Ex-DNC chair goes at the Clintons, alleging Hillary’s campaign hijacked DNC during primary with Bernie Sanders – Washington Post


Former interim DNC chair Donna Brazile’s op-ed in Politico is excerpted from her forthcoming book. (Paul J. Richards/AFP/Getty Images)

The former interim head of the Democratic Party just accused Hillary Clinton’s campaign of “unethical” conduct that “compromised the party’s integrity.” The Clinton campaign’s alleged sin: A hostile takeover of the Democratic National Committee before her primary with Sen. Bernie Sanders had concluded.

Donna Brazile’s op-ed in Politico is the equivalent of taking the smoldering embers of the 2016 primary and throwing some gasoline on them. Just about everything she says in the piece will inflame Sanders’s passionate supporters who were already suspicious of the Democratic establishment and already had reason to believe — based on leaked DNC emails — that the committee wasn’t as neutral in the primary as it was supposed to be.

But the op-ed doesn’t break too much new provable, factual ground, relying more upon Brazile’s own perception of the situation and hearsay.

In the op-ed, Brazile says:

  • Clinton’s campaign took care of the party’s debt and “put it on a starvation diet. It had become dependent on her campaign for survival, for which [Clinton] expected to wield control of its operations.” She described Clinton’s control of the DNC as a “cancer.”
  • Gary Gensler, the chief financial officer of Clinton’s campaign, told her the DNC was (these are Brazile’s words) “fully under the control of Hillary’s campaign, which seemed to confirm the suspicions of the Bernie camp.”
  • She “couldn’t write a news release without passing it by Brooklyn.”
  • Then-Chairwoman Debbie Wasserman Schultz, whose pressured resignation after the leaked emails left Brazile in charge as interim chairwoman, “let Clinton’s headquarters in Brooklyn do as it desired” because she didn’t want to tell the party’s leaders how dire the DNC’s financial situation was. Brazile says Wasserman Schultz arranged a $2 million loan from the Clinton campaign without the consent of party officers like herself, contrary to party rules.

Brazile sums it up near the end: “If the fight had been fair, one campaign would not have control of the party before the voters had decided which one they wanted to lead. This was not a criminal act, but as I saw it, it compromised the party’s integrity.”

None of this is truly shocking. In fact, Brazile is largely writing about things we already knew about. The joint fundraising agreement between the Clinton campaign and the DNC was already known about and the subject of derision among Sanders’s supporters. But it’s worth noting that Sanders was given a similar opportunity and passed on using it, as Brazile notes.

There were also those emails from the DNC hack released by WikiLeaks that showed some at the DNC were hardly studiously neutral. One email chain discussed bringing Sanders’s Jewish religion into the campaign, others spoke of him derisively, and in one a lawyer who worked for both Clinton and the DNC advised the committee on how to respond to questions about the Clinton joint fundraising committee. The emails even cast plenty of doubt on Brazile’s neutrality, given she shared with the Clinton campaign details of questions to be asked at a pair of CNN forums for the Democratic candidates in March 2016, before she was interim chair but when she was still a DNC official. Brazile, who was a CNN pundit at the time, lost her CNN job over that.

The timeline here is also important. Many of those emails described above came after it was abundantly clear that Clinton would be the nominee, barring a massive and almost impossible shift in primary votes. It may have been in poor taste and contrary to protocol, but the outcome was largely decided long before Sanders ended his campaign. Brazile doesn’t dwell too much on the timeline, so it’s not clear exactly how in-the-bag Clinton had the nomination when the alleged takeover began. It’s also not clear exactly what Clinton got for her alleged control.

This is also somewhat self-serving for Brazile, given the DNC continued to struggle during and after her tenure, especially financially. The op-ed is excerpted from her forthcoming book, “Hacks: The Inside Story of the Break-ins and Breakdowns That Put Donald Trump in the White House.” Losses like the one in 2016 will certainly lead to plenty of finger-pointing, and Brazile’s book title and description allude to it containing plenty of that.

But taking on the Clintons is definitely something that most in the party wouldn’t take lightly. And Brazile’s allegation that Clinton was effectively controlling the DNC is the kind of thing that could lead to some further soul-searching and even bloodletting in the Democratic Party. It’s largely been able to paper over its internal divisions since the primary season in 2016, given the great unifier for Democrats that is President Trump.

Sanders himself has somewhat toned down his criticism of the DNC during that span, but what he says — especially given he seems to want to run again in 2020 — will go a long way in determining how the party moves forward.

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The Finance 202: Some corporate interests swiftly align against tax overhaul – Washington Post

THE TICKER

Want to keep smart and easy tabs on the tax reform debate in Washington? We have you covered here.

House Republicans have finally released their tax package today. But an unusual array of corporate interests — which typically ally with Republicans in major legislative battles — are siding against it in what could be an ominous development.

