Nov 10, 2017

Senate releases tax proposal

The Senate tax proposal is out. Photo: Susan Walsh/AP

The Senate tax proposal is out, along with a Joint Committee on Taxation analysis estimating it will add $1.495 trillion to the deficit over the next decade.

What we're watching: Member reaction. The Senate can only afford to lose two GOP votes to pass the bill.

Notable provisions:

  • 7 income tax brackets: 10, 12, 22.5, 25, 32.5, 35, and 38.5 percent
  • Repeal of personal exemption
  • $1,650 child tax credit
  • Repeal of deduction for state and local taxes
  • Pass throughs: An individual taxpayer can deduct 17.4 percent of domestic qualified business income from a partnership, S corporation or sole proprietorship. Most service businesses are excluded.
  • 20 percent corporate rate beginning in 2019
  • Repatriation rates of 5 percent for illiquid assets, 10 percent for liquid

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White House recommends Americans wear masks in public

New Yorker wearing a homemade face covering. Photo: Selcuk Acar/NurPhoto via Getty Images

The White House announced that the CDC is recommending Americans wear cloth masks or face coverings in public to help stop the spread of the coronavirus, President Trump said at a press briefing on Friday — emphasizing the guidance is "voluntary."

Why it matters: The use of face coverings could stop people who have the virus, whether they have symptoms or not, from spreading it further when they go out in public.

Trump calls to fill up more places with oil

President Trump is calling on the Energy Department to find more places to store oil, in the wake of rock-bottom prices and an ensuing economic collapse of the sector itself.

Driving the news: Trump’s comments came Friday during a televised portion of a meeting he hosted with industry CEOs to discuss ways to help the sector. It’s reeling from a historic drop-off in demand with the world shutting down to slow the spread of the coronavirus.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 1,083,084 — Total deaths: 58,243 — Total recoveries: 225,422Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 266,671 — Total deaths: 6,921 — Total recoveries: 9,445Map.
  3. 2020 latest: Wisconsin governor calls for last-minute primary election delay.
  4. Oil latest: The amount of gasoline American drivers are consuming dropped to levels not seen in more than 25 years, government data shows.
  5. Business updates: America's small business bailout is off to a bad start.
  6. U.S.S. Theodore Roosevelt: Senators call for independent investigation into firing of Navy captain.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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