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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.

Go deeper

10,000 trees near giant sequoia groves to be removed after fires

A firefighter looks up at a giant sequoia tree after fire burned through the Sequoia National Forest near California Hot Springs, California, on Sept. 23. Photo: Patrick T. Fallon/AFP via Getty Images

"Upwards of" 10,000 trees near giant sequoia groves have been "weakened by drought, disease, age, and/or fire" and must be removed in the wake of California's wildfires, the Sequoia and Kings Canyon National Parks announced.

Why it matters: The damage to these trees, considered "national treasures," and work to remove them means a nearby key highway must remain closed to visitors as they have "the potential to strike people, cars, other structures, or create barriers to emergency response services," per a statement from the national parks.

Obama stumps for McAuliffe, urges Virginians not "to go back to the chaos"

Photo: Win McNamee/Getty Images

Former President Barack Obama framed a Nov. 2 gubernatorial race as a bellwether for the Democratic Party and the country, telling a crowd at a campaign event for Terry McAuliffe on Saturday that "I believe you, right here in Virginia, are going to show the rest of the country and the world that we're not going to indulge in our worst instincts."

Why it matters: With just over a week to go before Election Day in the Commonwealth, McAuliffe is bringing out the big guns. The 44th president appeared on the campus of Virginia Commonwealth University to urge supporters to get to the polls.

Bryan Walsh, author of Future
5 hours ago - Politics & Policy

Axios AM Deep Dive: America’s murder surge

Photo illustration: Sarah Grillo/Axios. Photo: Erik McGregor/LightRocket via Getty Images

Homicides rose at the fastest rate in at least six decades last year. This Axios AM Deep Dive, led by Future correspondent Bryan Walsh, looks at the state of gun crime.