The prominent naysayers include the National Association of Realtors and the National Federation of Independent Businesses, which immediately said they couldn’t support the overhaul that makes changes to both the individual and corporate side of the tax code. The National Association of Home Builders had already announced it’s opposition and vowed to fight the revamp with its considerable firepower. “We will do everything we can to defeat this thing,” said Jerry Howard, chief executive of the National Association of Home Builders, even before the plan made its debut to House Republicans this morning.

The U.S. Chamber of Commerce praised the release of the bill, but said in a statement that “a lot of work needs to be done.” And The BUILD Coalition — which represents financial services companies, real-estate developers, and farm interests — has come out against the bill’s proposed limitation of the deduction for interest on business debt.

#NFIB is unable to support #tax bill in current form. Our full statement: https://t.co/3bNQr6FEIq#taxreform

— NFIB (@NFIB) November 2, 2017

The biggest problem for Republicans appears to be the decision to halve — rather than keep entirely intact — the deduction for mortgage interest. The Tax Cuts and Jobs Act would reduce that deduction to homeowners with $500,000 mortgages instead of the $1 million mortgages that are currently allowed. Property tax deductions would now be capped at $10,000.

Moderate Republicans from high-cost states like New York and New Jersey had fiercely opposed any changes to the state-and-local tax deduction and early reports had thought the final product would potentially eliminate it. But that was not the case, provoking opposition from them as well.

Rep. Lee Zeldin (R-N.Y.) is apparently one of the foes, per a Fox News reporter:

GOP NY Rep Zeldin: I am a No to this bill in its current form. We need to fix this State and Local Tax deduction issue.

— Chad Pergram (@ChadPergram) November 2, 2017

The overhaul would slash the corporate tax rate from 35 to 20 percent — a bid pushed by President Trump in order, he hopes, to lure American companies back into the country. It would collapse the individual side of the code from seven brackets to four. “We are just getting started, and there is much work left to do,” the president said in a statement, suggesting a less-than-full embrace of the House GOP’s first crack at a bill. 

Other major proposals in the bill include, per my colleagues Mike DeBonis and Damian Paletta:

  • Nearly doubling the standard deduction from $12,700 per family to $24,000.
  • Creating a new “family credit” and raising the child tax credit from $1,000 to $1,600 per child.
  • Eliminating deductions for medical expenses and property and casualty losses.
  • Changing the way college-savings plans and tax-exempt churches and charities are taxed.

Yet Republican leaders proclaimed their members “excited” about the effort:

Democrats, not so much:

The initial pushback is not a good sign for Republicans desperate to obtain a legislative win as they head into the 2018 midterms.

Much haggling and negotiations lie ahead — and reports of the plan’s death, which will come with some frequency, are likely to be exaggerated. Nonetheless, the instant backlash suggests this will be an uphill battle.

You are reading The Finance 202, our must-read tipsheet on where Wall Street meets Washington.
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MARKET MOVERS

The rental truck used by Sayfullo Saipov, an Uzbek immigrant, who drove down a bike path for twenty blocks killing eight people and injuring several more, is hauled away on a New York City Police flatbed on Wednesday. (Ricky Carioti/The Washington Post)

NEW YORK TERROR ATTACK: 

Charges filedNYT: “Federal prosecutors on Wednesday filed charges accusing the driver in the Manhattan truck attack of carrying out a long-planned plot, spurred by Islamic State propaganda videos, to kill people celebrating Halloween. The charges, filed just over 24 hours after the deadliest terror attack on New York City since Sept. 11, 2001, placed the case in the civilian courts even as President Trump denounced the American criminal justice system as ‘a joke’ and ‘a laughingstock.’ The charges describe the driver, Sayfullo Saipov, 29, as a voracious consumer and meticulous student of ISIS propaganda, and detail how he said he was spurred to attack by an ISIS video questioning the killing of Muslims in Iraq.”

Trump dispatched with the presumption of innocence late Wednesday to declare that Saipov should get the death penalty: 

NYC terrorist was happy as he asked to hang ISIS flag in his hospital room. He killed 8 people, badly injured 12. SHOULD GET DEATH PENALTY!

— Donald J. Trump (@realDonaldTrump) November 2, 2017

That followed a day in which Trump used the attack to renew a push for his hard-line policies. David Nakamura and Ed O’Keefe: “The president said he would move to eliminate a popular “diversity lottery” for foreigners seeking U.S. visas and direct the State Department to ramp up “extreme vetting” of immigrants. He also suggested he would consider sending the suspect, Sayfullo Saipov, a legal permanent resident of the United States, to the U.S. military prison in Guantanamo Bay, Cuba.”

