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Carolyn Kaster / AP

Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn unveiled Trump's new tax plan at the White House today. The plan cuts the top income tax rate from 39.6 to 35 percent, lowers the business rate to 15%, doubles the standard deduction, cuts the top capital gains rate and repeals the inheritance tax. The plan will also eliminate all individual tax deductions, except mortgage interest and charitable donations. Other takeaways:

  • "This will pay for itself with growth and reduction of different deductions and closing loopholes," and is meant to stimulate investment, said Mnuchin, but he wouldn't go into specifics on whether the plan would be deficit neutral.
  • Will plan benefit Trump? Mnuchin was asked at least 3 times whether this tax plan would benefit Trump and his businesses, and he wouldn't answer directly.
  • Plan benefits some hedge fund managers: The plan will lower taxes on some hedge fund managers, which departs from his campaign pledge.
  • Trump's tax returns: "The president has no intention" of releasing his tax returns, said Mnuchin.
  • Timing: "We are determined to move this as fast as we can, and get this done this year," said Mnuchin, adding that more details will be released "when we have an agreement."

Go deeper

Dion Rabouin, author of Markets
40 mins ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

Ina Fried, author of Login
2 hours ago - Technology

CES was largely irrelevant this year

Illustration: Sarah Grillo/Axios

Forced online by the pandemic and overshadowed by the attack on the Capitol, the 2021 edition of CES was mostly an afterthought as media's attention focused elsewhere.

Why it matters: The consumer electronics trade show is the cornerstone event for the Consumer Technology Association and Las Vegas has been the traditional early-January gathering place for the tech industry.

The FBI is tracing a digital trail to Capitol rioters

Illustration: Sarah Grillo

Capitol rioters, eager to share proof of their efforts with other extremists online, have so far left a digital footprint of at least 140,000 images that is making it easier for federal law enforcement officials to capture and arrest them.

The big picture: Law enforcement's use of digital tracing isn't new, and has long been at the center of fierce battles over privacy and civil liberties. The Capitol siege is opening a fresh front in that debate.