Nov 2, 2017

GOP tax plan would eliminate medical deduction

House Republicans would repeal two health care tax breaks. AP Photo/J. Scott Applewhite

House Republicans' tax bill would eliminate a deduction that helps people cover particularly high health care bills, including the cost of long-term care. It also would repeal a tax break designed to encourage drug companies to develop products that treat rare diseases.

The bottom line: Both of these changes would affect relatively small — but also especially vulnerable — groups of people. The tax code's most significant health care deductions and exemptions would largely remain unchanged under the GOP bill. Together, repealing these two tax breaks would save the government roughly $12 billion per year.

Go deeper

Trump calls to fill up more places with oil

President Trump is calling on the Energy Department to find more places to store oil, in the wake of rock-bottom prices and an ensuing economic collapse of the sector itself.

Driving the news: Trump’s comments came Friday during a televised portion of a meeting he hosted with industry CEOs to discuss ways to help the sector. It’s reeling from a historic drop-off in demand with the world shutting down to slow the spread of the coronavirus.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 1,083,084 — Total deaths: 58,243 — Total recoveries: 225,422Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 266,671 — Total deaths: 6,921 — Total recoveries: 9,445Map.
  3. 2020 latest: Wisconsin governor calls for last-minute primary election delay.
  4. Oil latest: The amount of gasoline American drivers are consuming dropped to levels not seen in more than 25 years, government data shows.
  5. Business updates: America's small business bailout is off to a bad start.
  6. U.S.S. Theodore Roosevelt: Senators call for independent investigation into firing of Navy captain.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

America's small business bailout is off to a bad start

Illustration: Sarah Grillo/Axios

Websites have crashed, phones are jammed and confusion reigns as businesses rushed at today's kickoff to get their chunk of the $350 billion Paycheck Protection Program.

Why it matters: This is a race to save jobs in the present and the future, and to ensure that as many workers as possible keep their benefits and paychecks during the coronavirus lockdown.

Go deeperArrow41 mins ago - Health