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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.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Fall and winter COVID surge "unlikely" if people get vaccinated.
  2. Politics: School boards are the next political battleground.
  3. Vaccines: Pfizer begins application for full FDA vaccine approval — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations.
  5. World: Asia faces massive new COVID surgeIndia records its deadliest day of the pandemic.
  6. Variant tracker: Where different strains are spreading.

Kevin McCarthy officially endorses Elise Stefanik to replace Liz Cheney

House Minority Leader Kevin McCarthy. Photo: Win McNamee/Getty Images

House Minority Leader Kevin McCarthy (R-Calif.) officially endorsed Rep. Elise Stefanik (R-N.Y.) to become the GOP's next House Republican conference chair during a Fox News appearance Sunday.

Why it matters: The GOP has been feuding internally over the fate of the current chair, Rep. Liz Cheney (R-Wyo.), because of her criticisms of former President Donald Trump, and her vote to impeach him for his role in the Jan. 6 Capitol riot.

Fauci: Vaccines could turn COVID-19 "surges" into "blips"

NIAID director Anthony Fauci told "Meet the Press" Sunday that if more Americans get vaccinated in accordance with the Biden administration's goals, COVID-19 surges may be replaced by "blips."

State of play: Last week President Joe Biden announced his goal to get 160 million Americans fully vaccinated by July 4, with at least 70% of Americans having at least one shot.

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