Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

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!

Greetings from Washington, D.C., where my Axios colleague Mike Allen just finished up an on-stage interview with U.S. Treasury Secretary Steve Mnuchin. Takeaways:

  • Carry: Carried interest tax treatment will be changed in the White House tax plan, at least for "hedge funds" When it comes to other asset classes, including real estate, no promises were made.
  • Mnuchin vs. Trump rhetoric: The Treasury Sec declined to commit to the 15% corporate tax rate that Trump preached on the campaign trail. He also talked about 3%-3.5% GDP growth, versus Trump's talk of 4%.
  • Techmeme weeps: Mnuchin breezily dismissed the notion that AI and machine learning will soon replace wide swaths of workers, saying that "it's not even on our radar screen" because it's an issue that is "50 or 100 years" away.
  • Trade: "So long as we can renegotiate deals that are good for us, we won't be protectionist. Otherwise we will."
  • Taxes: Tax reform is "a lot simpler" than healthcare reform. He still plans to get it done by the August recess, and it will be comprehensive (i.e., not breaking it up into more passable pieces). As for going after healthcare, Mnuchin says the past two months of planning were necessary. "We would not have been ready to go a month ago on tax reform and now we are."
  • BAT: Mnuchin punted when asked to make the pro-BAT argument to a Wal-Mart shopper, but did say that he doesn't expect to introduce it "as is."
  • Silicon Valley: "I don't understand these valuations."
  • Movie producer hat: "Hollywood could learn a lot more from D.C. than D.C. could learn from Hollywood."
  • Worries: Mnuchin says that cybersecurity is his biggest in-house focus, and that his meetings with foreign leaders have dealt heavily with issues like money laundering and other illicit activities.
  • Debt limit: "We need to raise the debt limit and that's something we're going to do."
  • Bottom line: "I am a bull. Buy American."

Go deeper

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: The good and bad news about antibody therapies — Fauci: Hotspots have materialized across "the entire country."
  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
  7. Sports: High school football's pandemic struggles.
  8. 🎧Podcast: The vaccine race turns toward nationalism.
Dan Primack, author of Pro Rata
Updated 7 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

Ina Fried, author of Login
9 hours ago - Technology

Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.