House Ways and Means Chairman Kevin Brady. Photo: Alex Brandon / AP

U.S. stock markets went red on Monday afternoon, after Bloomberg reported that House Republicans are considering a five-year "phase-in" period to get corporate tax rates down to 20%.

Why it matters: We're less than two days away from when the full tax plan is set to be unveiled, but this report suggests that fundamental pieces remain unresolved.

White House: President Trump's economic advisors have said the 20% corporate rate is their only non-negotiable on taxes, and Sarah Huckabee Sanders said during a press briefing that the White House position remains unchanged.

Circular logic: The concept of a phase-in seems designed to mitigate budget deficit growth in the years immediately following the tax plan getting passed, given what appears to be a relative paucity of pay-fors. But advocates, including the White House, have argued that deep tax cuts will serve as their own pay-fors, by spurring greater economic growth. Delaying those cuts, therefore, also should delay economic growth.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 11,520,461 — Total deaths: 535,499 — Total recoveries — 6,231,052Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 2,911,888 — Total deaths: 130,101 — Total recoveries: 906,763 — Total tested: 35,515,075Map.
  3. Public health: Case growth outpacing testing in hotspots.
  4. States: West Virginia becomes latest state to mandate facial coverings in public.
  5. Politics: Cuomo accuses Trump of "enabling" the coronavirus surge — Sen. Chuck Grassley opts out of attending GOP convention over coronavirus concerns.

Trump ramps up culture war attacks

Photo: Tasos Katopodis/Getty Images

President Trump's attacks are spreading to sports that are cornerstones of rural, conservative white American life.

Why it matters: The culture war that engulfed the NBA and NFL is reaching other major leagues, with teams that stonewalled activists for years suddenly showing a willingness to listen.

Foreign students could be forced to leave U.S. if colleges move online

Harvard University campus. Photo: Maddie Meyer/Getty Images

Foreign college students could be forced to leave the U.S. or transfer schools if their universities move classes entirely online this fall, according to guidance released by Immigration and Customs Enforcement (ICE) on Monday.

Why it matters: Several U.S. colleges and universities — most recently Harvard — have announced plans to move most or all courses online this fall due to coronavirus concerns. Many institutions rely heavily on tuition from international students.