened up vaccine eligibility for those ages 16 and up.”At some point in time, all states will hit a wall, and that’s where we’re at right now,” Justice said.In this image made from video released by the State of West Virginia, a nurse administers a coronavirus shot to west Virginia Gov. Jim Justice, Monday, Dec. 14, 2020, in Charleston, W.Va.State of West Virginia via AP”There’s always going to be a small population of people that just say, ‘Well, I’m not taking this, no matter what,'” Justice said. “But really and truly, at the end of the day right now, the population that’s still out there saying, ‘Well, I’d take it, but it’s a little inconvenient,’ or the population of young people from 15 to 35 years of age that think they’re invincible, we’ve got to penetrate that.”That’s where West Virginia’s incentive plan for the $100 savings bonds comes into play, Justice said, describing the initiative as a kind of “dose of patriotism.””We’re trying to do something that is just novel. It’s a new marketing approach and everything. It’s working, but I don’t think it will be a silver bullet,” Justice said.Justice said West Virginia’s goal is to get 70% of its total population vaccinated. Currently, 44% of the state’s residents have received at least one dose and 36.2% are fully vaccinated, according to the state’s Department of Health and Human Resources.”I don’t know why in the world all of our people can’t understand just one thing and one thing as simple as just this: Vaccinations are saving an incredible amount of lives,” Justice said. “Absolutely all of us stepping up, we need to do that. … This is our duty — absolutely a duty — to be vaccinated.”By taking that step, Justice said, the nation will be able to leave behind many pandemic precautions.”If we want to go back to normalcy and be able to open up and get rid of these masks and get rid of all this stuff, which I want to do more than anything in the world, but if we want to get there, our ticket is one thing,” Justice said. “That bridge to a vaccine? We’ve got a vaccine right now, and we need to be on it.” More