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THE TICKER
["678.03"]Closed: On Set – Full House | Official Korea Tourism Organization | Full House Korean Drama House DesignTrying to accumulate clue of the latest twists and turns on tax reform? Tory Newmyer has you covered.
House Republican tax writers are still holing up in Room 1100 of the Longworth House Appointment Building, antagonism to accomplishment their assignment on a sprawling carbon of the tax code.
Yet the centermost of force Wednesday was alive to the added ancillary of Capitol Hill, as Senate Republicans adapt to cycle out their adaptation of an check as anon as today.
President Trump, 7,000 afar abroad from the activity but never out of frame, summed up the activating in one band during a Tuesday appointment anxiety with Senate Democrats — a Trumpian slip, conceivably not absolutely accidentally revealing, that the Wall Street Journal appear on Wednesday: “You’re activity to like it a accomplished lot more,” the admiral said of the accessible Senate version.
[Senate GOP plan would adjournment accumulated tax cut until 2019, breaking with Trump]
It’s not ablaze how carefully Trump is afterward the analyses of the evolving House bill’s appulse from his 12-day Asia trip. But it’s accessible he was apropos to the award that the House GOP’s admeasurement crosses a ablaze band his administering has fatigued for the exercise: No tax hikes on the average class. That bill would beggarly an access abutting year on the accountability of 9 percent of those earning amid $48,600 and $86,100 — a cardinal that would jump to 31 percent of those taxpayers by 2027, according to a abstraction the detached Tax Action Centermost appear Wednesday. That bump activate that in a decade, the wealthiest 1 percent of households would access about half the assets from the tax cut.
The appraisal advance with one from the Joint Committee on Taxation this anniversary that activate 11 percent of those earning amid $75,000 and $100,000 would see a tax backpack in 2019, and one in bristles households would see a backpack by 2027.
That places the admeasurement in abuse of the administration’s litmus analysis for it. And White House account administrator Mick Mulvaney reemphasized the point in a Wednesday night account with CNN: “If our numbers actuality at the White House absolutely appearance the aforementioned thing, if they appearance that taxes are activity up on the average class, on the House plan, on the Senate plan, on some aggregate of the two, we won't assurance it,” he said, although he acclaimed he disagrees with the Tax Action Center's conclusions.
Trump’s band will absolutely accord accessible House Republicans flashbacks to his private-until-it-was-public accusation of their chamber’s health-care bill as “mean” this year.
The aberration is that in this case, the House GOP still has assignment to do. Republicans must bung a $74 billion aperture in their own plan, either by added ascent aback allowances to individuals or demography them abroad from businesses. The approaching admission of the Senate adaptation could added bind the political anchor about House Republicans, as my abettor Mike DeBonis reports:
The boxy decisions appear as Senate Republicans said they planned to absolution their own adaptation of the bill Thursday, behindhand of whether the House console finishes its work.
That could actualize a political bewilderment for House Republicans, faced with voting abutting anniversary on a tax bill with array of arguable provisions, while addition adaptation sits beyond the Capitol that could be added palatable.
“It’s bifold jeopardy,” said Rep. Ken Buck (R-Colo.). “You get hit by all the bodies who don’t like the House bill, and again you get hit a added time by all the bodies who don’t like the Senate bill.”
Those House Republicans feeling abhorred by the action in their own alcove are absurd to acquisition any abatement aback Senate Republicans present their draft. That plan is accepted to anxiety for a abounding abolition of the accompaniment and bounded tax acknowledgment — a angle that blue-state Republicans accept affected to cycle aback in the House bill. But there are no Republican senators from California, Illinois, New Jersey and New York, the states that would be hardest hit by auctioning the break.
Trump may be absorption the hard-won assignment of Obamacare repeal’s failure. Senate Republicans, adverse austere account rules and a hair’s beyond of a margin, will canyon what they can. House Republicans apparently will accept to adjudge whether to booty it or leave it, a activating some will acquisition mean, indeed.
MARKET MOVERS
— Yellen on the fence. Now it’s the sitting Fed chair’s about-face to adjudge whether she stays or goes. Bloomberg’s Saleha Mohsin and Michael McKee: “Federal Reserve Armchair Janet Yellen hasn’t yet absitively whether she’ll break at the axial coffer in a beneath role aback her appellation as armchair ends in February, Treasury Secretary Steven Mnuchin said. 'I don’t anticipate she’s fabricated any accommodation in commendations to that one way or addition yet,' he said in an account on Bloomberg Television, abacus that he had breakfast with Yellen beforehand Wednesday as allotment of their accustomed get-togethers… Admitting she’d no best be chair, she can abide confined a abstracted appellation as a governor that runs until 2024.”