Terror by truck. The method is now a go-to for ISIS, used seven times in Western cities over the last year. The Post: “The results of the Halloween attack underscore the reasons for its popularity, terrorism experts say: The tactic requires no special skill or instruction, or formal membership in a terrorist group. And it is nearly impossible to prevent or stop.” … Neighbors say they saw Saipov practice driving a truck around his suburban New Jersey neighborhood in recent weeks. 

FED WATCH: 

Jerome Powell. (Zach Gibson / Bloomberg)

Powell gets the rose. The announcement is coming today. WSJ offers some historical perspective: “Mr. Powell’s nomination would mark the first time in nearly four decades that a new president hasn’t asked the serving Fed leader to stay on for another term, even though that person was nominated by a president of a different party. The last time a first-term president didn’t do that was in 1978, when President Jimmy Carter chose G. William Miller to succeed Arthur Burns… Reached by phone Wednesday, both Mr. Powell and Ms. Yellen declined to comment. A Fed spokeswoman also declined to comment.” 

Investors cheer continuity. Bloomberg’s Sarah Ponczek and Elena Popina: “Investors enjoying the fruits of a decade-long bull market in equities expect to find an ally in Jerome Powell… Barring the reappointment of Yellen, Powell was viewed as one of the best options for bulls, an extension of the dovish policies that helped the S&P 500 rise 45 percent during her tenure… Equities have been on an upswing since Bloomberg News reported Trump was leaning toward Powell on Friday, with the biggest exchange-traded fund rising three of four days. S&P 500 Index futures were little changed late Wednesday after the Wall Street Journal earlier reported that Trump intends to nominate the 64-year-old Fed governor on Thursday. The dollar and Treasuries showed little reaction.”

Fed leaves rates alone. In the shadow of Thursday’s big announcement, the central bank on Wednesday left interest rates unchanged. WSJ’s David Harrison: “Officials have penciled in one more move for 2017 if the economy stays on track. The Fed has one more meeting scheduled before the end of the year, on Dec. 12-13. The central bank has raised its benchmark federal-funds rate four times since late 2015, in quarter-percentage-point steps, to a current range between 1% and 1.25%.”

The former Goldman Sachs president, now Trump’s top economic adviser, was a front-runner for the Fed job until August, when he publicly broke with the president over his handling of fatal neo-Nazi violence in Charlottesville, Virginia.

Politico

Goldman Sachs economists on Wednesday upgraded their forecast on U.S. nonfarm payrolls for October to a 340,000 increase from a 325,000 gain, based on the latest data on company hiring from ADP and factory activity from the Institute for Supply Management.

Reuters

MONEY ON THE HILL

House Ways and Means Committee Chairman Kevin Brady (R-Tex.). (Alex Wong/Getty)

TAX FLY-AROUND:

Today’s remainning schedule for the tax bill. Courtesy of Speaker Paul Ryan’s (R-Wis.) press office: 

  • 1:30 pm: Speaker Ryan/Ways and Means members meet with President Trump at the White House.
  • 2:30 pm: Speaker Ryan interview with Fox News’ The Daily Briefing with Dana Perino airs.

More GOP infighting ahead. Bloomberg’s Anna Edgerton: “A leading House Republican conservative warned that the unveiling of the tax bill Thursday would unleash dissent ‘like you’ve never seen.’ But that doesn’t mean Republicans will fail, said Representative Mark Meadows, chairman of the House Freedom Caucus. ‘It may be a little messy, it may not be as fun as we would all have liked to have seen it be over the past few weeks,’ Meadows told reporters Wednesday after meeting with Senate Majority Leader Mitch McConnell. ‘But we’re going to get it done, and failure is not an option.'”

Trump throws a curveball. Damian: “Trump on Wednesday said congressional Republicans should make a major change to their upcoming tax cut bill by including changes to the Affordable Care Act, an idea that has divided the GOP for months. The idea had already been rejected one day earlier by… Brady, who had said it risked bogging down the process. But Trump, in two Twitter posts Wednesday, pushed the idea, which has gained currency with some Senate Republicans. The biggest proponent of the idea is Sen. Tom Cotton (R-Ark.).”

Wouldn’t it be great to Repeal the very unfair and unpopular Individual Mandate in ObamaCare and use those savings for further Tax Cuts…..

— Donald J. Trump (@realDonaldTrump) November 1, 2017

….for the Middle Class. The House and Senate should consider ASAP as the process of final approval moves along. Push Biggest Tax Cuts EVER

— Donald J. Trump (@realDonaldTrump) November 1, 2017

Mnuchin resists corporate fade-in. Bloomberg’s Saleha Mohsin  and Jennifer Jacobs: “Treasury Secretary Steven Mnuchin is resisting a gradual phase in of the proposed 20 percent corporate rate out of concern the move wouldn’t boost economic growth as much as he’s anticipated, according to a Trump administration official and another person familiar with Mnuchin’s thinking. Mnuchin is worried that a slow reduction of the corporate rate from its current 35 percent would also make the U.S. less competitive, as other countries cut their rates faster and foreigners delay their investments in the U.S., said the official, who asked not to be named because the discussions are private.”

