Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

The GOP tax plan framework will be released today. Photo: J. Scott Applewhite/AP

The Trump administration and congressional Republicans are releasing the framework of a tax plan that substantially lowers most individual and corporate tax rates. While it includes some key policies — like the elimination of the deduction for state and local taxes — it leaves many crucial details to congressional committees to fill in.

What's next: Now that this plan is on paper, the blowback is going to be intense. Everyone has a stake in the tax reform fight, and everyone is going to be very loud about what they want.

Here are more details about the plan, per senior administration officials.

Individual tax reform:

  • Creates three tax brackets — 12 percent, 25 percent and 35 percent — and gives the option for congressional committees to add a fourth rate on the highest earners. Doesn't define the income ranges to which these rates apply.
  • Currently, there are seven individual rate brackets ranging from 10 percent to 39.6 percent.
  • Almost doubles the standard deduction to $12,000 for a single person and $24,000 for a married couple.
  • Increases the child tax credit to something "substantially higher" than the current $1,000 per child. Increases the income level at which the credit phases out.
  • Creates a $500 tax credit for non-child dependents.
  • Repeals the alternative minimum tax.
  • Repeals the personal exemption.
  • Eliminates most itemized deductions, but keeps those for mortgage interest and charitable contributions.
  • Repeals the estate tax.
  • Eliminates state and local tax deduction.

Corporate tax reform:

  • Maximum small business rate of 25 percent. Right now, it's generally taxed at the individual level.
  • 20 percent corporate rate. Currently, it's 35 percent.
  • Repeals the corporate alternative minimum tax.
  • Allows businesses to immediately write off the cost of new investments over five years.
  • Partially limits interest deductibility.
  • Keeps the research and development tax credit, along with the low income housing credit.

International tax reform:

  • Moves to a "territorial system," which doesn't tax business profits made outside the country.
  • As a transition, there will be a one-time tax on profits accumulated overseas. Higher rate for cash profits than liquid assets, but doesn't say what the rates are.

Go deeper

Pelosi says it's her "plan" to appoint GOP Rep. Kinzinger to Jan. 6 committee

House Speaker Nancy Pelosi (D-Calif.) said Sunday that it is her "plan" to appoint Rep. Adam Kinzinger (R-Ill.) to the House select committee investigating the deadly Jan 6. Capitol riots.

Why it matters: Pelosi's statement to ABC's "This Week" comes after she rejected two of the five Republican appointments offered by House Minority Leader Kevin McCarthy (R-Calif.).

Updated 3 hours ago - Sports

Olympics dashboard

⛳️: Golfer Bryson DeChambeau will miss Olympics after testing positive for COVID

📺: The Olympic events to watch today

🏊: Athlete spotlight — When to watch swimming star Katie Ledecky

🏀: U.S. Men's basketball suffers first Olympic loss since 2004

🤖: The robot Olympics

🚨: Heat wave brings scorching temperatures to Tokyo Olympics

🎤: Meet the new faces of NBC's Olympics coverage

Go deeper: Full Axios coverage

Bezos beats Branson in space billionaires' battle for attention

Photo illustration: Aïda Amer/Axios. Photo: Imtiyaz Shaikh (Anadolu Agency), Drew Angerer/Getty Images

Jeff Bezos' flight into space generated more interest from the public than Richard Branson's, and both billionaires overshadowed their respective space companies.

Why it matters: Data shows an outsized public interest in the personalities at the center of the space trips, compared to the companies behind them — which could reinforce public suspicion that the ventures were partly vanity plays.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!