Dec 14, 2017

Pass-through filers do better than wage earners in Senate tax bill

Under the Senate-passed tax bill, people with pass-through income would see bigger increases in their after-tax income in 2019 than people paying taxes only on wages and salaries, according to a Tax Policy Center analysis. Generally, the wealthier a filer with pass-through income is, the better off they are under the bill.

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Reproduced from Tax Policy Center; Chart: Axios Visuals

Be smart: The Senate bill allowed pass-throughs to deduct 23 percent of business income, whereas the conference report will likely lower this to 20 percent while also lowering the top individual income rate.

The bottom line: While this is unlikely to drastically reshape the findings of the TPC analysis, the fact that analysts can't keep up with the GOP's speed in writing and passing updated tax legislation underlines how much we still don't know about the bill's impact.

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LATAM Airlines files for U.S. chapter 11 bankruptcy

A LATAM air attendant aboard one of the company's planes in March. Photo: Kike Calvo/Universal Images Group via Getty Images

LATAM Airlines Group SA said in a statement early Tuesday the firm and its affiliates in in the United States, Chile, Peru, Colombia and Ecuador have filed for Chapter 11 bankruptcy protection in the U.S.

Why it matters: Latam is Latin America's largest airline and its shareholders include Delta Air Lines. CEO Roberto Alvo noted in the statement the coronavirus pandemic has had a huge impact on the airline industry.

Novavax starts human trials for coronavirus vaccine

Novavax's Nita Patel with a computer model showing the protein structure of a potential coronavirus vaccine at the lab in Gaithersburg, Maryland in March. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Novavax began clinical trials of a vaccine for the novel coronavirus in Australia on Tuesday, per a statement from the Maryland-based biotechnology firm.

The state of play: 131 volunteers in the Australian cities of Melbourne and Brisbane will undergo injections as part of the study, the company’s research chief Gregory Glenn said during a briefing, per Australian Associated Press.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 5,495,061 — Total deaths: 346,232 — Total recoveries — 2,231,738Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 1,662,302 — Total deaths: 98,220 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 2 hours ago - Politics & Policy