Apr 20, 2017

Mnuchin backtracks again on his tax plan

Soeren Stache / AP

Treasury Secretary Steve Mnuchin today said that the White House would unveil its comprehensive tax reform plan "very soon," just days after telling The Financial Times that releasing a plan by August's congressional recess would be "highly aggressive to not realistic."

What changed? President Trump gave a speech in between Mnuchin's conflicting statements, saying that the White House has "the concept of the plan" and that "we're going to be announcing it very soon."

Market reaction: U.S. markets jumped following Mnuchin's comments today. Then again, those same markets also rose after Mnuchin's prior statement, suggesting that the prospect of tax reform isn't really driving trades in the first place.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.