A view of the New York Stock Exchange. Photo: Michael Nagle / Bloomberg via Getty Images

"Businesses seeking to lower their 2018 bills are splitting in two, changing their legal status and reclassifying workers," the Wall Street Journal's Ruth Simon and Richard Rubin report: "Long before most clarifying regulations have been issued, the new law has led to a burst of activity in tax circles as lawyers, accountants and businesses look for ways around some of the proposals meant to pinch them — and for ways to extend the reach of new tax breaks."

Why it matters: "The legislation contains more uncertainties than usual for a tax overhaul because of the speed of its drafting, which left little opportunity for the public and congressional scrutiny that often identifies confusion in bills."

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Trump deflects on why Black people are killed by police: "And so are white people"

Asked by CBS News' Catherine Herridge on Tuesday why Black Americans are still dying at the hands of police, President Trump responded: "And so are white people. So are white people. What a terrible question to ask."

Why it matters: A 2018 study found that Black men are about 3.5 times more likely to be killed by law enforcement than their white counterparts.

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Behind the gun sales spike

Gun sales in America have surged since the coronavirus pandemic began, with 7.8 million background checks run for firearm purchases between March and June.

Axios Re:Cap digs into what's driving the sales, around 40% of which are by first-time buyers, with Wall Street Journal reporter Zusha Elinson.

Trump administration rescinds foreign student visa guidance

Massachusetts Institute of Technology. Photo: Maddie Meyer/Getty Images

The Trump administration is rescinding new guidance from Immigrations and Customs Enforcement that would have forced some international students to transfer schools or leave the U.S. if their classes were held completely online in the fall.

Why it matters: The guidance was immediately met with broad backlash and lawsuits backed by more than 200 universities and 18 states. The decision to rescind the guidance and return to the policy in place since March was announced in a Tuesday hearing for the lawsuit brought by Harvard and MIT.