He’s got history on his side, a new analysis suggests. “Ladling out corporate tax cuts bit by bit is a bad idea. Look at history,” Bloomberg’s Sarah Ponczek writes. “So goes an argument being pushed by analysts at Strategas Research Partners, who say Presidents Ronald Reagan and George W. Bush came to regret their gradualist approaches in 1981 and 2001. ‘Phasing in the corporate tax rate cut for five years is a terrible idea,’ the analysts, led by Daniel Clifton, head of policy research at Strategas, wrote in a note Tuesday. ‘Taxpayers will delay their economic activity in anticipation of the lower tax rate in future years.'”

Colleges, charities on Senate menu. Politico’s Brian Faler: “Universities, charities, life insurance companies and others could all lose cherished tax breaks under a Senate plan to rewrite the tax code. Senate Republicans are considering a number of sure-to-be controversial changes, including imposing a new 2 percent excise tax on the endowment earnings of private universities, according to a summary POLITICO obtained.

They may reduce the tax breaks people receive for fringe benefits at work, such as a deductions for entertainment- and transportation-related expenses. Another proposal, apparently aimed at Silicon Valley firms, would limit write-offs businesses can take for providing meals to employees. Uber drivers, people who rent their homes through Airbnb and others participating in the ‘gig economy’ could see tougher income reporting requirements that make it harder for them to avoid paying taxes. Insurance companies could lose a host of tax breaks worth more than $31 billion.”

WH blasé about delay. Politico’s Nancy Cook reports that the administration was okay with the fact that House Republicans missed their initial target of a Wednesday rollout, “provided it doesn’t extend into the weekend, according to three senior administration officials—and Trump even told Ryan he’d be fine if it takes until Friday, said two people briefed on their conversation.” 

But Trump wouldn’t be accepting responsibility if another of his priorities goes down. Here he was Wednesday making clear he will blame Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn if the tax overhaul fails:

Cut, cut, cut. ABC News: “Ryan’s office initially asked the White House for input because of the president’s knack for branding, according to a senior Hill aide. Trump has been insistent that the bill be called the ‘Cut Cut Cut Act’ according to the administration officials. Ryan and Brady have pushed back on the name of the bill. However, Trump has held firm.”

— A new $100 million force. Politico’s Alex Isenstadt: “Trump’s super PAC is drawing up plans to spend $100 million on an all-out push to sell tax reform and elect pro-Trump Republicans in 2018. The group, dubbed America First Action, is expected to host a fundraiser in the coming months that will be attended by Vice President Mike Pence and is in talks with the administration to get Trump to headline an event. It has tapped oil and gas mogul Harold Hamm, a Trump ally whose net worth exceeds $11 billion, to boost its fundraising campaign. And it is recruiting major Republican Party donors across the country.

Last week, America First officials met with top Trump advisers at the White House to brief them on a multimillion dollar campaign to promote tax reform and discuss how the legislative battle is likely to play out. But the stepped-up activity, which strategists revealed in interviews for the first time, is an abrupt change for the super PAC. The group has been dormant for much of the year, much to the frustration of the White House. America First has suffered from infighting, leadership shake-ups, and questions over its strategy and approach since its founding after the 2016 election.”

Former Rep. Scott Garrett (R-N.J.). (AP /Manuel Balce Ceneta)

Garrett’s rough day. WSJ’s Andrew Ackerman: “Trump’s choice to head the Export-Import Bank didn’t appear to sway waffling Republican senators on a key panel into supporting him, putting his confirmation at risk. Lawmakers from both parties criticized Scott Garrett during a Senate Banking Committee hearing on Wednesday, saying his past votes to shut down the bank while serving in the House made him unsuitable to run the agency.

Mr. Garrett reversed his prior opposition to the agency in testimony before the committee, pledging to keep the bank ‘fully functioning.’ But lawmakers indicated they weren’t satisfied by his remarks. No Democrats on the committee are expected to back Mr. Garrett, meaning attracting enough Republican support is crucial to getting his nomination through the panel and advancing it to the full Senate. Industry groups that benefit from the Ex-Im Bank, which provides financing for U.S. exports, are pressuring lawmakers to oppose Mr. Garrett.

‘What would have made you change your mind about whether or not the Export-Import Bank should exist?’ asked Sen. Mike Rounds (R., S.D.) who said he had met with Mr. Garrett twice and hadn’t received a satisfactory answer. ‘This is critical, that you be able to share what has changed your mind.’… Mr. Scott bantered with Mr. Garrett during the hearing but later told reporters he was still undecided.”

