Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Screengrab via Fox News Sunday

Budget Director Mick Mulvaney and Majority Leader Mitch McConnell both stopped by "Fox News Sunday" to discuss the path ahead on tax reform.

Timeline

  • Mulvaney said he "absolutely" expects a bill by December, and said the tentative plan for the House to take up the Senate budget would "save as many as 10 or 12 legislative days, which is a big deal."
  • McConnell said he expected to pass the tax plan by the end of the year.

Top rate

  • Mulvaney said the White House was "agnostic" about the idea of adding a tax rate for the super wealthy, later adding that they "don't necessarily even want it. President Trump echoed those remarks on Fox News, indicating that the current plan is to keep the substantial cut for the wealthiest Americans that was in the initial plan.
  • McConnell dodged, saying: "I hate to get into the details of this."
Ending state/local deductions
  • Mulvaney said the plan to do so, which is a big sticking point because it means some people in high-tax states will actually see their federal taxes rise, would cause greater fairness and is something "we really are hoping to change and we hope the House and the Senate can accept that." (McConnell didn't address this issue.
Bonus
  • McConnell was asked about Steve Bannon's declaration of political war against him and many Republican incumbents in 2018. He said, "some of these folks that you've been quoting" — Note: she only quoted Bannon — "are specialists in nominating people who lose."

Go deeper

34 mins ago - Health

Standardized testing becomes another pandemic victim

Photo: Edmund D. Fountain for The Washington Post via Getty

National standardized reading and math tests have been pushed from next year to 2022, the National Center for Education Statistics (NCES) announced Wednesday.

Why it matters: There’s mounting national evidence that students are suffering major setbacks this year, with a surge in the number of failing grades.

58 mins ago - World

European countries extend lockdowns

A medical worker takes a COVID-19 throat swab sample at the Berlin-Brandenburg Airport. Photo by Maja Hitij via Getty

Recent spikes in COVID-19 infections across Europe have led authorities to extend restrictions ahead of the holiday season.

Why it matters: "Relaxing too fast and too much is a risk for a third wave after Christmas," said European Commission President Ursula von der Leyen.

2 hours ago - Health

Africa CDC: Vaccines likely won't be available until Q2 of 2021

Africa CDC director Dr. John Nkengasong. Photo: Mohammed Abdu Abdulbaqi/Anadolu Agency via Getty

Africa may have to wait until the second quarter of 2021 to roll out vaccines, Africa CDC director John Nkengasong said Thursday, according to the Associated Press.

Why it matters: “I have seen how Africa is neglected when drugs are available,” Nkengasong said.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!