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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.

Go deeper

10 hours ago - Politics & Policy

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

11 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 11 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios