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House Ways and Means Committee Chairman Rep. Kevin Brady, R-Texas., speaks during an interview with The Associated Press. Photo: Susan Walsh / AP

Taxpayers will not be able to fill out a postcard-sized piece of paper to file their tax returns based on the House GOP tax plan, House Ways and Means Chairman Kevin Brady said Friday in a discussion with Politico's Anna Palmer and Jake Sherman.

Why it matters: Republicans, including President Trump, had previously been claiming a majority of Americans would be able to file on just a postcard. Other highlights:

  • One guarantee: "There's no chance of paying higher taxes," even with pass-through rates.
  • On opposition to the bill: "I think it's early" for opposition to emerge.
  • On cutting deductions for student loan interest and high medical bills: "I think we address those in a really good way." Brady referenced how the plan doubles the standard deduction and adds a new family credit.
  • On cutting deductions and exemptions, generally: The rational is, "do we want to have a tax code that may have special provisions…that you use once a year in your life…or that you use every year in your life?"
  • On whether the GOP can get Democratic support for the plan: "I hope so."
  • But he's not being unrealistic about it: "This is the challenge of a lifetime…it's going to be the process of Washington."

Moving forward: Brady spoke after revealing his mark on the House GOP tax plan Friday, which will be considered on Monday. Trump has slated Thanksgiving as the deadline to pass the bill through the House and Christmas as the deadline for the Senate.

Go deeper: What's in the House GOP tax plan ... Winners and losers of the plan

Go deeper

Ben Geman, author of Generate
6 mins ago - Energy & Environment

Exxon says it's well-positioned amid investor pressure

Illustration: Aïda Amer/Axios

ExxonMobil said Wednesday that its oil-and-gas development plans will create good returns even at modest oil prices as the company looks to win back investor confidence after several rocky years.

Driving the news: The company, just ahead of an investor presentation this morning, said its investments are designed to generate returns of over 30% and touted its spending reductions.

22 mins ago - Technology

Google says goodbye to individual user tracking

Illustration: Sarah Grillo / Axios

Google made clear Wednesday that after it finished phasing out third-party cookies over the next year or so, it won't introduce other forms of identifiers to track individuals as they browse across the web.

Why it matters: The move comes amid increased scrutiny over the way tech giants use consumer data to reinforce their dominance, particularly around personalized advertising.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The Fed could be firing up economic stimulus in disguise

Federal Reserve governor Lael Brainard at a "Fed Listens" event. Photo: Eric Baradat / AFP via Getty Images.

Even as global growth expectations increase and governments pile on fiscal spending measures central bankers are quietly restarting recession-era bond-buying programs.

Driving the news: Comments Tuesday from Fed governor Lael Brainard suggest the Fed may be jumping onboard the global monetary policy rethink and restarting a program used following the 2008 global financial crisis.