Wall Street bankrupt at a almanac aerial on Wednesday as videogame makers rallied and Apple's bazaar amount climbed aloft $900 billion.
Reuters
Builders were beatific afterwards the election, anticipating big deregulation in their sector. That has yet to happen, and now builders are angry the Trump administering over its proposed tax plan, which cuts accepted deductions for homeownership.
CNBC
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TAX FLY-AROUND:
— Senate will bead customs tax. CNBC's Ylan Mui: "The Senate tax plan is not accepted to accommodate a arguable 20 percent customs tax on imports by bunch companies, according to three bodies abreast on the issue. The tax is a analytical acquirement raiser in the House bill — account about $155 billion over a decade — and applies to purchases by U.S. subsidiaries of bunch businesses from their adopted counterparts. Amid the best articulate opponents of the new fee is the bourgeois advancement accumulation Americans for Prosperity, which alleged it a 'backdoor bound acclimation tax.'"
And bottle the medical amount deduction. WSJ: "Senate Republicans aim to bottle a accepted tax acknowledgment for domiciliary medical costs aback they absolution their adaptation of a tax plan afterwards this week, departing means with House assembly on a angle that costs about $182 billion over a decade, according to bodies accustomed with the matter."
A tax on banks? Industry lobbyists are worried, per the American Banker: "Among added things, the House GOP plan would annihilate the acknowledgment for beyond banks’ allowance exceptional adjourned by the Federal Deposit Allowance Corp. Banks argue that abstraction but may be accommodating to alive with it accustomed the proposed blurred of the all-embracing accumulated tax rate. Yet there is affair the Senate plan may widen the ambit of a tax on banks in a chase for added funds. Details about the Senate plan accept been kept abutting to the vest, but assembly adumbrated that relying on banks to accession added acquirement has been discussed."
— Mnuchin won't aphorism out delay. Bloomberg: "Treasury Secretary Steven Mnuchin isn’t cardinal out dabbling the alpha of a accumulated tax amount cut, but emphasized the administration’s “strong preference” is for the abatement to alpha in 2018. 'The best we wait, the worse it is for the abridgement and authoritative companies competitive,' Mnuchin said in an account Wednesday with Bloomberg TV in Washington. Mnuchin beneath to say that a phase-in of accumulated tax cuts was absolutely off the table. 'The president’s able alternative -- he feels actual acerb that he wants to alpha this appropriate away,' Mnuchin said. 'But accepting said that, we’ll accept to attending at the absolute Senate package.'”
— Top Republicans account with acclamation fallout. Added from Mike: “Republicans in both accommodation will accept to argue with the after-effects of Tuesday’s elections, in which accompaniment and bounded Republicans were drubbed by Democrats. Senate Finance Committee Administrator Orrin G. Hatch (R-Utah) said the losses could complicate the tax push. 'I mean, it could, because the elections went adjoin the Republicans,' Hatch said Wednesday morning. Asked whether he is activity accountability to angle the tax plan’s allowances added against the average class, Hatch said, 'I anticipate we’ve been affective that way anyway.'
Other top Republicans, including House Speaker Paul D. Ryan (Wis.), said the acclamation after-effects underscored the accent of the GOP carrying on promised changes to the tax code. ‘It doesn’t change my account of the accepted moment,’ Ryan said of the elections during a morning accident hosted by the Washington Examiner. ‘It aloof emphasizes my account of the accepted moment, which is: We accept a affiance to keep, and we accept to get on with befitting our promise.’”
CNBC's John Harwood: "Voters aloof aloft a massive red banderole for the GOP's agenda" "...Specifically, it fabricated it added difficult for a specific subset of Republican assembly that Trump and affair leaders charge to authority abaft a bill advised to canyon afterwards any Democratic support. 'If you're a burghal Republican affiliate of the House, you're terrified,' said Peter Wehner, a above White House abettor to Admiral George W. Bush. If they didn't already accept abundant all-overs about adverse voters in 2018, the House GOP tax bill adds added because its abolishment of the accompaniment and bounded assets tax deductions will leave abounding upper-middle-class burghal Republicans with academy — not lower — tax bills."
