May 7, 2019

Kamala Harris says she would fully repeal and replace GOP tax law

Sen. Kamala Harris. Photo: Ethan Miller/Getty Images

2020 Democratic presidential candidate Sen. Kamala Harris (D-Calif.) said Monday that she would "get rid of the whole" GOP tax overhaul passed by Republicans in 2017 and replace it with her proposed LIFT the Middle Class Act — an expansion of the earned income tax credit, Bloomberg reports.

Why it matters: Repealing Trump's tax bill — which polls show has become increasingly unpopular, having delivered most of the benefits to the wealthy — would affect almost every tax-paying American, Bloomberg notes. It would cut both the child tax credit in half and standard deduction for a couple filing jointly in half, while also raising the corporate tax rate from 21% to 35%, per Bloomberg.

  • Harris' proposed replacement, the LIFT Act, would provide refundable tax credits of up to $6,000 per year for families earning less than $100,000 annually and $3,000 for single filers earning less than $50,000.

Go deeper: Everything you need to know about 2020 candidate Kamala Harris

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Trump calls to fill up more places with oil

President Trump is calling on the Energy Department to find more places to store oil, in the wake of rock-bottom prices and an ensuing economic collapse of the sector itself.

Driving the news: Trump’s comments came Friday during a televised portion of a meeting he hosted with industry CEOs to discuss ways to help the sector. It’s reeling from a historic drop-off in demand with the world shutting down to slow the spread of the coronavirus.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 1,083,084 — Total deaths: 58,243 — Total recoveries: 225,422Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 266,671 — Total deaths: 6,921 — Total recoveries: 9,445Map.
  3. 2020 latest: Wisconsin governor calls for last-minute primary election delay.
  4. Oil latest: The amount of gasoline American drivers are consuming dropped to levels not seen in more than 25 years, government data shows.
  5. Business updates: America's small business bailout is off to a bad start.
  6. U.S.S. Theodore Roosevelt: Senators call for independent investigation into firing of Navy captain.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. 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.

America's small business bailout is off to a bad start

Illustration: Sarah Grillo/Axios

Websites have crashed, phones are jammed and confusion reigns as businesses rushed at today's kickoff to get their chunk of the $350 billion Paycheck Protection Program.

Why it matters: This is a race to save jobs in the present and the future, and to ensure that as many workers as possible keep their benefits and paychecks during the coronavirus lockdown.

Go deeperArrow52 mins ago - Health