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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.

Go deeper

Caitlin Owens, author of Vitals
2 hours ago - Health

Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan

Photo: Alex Wong/Getty Images

President-elect Joe Biden has picked former FDA chief David Kessler to lead Operation Warp Speed, a day after unveiling a nearly $2 trillion pandemic relief plan that includes $400 billion for directly combatting the virus.

Why it matters: Biden's transition team said Kessler has been advising the president-elect since the beginning of the pandemic, and hopes his involvement will help accelerate vaccination, the New York Times reports. Operation Warp Speed's current director, Moncef Slaoui, will stay on as a consultant.

The case of the missing relief money

Illustration: Sarah Grillo/Axios

A chunk of stimulus payments is missing in action, thanks to a mix up that put as many as 13 million checks into invalid bank accounts.

Why it matters: The IRS (by law) was supposed to get all payments out by Friday. Now the onus could shift to Americans to claim the money on their tax refund — further delaying relief to struggling, lower-income Americans.

The post-Trump GOP, gutted

McConnell (L), McCarthy (R) and Trump. Photo: Erin Schaff-Pool/Getty Images

Republicans will emerge from the Trump era gutted financially, institutionally and structurally.

The big picture: The losses are stark and substantial.