Apr 26, 2017

Trump's tax plan goes public

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."

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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.

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Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

As China pushes to contain the spread of the novel coronavirus — placing around 780 million people under travel restrictions, per CNN — the economic repercussions continue to be felt globally as companies like Apple warn of the impact from the lack of manufacturing and consumer demand in China.

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Apple will miss quarterly earnings estimates due to coronavirus

Apple CEO Tim Cook

Apple issued a rare earnings warning on Monday, saying it would not meet quarterly revenue expectations due to the impact of the coronavirus, which will limit iPhone production and limit product demand in China.

Why it matters: Lots of companies rely on China for production, but unlike most U.S. tech companies, Apple also gets a significant chunk of its revenue from sales in China.