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Brady wants to keep alternative minimum tax out of bill

House Ways and Means Committee chairman Kevin Brady
House Ways and Means Committee chairman Kevin Brady. Photo: J. Scott Applewhite / AP

Ways and Means Chairman Kevin Brady made it clear to reporters Thursday that he's no fan of the alternative minimum tax, which the Senate retained in its version of the GOP tax bill as a last-minute source of revenue. It kept the corporate AMT and raised the threshold for the individual AMT, while the House bill repealed both. Experts have pointed out it may have large unintended consequences.

What Brady said: "The provisions are costly to taxpayers, both family and business. They increase complexity, and on the business side they actually undermine many of the pro-growth aspects of the new tax code...It's not something the House wants to retain in there."

Ina Fried 54 mins ago
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Craigslist pulls personal ads after passage of sex-trafficking bill

Online classified site Craigslist has pulled its entire personal ad section after Congress passed a new sex-trafficking bill that puts more liability on Web sites.

Why it matters: Smaller tech companies and advocates for sex workers had feared a chilling effect if the bill becomes law.

Khorri Atkinson 3 hours ago
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China slaps reciprocal tariffs on U.S. imports

China's President Xi Jinping speaks next to President Trump. Photo: Nicolas Asfouri// AFP / Getty Images

China announced plans to impose reciprocal tariffs on $3 billion of imports from the U.S., hours after President Trump ordered levies on a range of Chinese goods.

The details: China's plan includes a 25% tariff on U.S. pork imports as well as 15% tariffs on American steel pipes, fruit and wine, according to Bloomberg.