Apr 24, 2017

Trump's budget-busting ask on corporate tax rates: 15%

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.

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World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Japan's economy minister outlined plans on Monday to end the nationwide state of emergency as the number of new novel coronavirus cases continues to decline to less than 50 a day, per Bloomberg. Japan has reported 16,550 cases and 820 deaths.

By the numbers: Over 5.4 million people have tested positive for the virus as of Monday, and more than 2.1 million have recovered. The U.S. has reported the most cases in the world (over 1.6 million from 13.7 million tests). The U.K. is reporting over 36,800 deaths from the coronavirus — the most fatalities outside the U.S.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of midnight ET: 5,401,701 — Total deaths: 345,060 — Total recoveries — 2,149,407Map.
  2. U.S.: Total confirmed cases as of midnight ET: 1,643,238 — Total deaths: 97,720 — Total recoveries: 366,736 — Total tested: 14,163,195Map.
  3. World: White House announces travel restrictions on Brazil, coronavirus hotspot in Southern Hemisphere Over 100 coronavirus cases in Germany tied to single day of church services — Boris Johnson backs top aide amid reports that he broke U.K. lockdown while exhibiting symptoms.
  4. Public health: Officials are urging Americans to wear masks headed into Memorial Day weekend Report finds "little evidence" coronavirus under control in most statesHurricanes, wildfires, the flu could strain COVID-19 response
  5. Economy: White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Public employees brace for layoffs.
  6. Federal government: Trump attacks a Columbia University study that suggests earlier lockdown could have saved 36,000 American lives.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 2 hours ago - Politics & Policy

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

President Trump doubled down on his push to reopen schools, tweeting late Sunday: "Schools in our country should be opened ASAP."

Zoom in: Trump pushed back on NIAD Director Anthony Fauci cautioning against the move earlier this month, calling his concerns "not an acceptable answer."