TRUMP TRACKER

President Trump. (Jabin Botsford/The Washington Post)

RUSSIA WATCH: 

Trump isn’t angry. He says so himself. The NYT’s Maggie Haberman and Peter Baker: “Trump projected an air of calm on Wednesday after charges against his former campaign chief and a foreign policy aide roiled Washington, insisting to The New York Times that he was not ‘angry at anybody’ and that investigations into his campaign’s links to Russia had not come near him personally. ‘I’m not under investigation, as you know,’ Mr. Trump said in a brief telephone call late Wednesday afternoon. Pointing to the indictment of his former campaign chief, Paul Manafort, the president said, ‘And even if you look at that, there’s not even a mention of Trump in there.’ ‘It has nothing to do with us,’ Mr. Trump said.  He also pushed back against a report published Monday night by The Washington Post, which the president said described him as ‘angry at everybody.’ ‘I’m actually not angry at anybody,’ Mr. Trump told The Times.”

He might be a little bit angry. Vanity Fair’s Gabriel Sherman: “Trump… has reacted to the deteriorating situation by lashing out on Twitter and venting in private to friends. He’s frustrated that the investigation seems to have no end in sight. ‘Trump wants to be critical of Mueller,’ one person who’s been briefed on Trump’s thinking says. ‘He thinks it’s unfair criticism. Clinton hasn’t gotten anything like this. And what about Tony Podesta? Trump is like, When is that going to end?’ 

According to two sources, Trump has complained to advisers about his legal team for letting the Mueller probe progress this far. Speaking to Steve Bannon on Tuesday, Trump blamed Jared Kushner for his role in decisions, specifically the firings of Mike Flynn and James Comey, that led to Mueller’s appointment, according to a source briefed on the call.

When Roger Stone recently told Trump that Kushner was giving him bad political advice, Trump agreed, according to someone familiar with the conversation. ‘Jared is the worst political adviser in the White House in modern history,’ Nunberg said. ‘I’m only saying publicly what everyone says behind the scenes at Fox News, in conservative media, and the Senate and Congress.'”

Tech giants face more Hill heat. The Post: “Senators from both parties took tech company officials to task in a hearing Wednesday for failing to better identify, defuse and investigate Russia’s campaign to manipulate American voters over social media during the 2016 presidential campaign. In the second of three Capitol Hill hearings this week on Russian’s online information operation, members of the Senate intelligence committee challenged Facebook, Google and Twitter in strikingly direct terms that, at times, seemed to carry the implicit threat of legislation that could rein in the nation’s wildly profitable technology industry.

‘I don’t think you get it,’ said Sen. Dianne Feinstein (D-Calif.), whose home state includes all three companies. ‘What we’re talking about is a cataclysmic change. What we’re talking about is the beginning of cyber-warfare. What we’re talking about is a major foreign power with sophistication and ability to involve themselves in a presidential election and sow conflict and discontent all over this country. We are not going to go away gentlemen. And this is a very big deal.'”

Watch the summary of tech companies’ Senate Intelligence testimony, in three minutes:

One message senators delivered repeatedly to the lawyers sent to represent the companies: Next time, bring your CEOs

The day wasn’t all bad for Facebook, at least. The company posted a 79 percent surge in profit to $4.7 billion, beating Wall Street expectations. 

THE REGULATORS

The Securities and Exchange Commission took a first step on Wednesday to head off the recent trend of celebrities endorsing new virtual currencies, warning that they could be breaking laws.

NYT

CHART TOPPER

Here’s an example of what Russian Facebook ads you might have seen if you were a Hillary Clinton supporter. The Post’s Dan Keating, Kevin Schaul and Leslie Shapiro take a look at a few other examples of how people were targeted on Facebook based on interests, political leanings, location, age and other traits.

DAYBOOK

POST PROGRAMMING ALERT: The Post and Live Nation will bring the “Can He Do That?” podcast to a live audience at the Warner Theatre on Tuesday, Nov. 7. In this live taping, political reporters Bob Woodward, David Fahrenthold and Karen Tumulty will join host Allison Michaels to review the past year in President Trump’s White House and the biggest moments that made people wonder “Can He Do That?” Tickets can be purchased now at Live Nation. Attendees will also receive a free 30-day digital subscription to The Washington Post. 

Today

Coming Up

  • The Heritage Foundation holds an event on reforming the Financial Industry Regulatory Authority on Friday.

  • The House Financial Services Subcommittee on Capital Markets, Securities and Investment holds a hearing on “Legislative Proposals to Improve Small Businesses’ and Communities’ Access to Capital” on Friday.

  • The Washington Examiner holds an event on the tax bill with House Speaker Paul D. Ryan (R-Wis.) on Nov. 8.