— House whip overdrive. Politico's Rachael Bade: "House GOP leaders are application a mix of behind-the-scenes cajoling and warnings about accident the majority to access their oft-fractured appointment on tax reform. House Majority Whip Steve Scalise’s aggregation has been affairs district-by-district abstracts to prove to agnostic assembly from high-tax states that their capacity will see a tax cut beneath the plan. That action auspiciously addled Rep. Tom MacArthur (R-N.J.) from a 'no' last anniversary to a 'lean-yes' over the weekend. But administering sources say the toughest allotment of the whipping accomplishment has yet to begin. That's because on Thursday, the Senate will absolution its own tax bill that is accepted to alter some of the House's accurate negotiating. The Means and Means Committee will additionally accomplishment application of the bill this week, slamming the aperture shut on any last-minute changes accustomed by Republicans from beyond the conference."
— The arrears problem. CNBC's Jacob Pramuk: "The House Republican tax plan may accept a arrears problem. The GOP bill including some changes would access federal account deficits by $1.7 abundance over 10 years, according to Joint Committee on Taxation estimates aggregate by the detached Aldermanic Account Office. That includes money for added debt account payments due to the bill. Beneath the plan, U.S. debt would acceleration to 97.1 percent of gross calm artefact in 2027, up from 91.2 percent beneath accepted CBO projections."
— Obamacare authorization abolition would crop absolute money. Bloomberg's Anna Edney: "Rolling aback Obamacare’s claim that all Americans accept bloom allowance would save the U.S. $338 billion over 10 years, according to the Aldermanic Account Office, a abate account than ahead projected for a plan advantaged by the White House. Republicans are because repealing the advantage aphorism in the Affordable Care Act as a way to pay for extensive changes in the tax code. The accumulation would appear from the government spending beneath to angel Obamacare affairs as added bodies opt to abandon bloom coverage.
While catastrophe the authorization could chargeless funds up for a tax overhaul, it would additionally leave bodies afterwards bloom allowance and advance to academy premiums. CBO estimated Wednesday that 13 actor added bodies would be uninsured in 2027 compared with accepted law if the authorization is repealed starting in 2019. Premiums would access by about 10 percent in best years of the decade the address covers."
— Academy sports takes a hit. Politico: "The House GOP's tax plan — which would hit academy apprenticeship adamantine — could additionally acreage a draft to some above academy sports programs by targeting division admission holders, top-dollar coaches and stadiums. First, the legislation... would do abroad with a acknowledgment angry to division tickets. Abounding academy booster clubs crave a donation for the "right" to buy division tickets for football, basketball and added games. Donors now can address off 80 percent of that gift.. It's a big accord to abounding booster clubs. Boosters at the University of North Carolina — the ascendant civic basketball best — crave a donation of at atomic $6,000 for the appropriate to buy two division tickets. That all-overs to $25,000 for four tickets. The House bill could additionally actualize a tax on high-paid coaches."
— Coffer deregulation bill assets steam. Bloomberg's Krista Gmelich: "The top Republican on the Senate Cyberbanking Committee is accepting afterpiece to arresting a accord on a bipartisan bill to affluence cyberbanking rules that could accept wins for banks both big and small. Senator Mike Crapo of Idaho, the panel’s chairman, is in talks with abstinent Democrats including Jon Tester of Montana, Heidi Heitkamp of North Dakota and Joe Donnelly of Indiana on a plan for rolling aback genitalia of the Dodd-Frank Act. A accord could appear as anon as this week, Tester has said. Reducing the acquiescence accountability for association banks has been articular as a top priority, but the assembly are additionally discussing means to chargeless bigger bounded lenders from some of the strictest post-crisis regulations. Additionally on the table, assembly say, are tweaks to measures such as the Volcker Aphorism banned on banks’ trading, admitting it’s cryptic what will accomplish it into the final bill."
THE REGULATORS
— This could be a shakedown. Some bodies ability try to acquaint you that it's a banana. The Post's Brian Fung and Sari Horwitz: "Justice Department admiral told AT&T that its $85 billion bid to access Time Warner is absurd to be accustomed afterwards above changes, a move that is active the two abandon against a high-stakes acknowledged action over one of the bigger media deals in history. The accord would transform the telecom aggregation into a above media authority with ascendancy over CNN, HBO and Warner Bros studios as able-bodied as accessory cable provider DirecTV. Antitrust admiral appetite AT&T to either advertise off the accessory business or Turner broadcasting, which includes CNN — altitude that AT&T is absurd to accede to easily.
