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Pablo Martinez Monsivais / AP

Treasury Secretary Steve Mnuchin said that President's Trump tax reform plan will be "the biggest tax cut and the largest tax reform in the history of our country," during an event hosted by The Hill on Wednesday. He also confirmed that the plan would include a 15 percent corporate tax rate.

Our thought bubble: Previous analyses estimated that the corporate tax cut (from 35 to 15 percent) would significantly increase the deficit. The administration has no real plan to pay for tax cuts beyond their belief that tax and regulatory reform will juice economic growth to 3 percent.

The details:

  • Mnuchin's comments suggested the administration doesn't support the "border adjustment" tax provision in its current form, which is one way they could pay for the 15 percent tax rate.
  • "We don't think it works in its current form and we're going to continue to have discussions with them about revisions," Mnuchin said.
  • The hike on import taxes, which would raise more than $1 trillion over 10 years, is the centerpiece of Paul Ryan's tax reform plan and the main way House Republican leadership plans to pay for massive tax cuts.
  • "The tax plan will pay for itself with economic growth," Mnuchin told reporters on Monday.
  • Mnuchin wants to make tax cuts permanent, but if they're not revenue neutral and can only be kept for 10 years (under budget rules) then that's better than nothing.
  • He's determined not to let the debt ceiling become a last-minute standoff crisis that would spook markets, but he wouldn't be drawn on congressional strategy to get it done.

Go deeper

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.

John Weaver, Lincoln Project co-founder, acknowledges “inappropriate” messages

John Weaver aboard John McCain's campaign plane in February 2000. Photo: Robert Schmidt/AFP via Getty Images)

John Weaver, a veteran Republican operative who co-founded the Lincoln Project, declared in a statement to Axios on Friday that he sent “inappropriate,” sexually charged messages to multiple men.

  • “To the men I made uncomfortable through my messages that I viewed as consensual mutual conversations at the time: I am truly sorry. They were inappropriate and it was because of my failings that this discomfort was brought on you,” Weaver said.
  • “The truth is that I'm gay,” he added. “And that I have a wife and two kids who I love. My inability to reconcile those two truths has led to this agonizing place.”

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