1 big thing: tax reform
Republicans have a potential roadmap for tax reform that starts this month, Axios' Jonathan Swan reports:
- What to expect: "[House Ways and Means Committee chairman Kevin Brady] says the "Big Six" tax reform negotiators hope to release a consensus tax reform framework the last week of September..."
- The big problem: "The House and Senate have to reach an agreement on a budget resolution — which would set the broad outlines for tax reform — before they can work on a detailed tax reform bill. Yet conservatives like House Freedom Caucus chairman Mark Meadows aren't ready to commit to voting for a budget resolution unless they know the tax reform details first."
- Dive into the roadmap's timeline, via Swan.
Go deeper: Axios business Editor Dan Primack has been listening to Treasury Secretary Steven Mnuchin's tax reform comments, and concludes the carried interest loophole could survive for most.
Primack's thought bubble for Axios PM readers: "Trump promised during the campaign that he'd kill the carried interest tax loophole, which can effectively let investment managers pay at lower rates than their secretaries. But the White House now seems to be backing off a wholesale change, which doesn't make sense either philosophically or fiscally."
What you missed
- The tale of Michael Flynn: He reportedly worked on a private plan to build nuclear reactors in the Middle East... while in the White House. The report.
- Bernie's single-payer plan is out: Here's how he suggests paying for it. Details.
- Sarah Sanders takes a shot: "This president has done more for bipartisanship in the last eight days than Obama did in the last eight years." Her quotes.
- ACLU is filing suit: Against the Department of Homeland Security for border searches. Their case.
- Facebook's latest crackdown: The tech giant, facing enormous political pressure for fake news and Russian attempts to abuse the platform in the 2016 election, is rolling out new standards for who can advertise on its platform. The news.