Trump pushes America First trade stance in Asia summit
At the APEC summit in Danang Trump rejects large trade pacts, argues for bilateral deals and fair reciprocal trade. He criticizes China for IP theft and state subsidies while noting a potential TPP revival via ministers from 11 nations. Talks with Putin reportedly stalled amid Syria and IS concerns.
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Tax plan contrasts House and Senate on brackets and estate tax
The Senate keeps seven personal income tax brackets with rates including 39.6 percent top, while the House trims to four brackets at 12 25 35 and 39.6 percent. The estate tax debate centers on exemptions and repeal timing. Senate doubles exemptions but keeps tax. House proposal initially doubles then repeals after 2023. The two chambers clash over deductions for state taxes, property taxes, mortgage interest, medical costs, and electric vehicles.
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Tax reform clashes over corporate rate and energy credits
The House and Senate push a 20 percent corporate rate but the Senate delays for a year to cut costs, drawing White House and GOP opposition and stock market pullback. Renewable credits face repeal or reduction while pass through income rules differ, sparking debate among Republicans over how to shield small businesses and spur growth.
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