THE FUNNIES

From the New Yorker:

BULL SESSION

Here are the ads that Russian-linked groups posted on social media:

Donald Trump Jr.’s Halloween socialism lesson, according to the Internet:

Hillary Clinton chats with Trevor Noah on The Daily Show:

[embedded content]

Samantha Bee says chief of staff John Kelly is not the adult in the White House:

[embedded content]

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Republicans Release Tax Plan, Cutting Corporate and Middle-Class Taxes – New York Times

WASHINGTON — Republican lawmakers unveiled the most sweeping rewrite of the tax code in decades, outlining a $1.51 trillion plan to cut taxes for corporations, reduce them for some middle-class families and tilt the United States closer, but not entirely, toward the kind of tax system long championed by businesses, according to talking points circulated on Thursday.

The House plan, released after weeks of internal debate, conflict and delay, is far from final and will ignite a legislative and lobbying fight as Democrats, business groups and other special interests tear into the text ahead of a Republican sprint to get the legislation passed and to President Trump’s desk by Christmas.

Representative Kevin Brady, who chairs the House Ways and Means Committee, said the bill is estimated to cost $1.51 trillion over a decade. Lawmakers must keep the cost of the bill to $1.5 trillion if they want to pass it along party lines and avoid a fillibuster by Democrats. Lawmakers have been scrambling for days to find a way to make cuts that are expected to cost trillions of dollars into a $1.5 trillion hole. That has prompted a host of changes on the corporate and individual side, including a new twist that would limit the mortgage interest deduction by capping it at $500,000.

The Run-Up

The podcast that makes sense of the most delirious stretch of the 2016 campaign.

“This isn’t the last product,” said Representative Carlos Curbelo, Republican of Florida and a member of the House Ways and Means Committee. “This is just the kickoff to this tax reform exercise.”

Individual tax rates will change

The plan establishes three tax brackets, 12, 25 and 35 percent, and also keeps a top rate of 39.6 percent for the highest-earners, collapsing the total number of brackets from seven. The brackets, as described by Representative Kevin Brady, chairman of the Ways and Means Committee and Republican of Texas, fall along the following lines:

Single filers making up to $24,000 will pay no income tax; up to $90,000 will be in the 12 percent bracket, up to $260,000 in the 25 percent bracket and up to $1 million in the 35 percent bracket. Those making above $1 million will be in the 39.6 percent bracket, which is currently the top rate for millionaires.

Changes for the middle class

The proposal roughly doubles the standard deduction for middle-class families, expanding it to $24,000 for married couples, from $12,700, and setting it at $12,000 for individuals, from $6,530 today. Republicans also plan to expand the child tax credit to $1,600 from $1,000 and add a $300 credit for each parent and nonchild dependent, such as older family members.

No changes to 401(k) retirement plans

After much nail-biting debate, the House will not make any changes to the pretax treatment of 401(k) plans. “Americans will be able to continuing making both traditional, pretax contributions and ‘Roth’ contributions in the way that works best for them,” the talking points say.

Changing the mortgage interest deduction

One of the biggest flash points will be proposed changes to the popular mortgage interest deduction. Under the Republican plan, existing homeowners can keep the deduction, but future purchases will be capped at $500,000.

The National Association of Realtors came out swinging against the bill, suggesting a huge fight awaits over how real estate is treated.

“Eliminating or nullifying the tax incentives for homeownership puts home values and middle-class homeowners at risk, and from a cursory examination this legislation appears to do just that,” said William E. Brown, president of the National Association of Realtors. “We will have additional details upon a more thorough reading of the bill.”

Jerry Howard, chief executive of the National Association of Homebuilders, said he was very disappointed in the Republican tax plan and warned that it could create a recession in the housing market.

“It puts such severe limitations on home buyers ability to use the mortgage interest deduction that home values will fall,” Mr. Howard said in an interview. “If a home seller takes a loss, that’s money they were counting on for retirement.”

Mr. Howard said the bill amounts to a broken promise.

“Contrary to their assertions, the Republicans are picking winners and losers,” he said. “They are picking rich Americans and corporations over small businesses and the middle class.”

Eliminating the medical expense deduction

A big change may be in store for those who deduct medical expenses. The talking points outlined by Republicans say the deduction will go away but that families will be made whole by the overall lowering of tax rates and doubling the standard deduction. But those who make heavy use of the medical expense deduction — including many middle-class families — may be opposed to that change.

Repealing the estate tax — eventually

The proposal will double the estate tax exemption to roughly $11 million, from $5.49 million, meaning families can avoid paying taxes on large inheritance. And it eventually repeals the estate tax altogether, phasing it out entirely in six years.

Adding limits to the state and local tax deduction

One of the biggest flash points will be how the bill treats the state and local tax deduction, which lawmakers are proposing to limit to property taxes and cap at $10,000. That will not be enough for Republicans in some high-tax states, where middle-class families make heavy use of the deduction, which currently applies to state and local income taxes and general sales taxes as well as property taxes.

House Republicans had intended to roll out the tax proposal on Wednesday, but ended up delaying its release by a day, providing a signal of the steep challenge they face in making the math work while also assembling the votes they need to get a bill through the chamber.

