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J. Scott Applewhite, Charles Dharapak, Bill Frakes, Chris O'Meara / AP

President Trump laid out his tax reform plan, which Steve Mnuchin has said will be "the biggest tax cut and the largest tax reform in US history," at a speech in Springfield, Missouri Wednesday, and confirmed it will include a 15 percent corporate tax rate.

How it compares to his predecessors:
  • Barack Obama: Obama called for a progressive tax system that would ensure an equitable level of taxation for every income bracket, with tax increases targeted at the rich.
  • George W. Bush: In 2001 and 2003, Bush proposed massive tax cuts, which reduced the top marginal tax rates and the average tax rate for nearly all taxpayers. His new tax rates ranged from 10 percent to 35 percent.
  • Bill Clinton: Clinton's plan raised taxes for 40 percent of Americans in order to lower the Federal budget deficit.

Why it matters:

Trump's early tax plans largely follow Republican tradition — major, across-the-board tax cuts. The only tangible figure he discussed today was his plan to lower the corporate tax rate from the current 35% to 15% to help businesses better compete on a global level, something Axios' Jonathan Swan has called "fantasy."

Meanwhile, the Trump administration continues to insist that their plan will pay for itself by delivering increased economic growth, which in turn would generate higher tax revenues. Similar changes under Bush resulted in higher deficits.

Go deeper

37 mins ago - World

Two years of COVID-19

Expand chart
Data: Our World in Data; Chart: Axios Visuals

Two years ago Wednesday, the first case of a mysterious new respiratory disease was discovered in Wuhan, China. Now, the Omicron variant has deepened concerns about just how much longer the coronavirus pandemic will last.

The big picture: More than 5 million people have died since that first case. Most people on earth have lived through some form of lockdown. 54% of the global population has had at least one vaccination, though the shots have been distributed unevenly.

Updated 13 hours ago - Politics & Policy

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.

14 hours ago - Economy & Business

CNN fires Chris Cuomo

Photo: Kevin Mazur/Getty Images for CNN

CNN said Saturday evening it has fired one of its star anchors, Chris Cuomo, following new revelations from a legal review made by the company into Cuomo's involvement in the management of his brother's sexual harassment scandal.

Why it matters: Saturday's firing speaks to how much pressure CNN was under by employees and critics to address Cuomo's behavior.