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Andrew Harnik / AP

The Wall Street Journal scoops that President Trump privately told staff he wanted them to prioritize massive tax cuts even if they add to the deficit. Trump, who wants to slash the corporate rate to 15%, reportedly made the comments in an Oval Office meeting last week.Why this matters: We told you recently about the "candy option" for tax reform — all the goodies, with none of the pain. Nothing says "candy" like offering huge tax cuts with no new revenue streams to pay for them. A top Senate source said Trump's tax plan could easily blow a $3 trillion hole in the budget, if he does massive cuts and includes the "Ivanka credit" for childcare.A few problems: Most Republicans won't stand for a plan that makes them look fiscally reckless. Also, it's hard to see how such major cuts would become permanent. The Republicans will likely use a "reconciliation" bill to pass tax reform. This has the advantage of being able to pass the Senate with 51 rather than 60 votes, but its rules dictate that for the cuts to last beyond 10 years they can't add to the deficit. It's difficult to see how even the most optimistic economic growth projections could make up for that loss of income.Between the lines: It's all but official that the so-called "border adjustment tax" is dead. It's the centerpiece of Paul Ryan's House Republican tax plan, and it would raise more than $1 trillion over 10 years by hiking taxes on imports. Nationalists in the White House, including Steve Bannon, love the idea. They see it as an American nationalist tax — hindering foreign importers and helping companies that build stuff in America. But it looks like opponents of the idea, a group that includes about the entire U.S. Senate, have won on this one.

Go deeper

Dan Primack, author of Pro Rata
29 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.

Trump political team disavows "Patriot Party" groups

Marine One carries President Trump away from the White House on Inauguration Day. Photo: Patrick Smith/Getty Images

Donald Trump's still-active presidential campaign committee officially disavowed political groups affiliated with the nascent "Patriot Party" on Monday.

Why it matters: Trump briefly floated the possibility of creating a new political party to compete with the GOP — with him at the helm. But others have formed their own "Patriot Party" entities during the past week, and Trump's team wants to make clear it has nothing to do with them.