Feb 10, 2017

Trump tax plan is coming into focus

Yesterday, White House Press Secretary Sean Spicer said that President Trump will soon roll out a 1986-style tax reform package that addresses both individual and corporate rates. Today we're learning a bit more, per Bloomberg.

Here are the highlights:

  • Former Goldman Sachs president Gary Cohn, now Trump's chief economic advisor, is the man in charge.
  • There is a focus on cutting individual rates for low earners. Trump also promised to slash top-earner rates during his campaign, although Treasury Secretary nominee Steve Mnuchin (also a Goldman Sachs alum) has elsewhere suggested those cuts would be offset by closing loopholes favored by the wealthy.
  • A lower tax on repatriated corporate profits could be used to help pay for Trump's massive domestic infrastructure plans.
  • Congressional Republican leaders have already been briefed on the "blueprint," which is separate from Trump's budget plan. Or, put another way, Cohn is trying to mix elements of his plan with Paul Ryan's plan, in order to achieve GOP consensus.

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Bernie Sanders wins Nevada caucus

Democratic presidential candidate Sen. Bernie Sanders waves to supporters at a campaign rally on Friday in Las Vegas. Photo: Mario Tama/Getty Images

Sen. Bernie Sanders is projected to handily win the Nevada Democratic primary caucus, becoming the clear frontrunner among 2020 Democratic presidential primary election candidates.

Why it matters: Nevada is the first state with a diverse population to hold a nominating contest, highlighting candidates' abilities to connect with voters of color — particularly Latino voters.

Go deeperArrowUpdated 2 hours ago - Politics & Policy

South Korea and Italy see spikes in coronavirus cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus has spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting these are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the United States.

The big picture: COVID-19 has now killed at least 2,362 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel and Lebanon, while Iran reported its sixth death from the virus. South Korea's confirmed cases jumped from 204 Friday to 433 on Saturday and Italy's case count rose from 3 to 62 by Saturday.

Go deeperArrowUpdated 6 hours ago - Health

America's rundown roads add to farmers' struggles

Illustration: Sarah Grillo/Axios

American farmers are struggling to safely use the roads that cut through their fields; decades of neglect and lack of funding have made the routes dangerous.

The big picture: President Trump has long promised to invest billions in rural infrastructure, and his latest proposal would allocate $1 trillion for such projects. Rural America, where many of Trump's supporters live, would see a large chunk of that money.