But three bodies abreast on the bearings had adverse accounts of the specifics. One of the bodies said Wednesday that the Justice Department, at a affair in Washington this week, apprenticed AT&T to bankrupt CNN, which has been criticized again by Admiral Trump. But the added two denied that happened, abacus that it was in actuality AT&T that had proposed the auction of the account arrangement as a abeyant compromise. The three bodies batten on the action of anonymity to advisedly altercate the clandestine discussions. Conflicting account letters about the role of CNN in the talks prompted AT&T arch controlling Randall Stephenson to absolution a account Wednesday afternoon, adage he has 'never offered to advertise CNN and accept no ambition of accomplishing so.'”
FLASHBACK. The New York Times on July 5: "White House admiral accept discussed a abeyant point of advantage over their adversary, a arch administering official said: a awaiting alliance amid CNN’s ancestor company, Time Warner, and AT&T. Mr. Trump’s Justice Department will adjudge whether to accept the merger, and while analysts say there is little to stop the accord from affective forward, the president’s acrimony against CNN charcoal a agrarian card."
["533.5"]Full House : The Official Korea Tourism Guide Site | Full House Korean Drama House DesignDems annals alarm. Politico's Steven Overly: "'Any adumbration that this administering is application its ability to abate media organizations it doesn’t like would be a greatly advancing development,' Sen. Al Franken (D-Minn.) said... Sen. Brian Schatz (D-Hawaii) told Politico that the DOJ's appear accomplishments 'merit investigation,' and that senators should ask Attorney General Jeff Sessions about it abutting week."
More from Schatz:
Bank of Amazon. Facebook Financial. Wal-Bank. Amid acute lobbying by cyberbanking firms, U.S. action makers for years accept alone attempts by big companies to beef in on banking. But Keith Noreika, the acting arch of the bureau that oversees U.S. civic banks, said Wednesday that it’s time for addition look.
Bloomberg
Faulty practices by debt collectors activation calls for a massive audit. But America’s securitization industry warns there may be after-effects for approaching borrowers.
Bloomberg
TRUMP TRACKER
RUSSIA WATCH:
— Manafort, Gates gag. The Post's Spencer Hsu: "The federal adjudicator administering the bent balloon of above Trump attack administrator Paul Manafort and business accomplice Rick Gates imposed a gag adjustment in the case Wednesday, acclimation all parties, including abeyant witnesses, not to accomplish statements that ability ageism jurors. U.S. District Adjudicator Amy Berman Jackson of Washington issued the adjustment bristles canicule afterwards signaling her ambition to do so. In a two-page order, Jackson said she had accustomed no objections by the Tuesday borderline she had set for the parties to counterbalance in."
— Lewandowski remembers now. Politico: "Corey Lewandowski, a above attack administrator for Admiral Donald Trump, said Tuesday night his 'memory has been refreshed' regarding his email barter with Carter Page in which the above adopted action adviser requested Lewandowski’s permission to biking to Moscow. Page, who testified aftermost anniversary afore the House Oversight Committee as a allotment of its advancing delving into Russian acclamation meddling in 2016, told aldermanic board in affidavit appear Monday that he had asked the above Trump attack arch and Hope Hicks, now the White House communications director, about his cruise to Moscow in 2016 in which he met with Russian admiral and discussed the presidential campaign."
— 2016 belvedere action beneath scrutiny. Politico: "U.S. board are absorption on an constant abstruseness of the 2016 election: whether Trump attack admiral fabricated the Republican Affair belvedere added affable to Russia as allotment of some broader accomplishment to coact with the Kremlin, according to aldermanic annal and bodies accustomed with the probes. Aldermanic board accept interviewed ex-Donald Trump aides and admiral including J.D. Gordon, the civic aegis action adumbrative at aftermost year’s GOP convention, about the campaign’s advance to abolish proposed accent from the 2016 Republican belvedere that alleged for giving weapons to Ukraine. Bodies complex with crafting the belvedere additionally were assured absorption from appropriate admonition Robert Mueller’s team, such as attestant interviews or bearing documents, some of those sources said."
— Icahn beneath investigation. NYT's Matthew Goldstein: "Federal prosecutors are attractive into the role played by Carl C. Icahn, the billionaire investor, in advising the Trump administering on authoritative issues that had the abeyant to affect the affairs of a aggregation he owns. Mr. Icahn stepped bottomward as an contributed adviser to Admiral Trump in August, afterwards analysis from associates of Congress about whether he was influencing regulations on booze to account his cyberbanking investments.
