Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of 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!

Want a daily digest of the top Des Moines news?

Get a daily digest of 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!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

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!

House Ways & Means Chairman Rep. Kevin Brady, R-Texas, arrives for a news conference. Photo: Jose Luis Magana / AP

House Republicans unveiled their new tax plan Thursday, and although there will likely be some changes as it moves through Congress, here's who stands to gain and who stands to lose from the current plan. Trump wants to pass the plan through the House by Thanksgiving and through the Senate by late December.

Winners
  • Most Americans who take the standard deduction, since it would be doubled from to $12,000 for individuals or $24,000 for families.
  • Parents, since the child tax credit and new family credit would be increased (although the employer-provided child care credit would be repealed and dependent exemptions would be nixed).
  • Small business owners, who will see limits for expensing new business equipment raised, and could pay lower rates.
  • Businesses generally, due to the reduction in the corporate tax rate.
  • Owners of pass-through entities, particularly high-earners like hedge fund managers and lawyers, as the plan allows business owners to have more income classified as business income (and taxed at a lower rate), rather than wages.
  • Corporations with business abroad, since they would be able to get a reduced rate at 12% on overseas earnings on liquid assets, per Politico — although they would face a new 10% foreign minimum tax, which is aimed at companies storing money in offshore tax havens.
  • People with inheritances, since the plan would double the exemption for inheritance taxes and eliminate the tax after 6 years.
  • Wealthy taxpayers, since the plan would repeal of the alternative minimum tax and doesn't change the carried interest rate, which benefits private equity managers and venture capitalists.
Losers
  • Families with dependents, since the plan would take away the dependent exemption, per CNBC.
  • People making alimony payments, since that deduction would be repealed.
  • People with student loans to pay off, since the student loan interest deduction could be nixed in the plan. In 2015, more than 12 million borrowers said they took this deduction on their Form 1040, per CNBC.
  • Wealthy, private colleges, since the plan says universities with at least 500 full time students will pay a 1.4% excise tax on annual investment income. More on this impact via Axios' Dan Primack.
  • People who take the medical expenses deduction, including seniors or people with large medical expenses, since the deduction would be repealed. More from Axios' Sam Baker.
  • People with rare diseases, since the credit that encourages drug companies to develop new treatments for those diseases would be repealed. More details via Axios' Sam Baker.
  • People with disabilities and companies hiring them, since the plan would repeal the credit for small businesses that do so.
  • Life insurance companies would lose some tax benefits, per Politico.
  • Electric vehicle companies, due to the eliminated electric vehicle credit.
  • Homebuilders and new homebuyers, since mortgage interest deductions would be capped for new homeowners at $500,000 instead of $1 million. (Current homeowners would be grandfathered in).
  • People rehabilitating old or historic buildings, since this credit would be repealed.
  • Those who want to build stadiums tax-free. (The NFL currently benefits from the tax-exempt bonds that state and local governments use to finance new stadiums.)
  • People in high-tax states, like New York and New Jersey, since the plan limits deductibility of local property taxes to $10,000 and eliminates the state and local income tax deduction.
  • Charities. Although there are no changes directly to the charitable tax deduction, other deductions are changing — so people may be more likely to take the standard deduction instead, per CNBC.

Correction: We took out the third bullet in the Winners list on startup employees since the provision, which would allow a deferral on taxes for exercised options without a liquid market to sell them, is not yet in the bill. It's expected to be added during markups in the coming days.

Editor's Note: Sign up for Axios newsletters to get our Smart Brevity delivered to your inbox every morning.

Go deeper

2 hours ago - Politics & Policy

First look: The LCV's $4M ad buy

A screenshot from a new League of Conservation Voters ad supporting Rep. Stephanie Murphy.

The League of Conservation Voters and Climate Power are aiming another $4 million worth of ads at centrist House Democrats, urging them to support the climate provisions in President Biden’s $3.5 trillion budget reconciliation package, Axios has learned.

Why it matters: Progressive groups are trying to counter the onslaught of conservative money pouring into swing districts. Both sides are trying to define Biden’s Build Back Better Agenda and pressure lawmakers to support — or oppose — the legislation scheduled for a vote in the House this week.

2 hours ago - Politics & Policy

Shutdown Plan B

Illustration: Sarah Grillo/Axios

The Senate will hold a futile vote Monday night — just 72 hours before a potential shutdown — on a House-passed bill to fund the government through Dec. 3 and raise the debt limit.

Why it matters: The bill is going to fail. Period. But then comes Plan B: A "clean" continuing resolution — stripped of language about raising the debt limit — that Democrats spent the past week preparing, Axios is told.

Glenn Youngkin's play: Forever- and Never-Trumpers

Glenn Youngkin in Harrisonburg, Virginia, on Friday. Photo: Win McNamee/Getty Images

Standing on a flatbed hitched to a John Deere tractor in red Rockingham County, Virginia, Glenn Youngkin decried California liberalism and bashed his rival, Terry McAuliffe. He also encouraged early voting. Two words he avoided: Donald Trump.

Driving the news: Youngkin, the Virginia Republican gubernatorial nominee, is mounting a serious challenge to McAuliffe — a former governor and veteran of Democratic politics. Axios caught up with him on Friday in Harrisonburg, Virginia.