Dec 13, 2017

Axios PM

By Mike Allen
Mike Allen
1 big thing: here comes that tax deal

Republican lawmakers have come to an agreement over the tax overhaul package they plan to send to Trump next week, according to GOP sources familiar with the negotiations. And in a speech this afternoon, President Trump promised that Americans could see paycheck bumps as soon as February.

Siren: "Senator John Cornyn of Texas, the majority whip, told reporters that Republicans will be briefed on the deal today, and that he is confident it will be approved next week." [NYT]

Where GOP tax conference negotiations stand:

  • 37% top income tax rate
  • 21% corporate tax
  • Up to $10k of state or property taxes can be deducted
  • Removes the tax on graduate student tuition waivers
  • Maintains estate tax but raises threshold to qualify to about $11 million from $5.49 million
  • Pass-throughs get a 20% deduction on their income
  • Preserves the individual Alternative Minimum Tax
  • Gets rid of the proposed corporate AMT
  • Mortgage interest deduction cap would be lowered to $750,000 from the current $1 million

Go deeper: More details and color at the NYT.

2. What you missed
  1. Rod Rosenstein on the Hill: The deputy AG faced plenty of hostile questions from members of Congress after anti-Trump texts sent by Peter Strzok went public yesterday. Quotes.
  2. Jamie Dimon at an Axios event: The GOP tax plan that will cut U.S. coporate taxes will create jobs because "ultimately you're going to have a lot more capital retained and invested here."
  3. Salma Hayek is sharing her story about Harvey Weinstein, claiming he made unwanted sexual advances and threatened her throughout the production of the Oscar-winning film "Frida". More.
  4. Democratic congresswoman says some lawmakers and staffers dress so inappropriately that their clothing is "an invitation" to sexual harassment. Details.
  5. Latest Axios Sourced: Alexi McCammond on the lessons from Alabama. Watch the YouTube.
3. 1 fun thing

For several years, dogs have been among the biggest stars on Instagram, with hundreds of thousands of followers and enormous advertising deals. The reason? Many Instagram users trust dogs more than human models.

Go deeper: Meet the very good boys of Instagram.

Mike Allen