Representative Dan Donovan, a Republican from New York, said he remained concerned about the impact of the state and local tax deduction as he left a briefing on the bill but said he would assess the proposed changes on their entirety.

“I’m looking for a benefit for the people I represent,” he said. “The people of New York City deserve a tax break.”

Multinational corporations face big changes

For the first time, the United States is proposing to have a global minimum tax of 10 percent, which would apply to income that American companies earn anywhere in the world. The effort is aimed at preventing companies from shifting profits abroad and grabbing back some of the tax revenue on income earned overseas. Those profits are currently not taxed until they are returned to the United States, giving companies an incentive to keep that money offshore since they are taxed at the current corporate tax rate of 35 percent.

Republican leaders are encouraged

Walking into the men’s restroom, Representative Kevin McCarthy, Republican of California, said of his colleagues, “It looks very positive, these people are excited.” He added: “this is why they came to Congress.”

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The Finance 202: Playbook to kill tax overhaul already written before bill’s debut – Washington Post

THE TICKER

President Donald Trump talks with House Speaker Paul Ryan (R-Wisc.). (AP /Evan Vucci)

Want to keep smart and easy tabs on the tax reform debate in Washington? We have you covered here.

Today’s note will self-destruct in roughly two hours. And then again — and likely again.

That’s when House Republican leaders are expected — finally — to release the first draft of a tax code overhaul they’ve spent months developing behind closed doors. The debut time has been set for 11:15 a.m. this morning.

The last few days suggest the project remains in what could charitably be described as rough shape. Scrambling to find sources of revenue to pay for a sprawling, $5 trillion wish list of tax cuts, GOP tax writers on Wednesday also appeared to be scaling back their ambitions — both on the individual and corporate side of the code.

Here’s what we can say at this point: The successful pushback against efforts to kill the state and income tax deduction — as well as lobbying to kill pre-contribution taxing of 401(k) retirement contributions — has established a playbook for every industry group or business that combs through the forthcoming text and decides they’d be better off under the status quo. Simply cobble together a couple dozen of the most like-minded Republicans and convince them to threaten to bolt if leaders don’t drop the offending provision. 

After such efforts, today’s bill could abandon a central aim of the entire effort — to permanently chop the corporate rate from 35 percent to 25 percent — in favor of a temporary cut. Or not.

Per my colleagues Mike DeBonis and Damian Paletta:

House Ways and Means Committee Chairman Kevin Brady (R-Tex.) “said he had to make changes to keep his upcoming bill in line with rules Republicans need to abide by if they hope to pass the measure through the Senate without Democratic support. He added he hopes to make changes during negotiations with the Senate at some point to make the cuts long-term, but at this time he is unable to propose a permanent cut.”

“It’s going to take several steps through the process to achieve” permanence on the corporate rate, Brady said, citing what he termed “those awfully funny” Senate rules. “That will enter into the discussion.”

But Axios’s Jonathan Swan reported late Thursday that the corporate rate cut will in fact be permanent, and when I asked Brady about it shortly before 11 p.m., he said, “12 hours,” indicating the time until Republicans unveil the details. By Thursday morning, the Wall Street Journal and Bloomberg were also reporting that the rate cut in fact will be permanent.

And the New York Times reports the move to a temporary cut itself is intended to be temporary — a “place holder” until Republicans can rustle up the revenue to offset the estimated $1.6 trillion cost of embedding the cut in the code for good. 

Nevertheless, backing off such a central pillar of the original plan would mark a defeat — and could spook investors who are counting on a wholesale reduction in the corporate rate to help turbocharge economic growth. 

Republicans on the Ways and Means panel, for their part, broadcast cheeriness about the imminent launch of the package as they filed out of a Wednesday night meeting that stretched for over three hours as they reviewed the fine print. 

“We’re doing great — on schedule for the morning and excited,” Brady said. “We’ll continue to listen. We’re going to make improvements at every step. We’re going very bold, so we expect people and families and businesses to respond and tell us what they think.”

Want your own copy of the bill text (to fight or rally behind, as the case may be)? Text TAXES to 50589 and it’s all yours:

Don’t forget! Text TAXREFORM to 50589 to be the first to see our new #taxreform plan. pic.twitter.com/KJixW88xFz

— CathyMcMorrisRodgers (@cathymcmorris) November 1, 2017

House Ways and Means Committee Chairman Kevin Brady (R-Tex.). (AP /J. Scott Applewhite)

But the chaos spilled over into proposed changes to the individual side of the tax code, as well. Republican leaders were still struggling Wednesday to forge a compromise with their rank-and-file from high-tax states like New Jersey and New York — a cohort threatening to oppose the package because it proposes to eliminate the federal deduction for state and local taxes (otherwise known as the SALT deduction).

