House Ways and Means chairman Kevin Brady (on left) and Speaker Paul Ryan announced Thursday the tax overhaul plan. Photo: J. Scott Applewhite / AP

Like other major industries, tech is cautiously optimistic about the Republican tax plan unveiled yesterday. One major win for the industry is the lower corporate tax rate, but there's plenty of other issues Silicon Valley cares about.

What tech likes:

  • The National Venture Capital Association praised a provision it expected to be in the bill that would allow startup employees not to pay taxes when they exercise their stock options if there isn't a liquid market to sell their resulting shares. Startups would like this, too. But there's a problem: that provision isn't actually in the current bill. It's expected to be added during markups in the coming days.
  • One tech trade group, TechNet, praised elements of the tax plan that make it easier to bring back assets being held overseas by offering to tax them at lower one-time rates.
  • The Association of National Advertisers, which represents Google and Facebook, hailed the fact that legislators plan to keep a deduction for advertising spending by businesses, as did the National Association of Broadcasters.

What tech doesn't like:

  • TechNet president Linda Moore said the organization looks "forward to next week's committee markup as an opportunity to improve the bill, particularly as it relates to getting the territorial tax system right, creating more opportunities for investment in the U.S., and measures that may affect innovators in the gig and sharing economy."

More reaction: Others are continuing to vet the 400-page bill. "If done right, tax reform will place American companies on a level-playing field, increase competition globally, and create more jobs for Americans. These are the standards we will use to evaluate the entire legislative package," said Dean Garfield, the leader of the Information Technology Industry Council.

Go deeper: Check out the winners and losers of the plan. Broadcom announced yesterday it will relocate to the U.S. thanks to the tax plan. Axios' Dan Primack has more analysis in the Axios Pro Rata newsletter.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.