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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.

Go deeper

Off the Rails

Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.

Kids’ screen time up 50% during pandemic

Illustration: Sarah Grillo/Axios

When the coronavirus lockdowns started in March, kidstech firm SuperAwesome found that screen time was up 50%. Nearly a year later, that percentage hasn't budged, according to new figures from the firm.

Why it matters: For most parents, pre-pandemic expectations around screen time are no longer realistic. The concern now has shifted from the number of hours in front of screens to the quality of screen time.