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!

Carolyn Kaster / AP

Speaker of the House Paul Ryan and Vice President Mike Pence both addressed the National Association of Manufacturers' 2017 Manufacturing Summit this afternoon with a clear commitment to pass massive tax reform before the end of the year.

  • Ryan: "We are going to get this done in 2017…because we have to get this done in 2017. We cannot let this once-in-a-generation moment pass us by."
  • Pence: "We're going to pass the largest tax cut since the days of Ronald Reagan, and we're going to do it this year."

The big goals: Consolidating the current seven tax brackets into three, eliminating the alternative minimum tax and estate tax, implementing a new territorial system that doesn't tax overseas income for businesses, creating a new lower tax level specifically for small businesses, and using savings from closing loopholes to lower taxes for everyone.

More from Ryan:

  • His personal goal for tax reform: He thinks it can get done by the Saturday before Thanksgiving. "We really think it's very, very much doable to get this done by the fall."
  • His lofty rhetoric: "Once in a generation or so, there is an opportunity to do something transformational — something that will have a truly lasting impact long after we are gone. That moment is here, and we are going to meet it."
  • What can come from his tax plan: "We have to fix all of it, both for individuals and businesses because this will create jobs. This is what this is all about: jobs, jobs, jobs."

More from Pence:

  • To the manufacturers: "Manufacturers make America — and they make America great…you're woven into the very fabric of American life and you're woven into our future, too."
  • On infrastructure: "Before we're done in seven and a half years, President Donald Trump is going to rebuild the infrastructure of the United States of America."
  • Defense and manufacturing: "I want to assure you that you have a president who understands that we do not build Navy ships and aircrafts and the weapons that defend our freedom — we do not fill the arsenal of democracy — without American manufacturing."

Go deeper

Dave Lawler, author of World
25 mins ago - World

China's Xi Jinping congratulates Biden on election win

Photo: Paul J. Richards/AFP via Getty Images

Chinese President Xi Jinping sent a message to President-elect Biden on Wednesday to congratulate him on his election victory, according to the Xinhua state news agency.

Why it matters: China's foreign ministry offered Biden a belated, and tentative, congratulations on Nov. 13, but Xi had not personally acknowledged Biden's win. The leaders of Brazil, Mexico and Russia are among the very few leaders still declining to congratulate Biden.

Kendall Baker, author of Sports
1 hour ago - Sports

College basketball is back

Illustration: Sarah Grillo/Axios

A new season of college basketball begins Wednesday, and the goal is clear: March Madness must be played.

Why it matters: On March 12, 2020, the lights went out on college basketball, depriving teams like Baylor (who won our tournament simulation), Dayton, San Diego State and Florida State of perhaps their best chance to win a national championship.

1 hour ago - World

Scoop: Israeli military prepares for possibility Trump will strike Iran

Defense Minister Benny Gantz attends a cabinet meeting. Photo: Abir Sultan/POOL/AFP via Getty

The Israel Defense Forces have in recent weeks been instructed to prepare for the possibility that the U.S. will conduct a military strike against Iran before President Trump leaves office, senior Israeli officials tell me.

Why it matters: The Israeli government instructed the IDF to undertake the preparations not because of any intelligence or assessment that Trump will order such a strike, but because senior Israeli officials anticipate “a very sensitive period” ahead of Biden's inauguration on Jan. 20.