Feb 13, 2017

Trump's signature won't end the border adjustment tax fight

If the border-adjusted corporate tax reform passes in the Senate, it will have a potentially higher hurdle to jump in the form of European appeals to World Trade Organization. The FT reports European officials are gearing up to challenge the change, as the WTO bars border adjustment for corporate taxes, even as they are allowed for sales tax regimes.

What Republicans say: Ways and Means Chair Kevin Brady told the FT that they are designing the tax to be "WTO compatible."

What Europe says: EU officials are confident that this is impossible, but a dispute of this magnitudewhich could theoretically lead to the U.S. facing $385 billion in trade retalliation — is many times the size of any case the WTO has previously adjudicated.

What's next: It's unlikely the Trump Administration or the Republican Party would let themselves be cowed by threats from the the EU. But a WTO challenge would still represent a time-consuming obstacle to a policy idea that has generated much opposition in 2017.

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NASCAR driver Ryan Newman hospitalized after fiery Daytona 500 crash

Ryan Newman, driver of the #6 Koch Industries Ford, crashes and flips during the NASCAR Cup Series 62nd Annual Daytona 500 at Daytona International Speedway in Daytona Beach, Florida, on Monday. Photo: Jared C. Tilton/Getty Images

Racing driver Ryan Newman was hospitalized in a serious condition with non-life threatening injuries after his car crashed at the Daytona 500 on Monday, NASCAR said in a statement.

The big picture: The 42-year-old was leading the final lap of the race, won by Denny Hamlin, when his car flipped in the fiery crash. President Trump tweeted after the crash, "Praying for Ryan Newman, a great and brave @NASCARdriver!"

Go deeper: Trump takes presidential limousine for lap at Daytona 500

Bolton indicates more Ukraine details if book prevails WH "censorship"

Former National Security Adviser John Bolton on stage at Duke University in Durham, North Carolina, on Monday. Photo: Melissa Sue Gerrits/Getty Images

Former National Security Adviser John Bolton said during a talk at Duke University in Durham, North Carolina he hopes his new book is "not suppressed" by the White House, according to journalists present in the room.

This is an effort to write history and I did it the best I can. We'll have to see what comes out of the censorship."
Bolton's comments, per Bloomberg and the New York Times

There are warning signs that Nevada could be Iowa all over again

Former Sen. Harry Reid (D) lines up to cast an early vote for the upcoming Nevada Democratic presidential caucus. Photo: Ethan Miller/Getty Images

The alarms are increasingly sounding over Nevada's Democratic caucus, which is just five days away.

Why it matters: Similar issues to the ones that plagued Iowa's caucus seem to be rearing their ugly heads, the WashPost reports.