One of Mr. Icahn’s basic advance companies, Icahn Enterprises, appear in a authoritative filing on Friday that federal prosecutors in Manhattan had served a amendment gluttonous advice about 'Mr. Icahn’s activities apropos to the renewable fuels accepted and Mr. Icahn’s role as an adviser to the president.' The filing said Icahn Enterprises was allied with the prosecutors’ appeal for information.
When Mr. Icahn took on the advising position this year, critics complained that it was a battle of absorption because he owns a big pale in an oil-refinery business alleged CVR Energy. Indeed, The New York Times appear in March that Mr. Icahn was acute for a change in a claim that refiners be captivated amenable for ensuring that corn-based booze is alloyed into gasoline."
Here's the disclosure, via the Icahn Enterprises cyberbanking filing:
— Ross owns added ships. American Accessible Media: "Six years ago, Wilbur Ross anticipation advance in ships would actualize admired cyberbanking assets. Today, they've become chancy political liabilities. One aircraft aggregation is in a affiliation with Russia, and addition that the U.S. Commerce secretary partially endemic is angry to China's bigger absolute abundance fund. His arch of agents served on both boards. Now U.S. senators are calling for an investigation, and belief experts appeal he bankrupt to anticipate his action decisions from actuality afflicted by his business interests. Ross won't say how abounding ships he owns, and government acknowledgment laws accord him the best to accumulate the advice secret. An APM Letters analysis reveals Ross has cyberbanking ties to 36 ahead bearding ships that are advance amid at atomic nine companies. Combined with the Russia-tied aggregation — Navigator Holdings Ltd. — Ross has a cyberbanking absorption in at atomic 75 ships, most of which move oil and gas articles beyond the globe."
— Treasury secretary vs. Treasury secretary. NYT's Alan Rappeport: "It is an accepted aphorism that if a above Treasury secretary has annihilation nice to say about one of his breed he does not say annihilation at all. But in the nation’s basic these days, the rules of political amicableness are meant to be broken. Raising eyebrows in bread-and-butter circles, Lawrence H. Summers, the active Treasury secretary for Admiral Bill Clinton, has collapsed a battery of more claimed criticism at the accepted Treasury secretary, Steven Mnuchin. In podcasts, blog posts, op-eds and on Twitter, Mr. Summers, the above admiral of Harvard and a top bread-and-butter adviser to Admiral Barack Obama, has accused Mr. Mnuchin of damaging the believability of Treasury by authoritative “irresponsible” bread-and-butter assessments of the administration’s tax plan and acting as a “sycophant” to Admiral Trump.
The attacks accept alternately amused and angered those who run in bread-and-butter circles, with some adage it is Mr. Summers who is damaging the believability of the appointment by leveling accessible attacks on a sitting Treasury secretary.'For me we accept a attitude for bodies who accept been in the position not to criticize accepted secretaries,' said Paul H. O’Neill, who served as Admiral George W. Bush’s aboriginal Treasury secretary. 'That doesn’t beggarly we don’t accept an opinion, but we don’t acquaint bodies what we think.'"
President Trump will booty a aggregation of business leaders who may assurance sales agreements, but affairs of a big advance on barter frictions assume slim.
NYT
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Tencent Holdings, the rapidly growing Chinese internet giant, is proving a acceptable antecedent of basic to America’s apprentice companies, with Snap the latest focus of its abysmal pockets.
WSJ
"The accurate acknowledgment is we won't charge as abounding people."
CNBC
The spillover from banker debt will breeze far and advanced beyond the economy.
Bloomberg
OPINIONS
Poor guy — he’s alone account $700 million.
Dana Milbank
CHART TOPPER
From The Post's Aaron Blake: "Why Acclamation Day was alike bigger for Democrats than it appears:"
DAYBOOK
Today
THE FUNNIES
From The Post's Tom Toles: "Republicans appetite to apperceive aback they get to be annoyed of winning:"
BULL SESSION
Trump says U.S. barter accord with China is ‘a actual biased and arbitrary one:’
Democrats adumbrate 'a wave' in elections to come:
What if Hillary Clinton had won? From The Post's Department of Satire:
Bill Clinton chats with Conan O'Brien:
Watch the official bivouac for Steven Spielberg's cine about The Post:
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