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

30 mins ago - Health

Coronavirus cases are falling, but don't get too comfortable

Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Danielle Alberti, Sara Wise/Axios

America's coronavirus outbreak is slowing down after a summer of explosive growth.

By the numbers: The U.S. is averaging roughly 52,000 new cases per day — still a lot of cases, but about 10.5% fewer than it was averaging last week.

30 mins ago - Health

We're doing a lot less coronavirus testing

Data: The COVID Tracking Project; Chart: Andrew Witherspoon/Axios

The U.S. is cutting back on coronavirus testing. Nationally, the number of tests performed each day is about 17% lower than it was at the end of July, and testing is also declining in hard-hit states.

Why it matters: This big reduction in testing has helped clear away delays that undermined the response to the pandemic. But doing fewer tests can also undermine the response to the pandemic.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,624,316 — Total deaths: 749,421— Total recoveries: 12,831,800Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,197,147 — Total deaths: 166,027 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: U.S. records deadliest coronavirus day of the summer — America's two-sided COVID-19 response
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.