When a Republican-controlled Congress passed a bill called the “Tax Cut and Jobs Act,” some may have expected it would, in fact, cut taxes. And while it did for many (particularly corporations), the opposite happened for others. Now that tax season is here, the latter—those in high-income-tax, high-property-tax, largely Democratic-leaning states—are starting to freak out. —David E. Rovella

Here are today’s top stories

The U.S. Navy’s fleet of aircraft carriers has long been a reason to take America seriously. But a funding stalemate is highlighting how these $13 billion ships may be in grave danger. As in, China and Russia could soon have the capability to destroy them.

You might think the reckoning over sexual misconduct has driven home the lesson that the old ways will no longer be tolerated. Well, if you’re talking about the 330-year-old London insurance market, Bloomberg Businessweek reports, you'd be wrong.

Vladimir Putin is supposed to step down as Russia’s president in 2024, but some politicians in Moscow are planning for something very different.

President Donald Trump upended decades of U.S. policy in a move that’s likely to help Israel Prime Minister Benjamin Netanyahu, who is embroiled in a corruption scandal and a tight re-election campaign. Trump may also have further destabilized the region in the process. 

Biogen plummeted on news that its experimental Alzheimer’s drug was unlikely to be effective and that it was halting its research.

Notre Dame leads top U.S. schools in admitting the most children of alumni, 22 percent by latest count.

What’s Joe Weisenthal thinking about? The Bloomberg news director is chuckling about all the hand-wringing over in the U.K. As much as Brexit looks like a slow-motion disaster to the British, the actual economic facts are pretty benign, from inflation to employment to GDP. 

What you’ll need to know tomorrow

• A Trump supporter pleaded guilty to attempting to bomb Democrats.
• Bloomberg Opinion: The FAA has always been too close to industry.
• Facebook revealed hundreds of millions of user passwords.
• U.S. stocks hit a five-month high thanks to the Fed’s modulation.
• Here’s your beginner’s guide to Modern Monetary Theory.
• The EU takes pity on Theresa May and the U.K. 
• Salt Bae and his Turkish steakhouse chain may be overdone.

What you’ll want to read in Bloomberg Pursuits

Now This Is How You Sell Pot to Rich People

Synonymous with wealthy Manhattanites, luxury retailer Barneys New York decided to grace the left coast with its first offering of pricey, stylish paraphernalia meant to match the occasionally high lifestyle of some shoppers. You can order mild-dose pot, or just buy an $1,100 bong. Marijuana has truly arrived.

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