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Carolyn Kaster / AP

FedEx founder and CEO Fred Smith is pushing his own alternative tax plan as Washington remains divided over the tax plans proposed by Congress and the Trump administration, per Bloomberg.

"We at FedEx, like many major U.S. companies, are concerned the window for tax reform is closing," said Smith. "Our current federal tax system is simply not globally competitive, retarding investment and the high paying jobs that follow."

FedEx's proposal places greater emphasis on revenue-raising programs, such as increasing employer Medicare taxes and gasoline taxes to create more spending for infrastructure. It would also place restrictions on the tax cut available to high-income "pass-through" entities, and would eliminate the controversial border-adjusted tax.

Why it matters: The move reflects a major concern held by big businesses that tax reform isn't really coming any time soon, so they're acting on their own.

Go deeper

48 mins ago - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A pricetag of $500-555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

55 mins ago - World

U.S. presses Gulf countries to help resolve Sudan coup crisis

Jake Sullivan briefs the press. Photo: Chip Somodevilla/Getty

The Biden administration has asked its partners in the Gulf and elsewhere to press the Sudanese generals who carried out a coup on Monday to release captives including Prime Minister Abdallah Hamdok and to reinstate the civilian government, White House National Security Adviser Jake Sullivan said in a press briefing on Tuesday.

Why it matters: The U.S. has limited influence over coup leader Gen. Abdul Fattah al-Burhan and other military leaders, many of whom have close ties to Saudi Arabia and the United Arab Emirates.

Higher prices are the new norm, with no end in sight

Illustration: Aïda Amer/Axios

Companies are making money at record rates thanks in part to customers who are willing to pay higher prices.

Why it matters: In order to keeping that corporate profitability streak going, shoppers should expect sticker prices to stay high or become more expensive well into 2022. Fewer promotions and shallower discounts will also become the norm as inventory levels remain low.