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Matt Rourke / AP

Background: House Speaker Paul Ryan thinks the only way he can pay for massive tax cuts is through a $1.2 trillion revenue plan known as "border adjustment" that raises taxes on imports and lowers them on exports.

Fighting for border adjustment: The "American Made Coalition," a coalition of more than 25 American businesses. GE is playing a leading role and hosted coalition partners at its D.C. offices recently. Boeing is another big player on this side of the fight. Other industries include manufacturing, high tech, software, medical device production, agriculture, energy production, biopharmaceuticals and information services.

Oh, and Paul Ryan, House GOP leadership, Trump's chief strategist Steve Bannon and (maybe) a lukewarm President Trump.

Fighting against border adjustment: "Americans for Affordable Products." As the AP reports: "More than 100 retailers including Wal-Mart and Target as well as key trade associations are launching a new coalition" aimed at fighting border adjustment. The coalition includes The National Retail Federation, along with the American International Automobile Dealers Association, the National Grocers Association. Walmart is a major hitter in this group and the well-funded Koch network will be supporting the opposition to border adjustment.

Why this matters: It's the biggest fight of the tax season. But, as we have reported, Ryan has his work cut out for him. Especially in the Senate.

Go deeper

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. (Photo: Alex Wong via Getty Images)

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.

Trump gives farewell address: "We did what we came here to do"

Photo: Mandel Ngan/AFP via Getty Images

President Trump gave a farewell video address on Tuesday, saying that his administration "did what we came here to do — and so much more."

Why it matters, via Axios' Alayna Treene: The address is very different from the Trump we've seen in his final weeks as president — one who has refused to accept his loss, who peddled conspiracy theories that fueled the attack on the Capitol, and who is boycotting his successor's inauguration. 

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