Carolyn Kaster / AP

A part of President Trump's tax plan has both Republicans and Democrats unsure of where to stand, according to a report from Bloomberg. The proposal to cut the state and local tax deduction has ups and down for both parties.

Republicans could benefit: Cutting the deduction could raise approximately $1.3 trillion over the next 10 years, "offsetting steep individual and corporate rate cuts Trump and Republicans are eyeing." Also, taxes would be shifted onto Democratic states like New York, New Jersey, and California.

But: This could have negative implications on citizens in their districts. Losing the deduction could "make standard deductions more attractive," resulting in a decrease of local home values. Bloomberg reported that home prices could fall by an average of 10 percent.

Democrats could benefit: If Republicans lose popularity due to the proposal, which is possible considering some of the vulnerable districts went blue during the 2016 election.

But, Democrats are stuck: Keeping the deduction as-is would mean they're "supporting a tax break for some of the wealthiest Americans," something they've normally argued against.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 20,755,406 — Total deaths: 752,225— Total recoveries: 12,917,934Map.
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Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.