Senator David Perdue of Georgia is officially urging his colleagues to oppose a key component of the House Republican's corporate tax reform package, called border adjustment, which would raise taxes on imports and eliminate income taxes on exported products.

As the former CEO of Dollar General, Perdue is inclined to understand retailers' antipathy for the proposal, as it would greatly increase the tax bill of those who import products for resale in America. Georgia is also home to one of America's largest retailers, Home Depot. But Purdue has concerns beyond the reform's impact on his former industry. He argues:

  • Border adjustment would raise prices on consumers;
  • Higher prices would mean lower demand and fewer jobs;
  • and if the dollar appreciated in response to the new tax, it "would trigger a multi-trillion dollar reduction in the value of foreign investments held by U.S. investors including many pension funds and retirees."

Our thought bubble: Don't expect the last point to be a political winner, as the share of Americans with assets denominated in foreign currencies is far smaller than Trump's base, who wants to see the tax code written to protect domestic employment. But the first two will be strong arguments in the public relations battle over tax reform.

Senate math: With a slim Republican majority in the Senate, border adjustment proponents need every vote they can get, but opponents have the option of targeting several persuadable Republican Senators.

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Updated 21 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.

Republicans and Dems react to Coney Barrett's Supreme Court confirmation

President Trump stands with Judge Amy Coney Barrett after she took the constitutional oath to serve as a Supreme Court justice during a White House ceremony Monday night .Photo: Tasos Katopodis/Getty Images)

President Trump said Judge Amy Coney Barrett's Senate confirmation to the Supreme Court and her subsequent taking of the constitutional oath Monday was a "momentous day," as she she vowed to serve "without any fear or favour."

  • But as Republicans applauded the third conservative justice in four years, many Democrats including Speaker Nancy Pelosi (Calif.) warned of consequences to the rush to replace the late Justice Ruth Bader Ginsburg ahead of the Nov. 3 election, with progressives leading calls to expand the court.
Ina Fried, author of Login
1 hour ago - Science

CRISPR pioneer: "Science is on the ballot" in 2020

Photo: "Axios on HBO"

In her three decades in science, Jennifer Doudna said she has seen a gradual erosion of trust in the profession, but the recent Nobel Prize winner told "Axios on HBO" that the institution itself has been under assault from the current administration.

  • "I think science is on the ballot," Doudna said in the interview.

Why it matters: That has manifested itself in everything from how the federal government approaches climate change to the pandemic.