President Trump signed a partial trade deal with China. The 86-page agreement maintains many of the tariffs Trump imposed over the past two years and does little to address Chinese industrial subsidies or its theft of US intellectual property, which were key stated goals of Trump’s aggressive trade policy. China is supposed to purchase an additional $200 billion in American exports. But China’s Vice Premier said both countries first need to create favorable conditions for Chinese purchases. And many trade experts call this growth implausible. The administration has not disclosed details of those Chinese purchases, but the agreement includes industry targets for 2020 and 2021, including $40 billion in annual imports of US agricultural products.
This morning’s TPC conference: “Should the tax system be used to reduce wealth in the United States?” TPC’s Janet Holtzblatt wonders if the tax system is the solution to a nascent desire—of some—for a social and economic revolution. Jason Furman, former chair of the Council of Economic Advisers in the Obama Administration, will be the keynote speaker. He’ll be followed by panels on the social, political, and policy causes of the wealth gap; and on whether wealth taxes can reduce or even eliminate inequality. The event starts at 9:00 am. You can watch here.
Another delay in House efforts to see President Trump’s tax returns. Federal District Judge Trevor McFadden will delay ruling on the House Ways & Means request for six years of Trump’s federal tax returns. McFadden will await the DC Circuit Court of Appeals decision in another case: whether to enforce the House Democrats’ subpoena of former White House Counsel Don McGahn. That ruling may come soon, but is almost certain to be appealed to the Supreme Court.
Campaigning with tax cuts? White House economic advisor Larry Kudlow says President Trump will unveil “tax cuts 2.0” sometime during his 2020 presidential campaign. Kudlow says he’s been talking to the top Ways & Means Committee Republican, Kevin Brady, about details.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].
