Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. 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!

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!

Photo: Evan Vucci / AP

Speaking from the White House Thursday following the release of the GOP tax plan, President Trump said the American people will be getting "a giant tax cut for Christmas."

"We are giving them a beautiful Christmas present in the form of a tremendous tax cut...we will bring back trillions and trillions of dollars that's now parked overseas so that money can be put to work rebuilding the United States of America as opposed to rebuilding other parts of the world."

Trump also said he's "working every day to make the United States the most attractive place in the world to do business." He made these remarks while announcing that the Fortune 100 semi-conductor company, Broadcom Limited, "is moving its headquarters from Singapore back to the United States."

One fun thing: Speaking of Christmas, the tax plan actually includes a provision for Christmas tree farms.

Other reactions from Thursday's tax plan reveal:

The good
  • Speaker Paul Ryan said in a press conference: "The Tax Cuts and Jobs Act will deliver real relief...we are getting rid of loop holes for special interests, and we are leveling the playing field."
  • Sen. Tim Scott said the new plan was "another important step towards making the economy boom again for the American people."
  • Majority Whip Rep. Steve Scalise tweeted: "We can be mad about jobs moving overseas. But today, we're doing something about it. This #TaxReform bill makes America competitive again."
The bad
  • Sen. Patty Murray tweeted: "Not surprised, but disappointed Republicans are moving forward with their partisan plan to raise taxes on workers and middle class families."
  • Sens. Bernie Sanders and Elizabeth Warren said the three biggest beneficiaries are going to be "the giant banks," "multi-national corporations," and "wealthy foreign investors." Sanders said "nobody believes that what the Republicans are talking about makes any sense at all."
  • Rep. Seth Moulton tweeted: "@GOP tax cuts for the rich will bankrupt our country - and it's the grandkids of the middle class who have to pay it back."

Go deeper

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

Bryan Walsh, author of Future
6 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

7 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.