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President Trump and Paul Ryan shake hands at a White House celebration for the passage of the GOP's tax law. Photo: Zach Gibson / Bloomberg via Getty Images

"Homeowners across the nation are rushing this week to prepay their property taxes for 2018 before the Republican tax law kicks in Jan. 1 and effectively raises the levy on higher-end homes," the Wall Street Journal reports on A1.

The bottom line: "The $10,000 [deduction] limit also covers state and local income and sales taxes, but lawmakers drafting the bill barred people from prepaying those other levies."

More from the report:

  • "In Fairfax County, Va., where property values have risen sharply in recent years, hundreds of people lined up at the government center to prepay. Across the Potomac River, in Montgomery County, Md., the county council held a special session Tuesday morning to pass legislation allowing residents to prepay their taxes."
  • Prepaying property taxes was left up to localities. "Some officials urged caution on prepaying property taxes, given that the new law didn't address the issue."
  • Per Bloomberg, "In Washington D.C., Democratic Mayor Muriel Bowser's office put out a guide to early prepayments for city residents."

Go deeper

Updated 3 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

3 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.