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AXIOS (Dave Lawler) - The year that shook the Gulf

The United Arab Emirates is leaving OPEC . Saudi Arabia is ending its splashiest foreign sports venture. The two U.S. allies are in the midst of a messy divorce, even as both face fire from Iran . Why it matters: One year after President Trump's grand tour of the Gulf, the region's vision of a geopolitically stable post-oil future — powered by tourism, AI and American capital — has taken a major blow. - The trillions of dollars in investment pledges that Trump secured on his trip are in limbo. - So is the American "golden age" he claimed would be bankrolled in part with Gulf money. The big picture: Trump's trip may prove the high-water mark for the idea that the future of artificial intelligence, global investment and geopolitics…

NYTIMES (Emma G. Fitzsimmons and Asmaa Elkeurti) - Do Higher Taxes Drive the Rich Away? Mamdani’s Plan Revives the Question.

Mayor Zohran Mamdani wants to raise income taxes on New York City’s millionaires. Tax increases elsewhere have not led to an exodus, but some worry the city is reaching a tipping point.

NYTIMES (Mihir Zaveri and Benjamin Oreskes) - Can a Second-Home Tax Work in New York? The Numbers Don’t Add Up Yet.

The tax proposal is being held up as a generational attempt to make the ultrawealthy pay more to society and potentially raise $500 million a year for New York City.