Nov 9, 2017

Here's the summary of the Senate tax plan

Here's what will be in the Senate tax plan. Photo: J Scott Applewhite / AP

The Senate tax plan will have key differences from the House tax bill, according to a two-page summary by the Finance Committee. It will preserve the current lowest tax rate of 10 percent and lift the child tax credit to $1,650, slightly higher than the House. It also preserves several popular tax deductions.

Why this matters: Like the House, the Senate will now work through the plan in committee to address member demands.

What the bill does:

  • Expands the zero individual tax bracket while maintaining a lowest tax rate of 10 percent.
  • Creates a 38.5 percent bracket for high earners.
  • Increases standard deduction to $12,000 for individuals and $24,000 for married couples, like the House bill.
  • Expands the child tax credit from $1,000 to $1,650 and lifts existing income caps.
  • Keeps the adoption tax credit and the charitable contribution deduction.
  • Maintains the mortgage interest deduction for homes up to $1 million.
  • Preserves the medical expense deduction.
  • Repeals the alternative minimum tax.
  • Doubles the exemption from the estate tax.
  • Permanently lowers corporate tax rate to 20 percent from 35 percent.
  • Allows for full and immediate expensing of new equipment.

Go deeper

Top Trump ally sounds 2020 election alarm over coronavirus response

Photo: Jim Watson/AFP via Getty Images

There is growing concern among top conservative leaders that the Trump administration isn't addressing the long-term economic impact of the coronavirus, several sources tell Axios. One top adviser said if the recovery is bungled it could cost President Trump the election.

What we're hearing: "The next 4-8 weeks is really going to decide whether Trump gets reelected," Stephen Moore, Trump's former nominee for the Federal Reserve board, told Axios. If the administration mishandles its economic recovery efforts, he said, Trump is "in big trouble."

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 1,600,427 — Total deaths: 95,506 — Total recoveries: 354,006Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 465,329 — Total deaths: 16,513 — Total recoveries: 25,410Map.
  3. Public health latest: U.S. has expelled thousands of migrants under a CDC public health orderDr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  4. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — After another 6.6 million jobless claims, here's how to understand the scale of American job decimation.
  5. 2020 latest: Top conservative leaders are concerned the Trump administration isn't addressing the virus' long-term economic impact.
  6. States latest: FEMA has asked governors to decide if they want testing sites to be under state or federal control.
  7. World latest: Lockdowns have led to a decline in murders in some of the world's most violent countries — Boris Johnson is moved out of the ICU but remains in hospital with coronavirus.
  8. In Congress: Senate in stalemate over additional funding for small business relief program.
  9. 1 SNL thing: "Saturday Night Live" will return this weekend in a remotely produced episode.
  10. What should I do? Hydroxychloroquine questions answeredPets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  11. 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.

Federal court temporarily blocks coronavirus order against some abortions

Gov. Greg Abbott. Photo: Tom Fox-Pool/Getty Images

A federal judge ruled Thursday that clinics in Texas can immediately offer medication abortions — a pregnancy termination method administered by pill — and can also provide the procedure to patients nearing the state's time limits for abortions.

Driving the news: The decision comes after federal appeals court ruled 2-1 on Tuesday in favor of an executive order by Republican Gov. Greg Abbott that prohibits abortions during the coronavirus outbreak.

Go deeperArrowUpdated 5 hours ago - Politics & Policy