Employees operate sewing machines at a garment factory in Kolkata. Photo: Taylor Weidman / Bloomberg via Getty Images

The new tax law "could actually make it attractive for companies to put more assembly lines on foreign soil," according to the N.Y. Times ("New Tax Law, Billed as Boon To U.S. Plants, Could Backfire"):

Why it matters: "The Republican vision for the tax plan was to make the United States a more competitive place to do business."

  • "Under the new law, income made by American companies’ overseas subsidiaries will face United States taxes that are half the rate applied to their domestic income, 10.5 percent compared with the new top corporate rate of 21 percent."
  • "What could be more dangerous for American workers, economists said, is that the bill ends up creating a tax break for manufacturers with foreign operations. ... [C]ompanies will not have to pay United States taxes on the money they earn from plants or equipment located abroad, if those earnings amount to 10 percent or less of the total investment."
  • The counter-argument: "Supporters contend that the new rules do not encourage companies to locate overseas. Rather, they say, slashing the corporate rate will make it more attractive to set up shop at home, since many other advanced economies now have higher taxes."

Go deeper

Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 10,945,600 — Total deaths: 523,035 — Total recoveries — 5,797,206Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 2,767,669 — Total deaths: 128,951 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  5. States: Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
6 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.