Here are the headlines you Need2Know for Thursday, December 31, 2020:

GOODBYE, 2020

A weary world is counting down the end to a brutal, painful year. Muted celebrations are happening in cities around the globe, if they're happening at all. Sydney’s iconic fireworks display is being modified and shortened. The fireworks at the London Eye are cancelled, as is the celebration at the Arc de Triomphe in Paris. The famous conch at Sloppy Joe’s in Key West won’t drop for the first time in 28 years. Hawaii’s fireworks display on Waikiki Beach is off. In Times Square, the ball will drop tonight, but without the customary crowds of revelers below. NPR

COVID-19: LATEST DEVELOPMENTS

U.S. coronavirus deaths are approaching 4,000 a day, with hospitalizations still at a record level of about 125,000. The more contagious COVID-19 variant that was discovered in Colorado has been confirmed in California, and public health officials say it’s likely elsewhere in the country, too. The federal government is acknowledging that the vaccine rollout is lagging; there’s such a backlog of vaccines to be administered in some states that, at the current rate, millions of doses will expire in a few weeks. The $2,000 stimulus checks are dead in the Senate, at least for the time being; the $600 checks are going out via direct deposit now. NY TIMES

HAWLEY OBJECTS

Missouri GOP Sen. Josh Hawley says he will object to the certification of the electoral college results next week, setting up a vote in which every member of Congress will have to go on the record to affirm or deny the results of the election. Hawley, who is widely seen as having his eye on the White House, is the first Senator to commit to challenging the election when the vote is certified on Jan. 6. A number of House Republicans have done so, too, and under Congressional rules, if one member of each chamber objects, both chambers will have to hold a vote. NBC NEWS

ARGENTINA LEGALIZES ABORTION

Argentina is now the largest Latin American country to legalize abortion. In a landmark, marathon vote, lawmakers approved abortion in all cases up to 14 weeks. Previously, it was illegal except in cases of rape or danger to the life of the woman. Pro-choice activists cheered the passage of the bill, which is supported by Argentina’s president, and say it signals to other majority Catholic Latin countries that they could do it, too. BBC

EMOTIONAL SUPPORT ANIMALS

Alaska Airlines will become the first major U.S. carrier to put its foot down on the use (and abuse) of emotional support animals on planes. As of Jan. 11, only service dogs will be allowed on board. The change comes after the Dept. of Transportation said it would no longer classify emotional support animals as service animals for commercial flights after years of passengers complaining about people bringing their peacocks, monkeys and even horses (seriously) on board with them. USA TODAY

PARTY POLICE

Apple has banned a new app called Vybe Together, which urges people to “get your rebel on” by organizing and attending private underground parties that violate COVID protocols on gatherings. TikTok has also removed the app’s account. Vybe Together says it’s just trying to help people get together in small groups. COMPLEX

NBA MILESTONE

Becky Hammon became the first woman to coach an American men’s professional sports team when she took over for San Antonio Spurs’ coach Gregg Popovich after he was ejected for yelling at the refs in Wednesday night’s game against the Lakers. Hammon has been an assistant coach on the Spurs since 2014. After Popovich got tossed in the second quarter, he pointed at Hammon and said: “You got it,” making history for the NBA and all of pro sports. NESN

SPOTTED...

… the inside of the gleaming new Moynihan Train Hall, an expansion of NYC’s Penn Station that opens to the public tomorrow. The new entrance and seating area is the first major overhaul of the universally hated train terminal -- the busiest in the country -- in decades: SEE PICS

IN MEMORIAM: DAWN WELLS

Dawn Wells, who played Mary Ann on Gilligan’s Island, has died of complications from COVID-19. Wells was a Miss America contestant, representing Nevada, before her Hollywood career took off. In addition to her iconic role, she starred in more than 150 TV shows, movies and Broadway productions. With Wells’ death, Tina Louise, who played Ginger, is the only Gilligan’s Island cast member still alive. Wells was 82. DEADLINE

LEFTOVERS: SOUNDTRACK FOR A NEW YEAR

Cheddar put together a soundtrack for closing out the longest year of our lives and ringing in a better one. It's a mix of COVID-era bangers, songs that provide some optimism for what’s to come in 2021, plus some old-school classics: LISTEN

Podcast scheduling note: We'll be dark this week, but back to biz in 2021. So bookmark our podcast and start 2021 fresh! Hosts Jill and Carlo break down the headlines, every weekday morning Listen on Apple or Spotify, or watch on YouTube, and send us your feedback!

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Elizabeth Holmes Fraud Conviction Might Yield Five to Seven Years in Prison
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CES 2022 Begins on Wednesday
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California Starts Largest U.S. Food Waste Recycling Program
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Sweetgreen Launches Salad Subscription Service 'Sweetpass'
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Severe Snowstorm Blankets D.C., Mid-Atlantic Region
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Over 3,000 Flights Canceled on Monday Over Severe Weather, Crew Shortages
Airlines canceled more than 3,000 flights on Monday over severe weather and crew shortages. The cancellations come on one of the busiest travel days of the holiday season, and is a continuation of the industry-wide disruption that started before Christmas. Thomas Pallini, Aviation Reporter for Insider joined Wake Up with Cheddar to discuss.
End of Child Tax Credit Could Mean Slide Back Into Increasing Child Poverty
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
NYT Piece Claims Silicon Valley Investors and Founders Contorted Legal Tax Break to Avoid Taxes on Investment Profits
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
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