More from Damian and Mike: “Several members said Wednesday that Republicans were looking at capping the property tax deduction at around $10,000, though discussions remained fluid. Still, several members said the changes weren’t sufficient. If enough Republicans refuse to accept the adjustment, they could oppose the bill and potentially kill it on the House floor.”

And the AP reports that Republicans are likewise backing off plans to wring out some new funding for their proposal by limiting tax-free contributions to retirement plans, including 401(k)s, after the idea met resistance both from President Trump and some of their own in the chamber. 

Furthermore, following what can only be termed as  unhelpful pre-rollout tweets from President Trump, Republicans are considering including the elimination of the individual mandate to buy health care — though the language isn’t expected to be in today’s draft.

Damian and Mike, again: “Three Republican members of the Ways and Means Committee and a GOP leadership aide, speaking on the condition of anonymity to describe internal deliberations, said that there has been serious discussion about including the individual mandate repeal in the tax bill. But they said that the committee is divided on the issue and that it is unlikely to be included in the initial draft.”

Republican leaders have held their plans close in part to forestall that bloodletting. Even still, the process wasn’t airtight, and the National Association of Home Builders and the National Association of Realtors both are already putting their considerable muscle behind opposition campaigns.

Untold others will begin laying plans to join them in the hours ahead. Buckle up. 

And President Trump, as always, is a wildcard that could upend the negotiations at any moment.

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MARKET MOVERS

The rental truck used by Sayfullo Saipov, an Uzbek immigrant, who drove down a bike path for twenty blocks killing eight people and injuring several more, is hauled away on a New York City Police flatbed on Wednesday. (Ricky Carioti/The Washington Post)

NEW YORK TERROR ATTACK: 

Charges filedNYT: “Federal prosecutors on Wednesday filed charges accusing the driver in the Manhattan truck attack of carrying out a long-planned plot, spurred by Islamic State propaganda videos, to kill people celebrating Halloween. The charges, filed just over 24 hours after the deadliest terror attack on New York City since Sept. 11, 2001, placed the case in the civilian courts even as President Trump denounced the American criminal justice system as ‘a joke’ and ‘a laughingstock.’ The charges describe the driver, Sayfullo Saipov, 29, as a voracious consumer and meticulous student of ISIS propaganda, and detail how he said he was spurred to attack by an ISIS video questioning the killing of Muslims in Iraq.”

Trump dispatched with the presumption of innocence late Wednesday to declare that Saipov should get the death penalty: 

NYC terrorist was happy as he asked to hang ISIS flag in his hospital room. He killed 8 people, badly injured 12. SHOULD GET DEATH PENALTY!

— Donald J. Trump (@realDonaldTrump) November 2, 2017

That followed a day in which Trump used the attack to renew a push for his hard-line policies. David Nakamura and Ed O’Keefe: “The president said he would move to eliminate a popular “diversity lottery” for foreigners seeking U.S. visas and direct the State Department to ramp up “extreme vetting” of immigrants. He also suggested he would consider sending the suspect, Sayfullo Saipov, a legal permanent resident of the United States, to the U.S. military prison in Guantanamo Bay, Cuba.”

Terror by truck. The method is now a go-to for ISIS, used seven times in Western cities over the last year. The Post: “The results of the Halloween attack underscore the reasons for its popularity, terrorism experts say: The tactic requires no special skill or instruction, or formal membership in a terrorist group. And it is nearly impossible to prevent or stop.” … Neighbors say they saw Saipov practice driving a truck around his suburban New Jersey neighborhood in recent weeks. 

FED WATCH: 

Jerome Powell. (Zach Gibson / Bloomberg)

Powell gets the rose. The announcement is coming today. WSJ offers some historical perspective: “Mr. Powell’s nomination would mark the first time in nearly four decades that a new president hasn’t asked the serving Fed leader to stay on for another term, even though that person was nominated by a president of a different party. The last time a first-term president didn’t do that was in 1978, when President Jimmy Carter chose G. William Miller to succeed Arthur Burns… Reached by phone Wednesday, both Mr. Powell and Ms. Yellen declined to comment. A Fed spokeswoman also declined to comment.” 

Investors cheer continuity. Bloomberg’s Sarah Ponczek and Elena Popina: “Investors enjoying the fruits of a decade-long bull market in equities expect to find an ally in Jerome Powell… Barring the reappointment of Yellen, Powell was viewed as one of the best options for bulls, an extension of the dovish policies that helped the S&P 500 rise 45 percent during her tenure… Equities have been on an upswing since Bloomberg News reported Trump was leaning toward Powell on Friday, with the biggest exchange-traded fund rising three of four days. S&P 500 Index futures were little changed late Wednesday after the Wall Street Journal earlier reported that Trump intends to nominate the 64-year-old Fed governor on Thursday. The dollar and Treasuries showed little reaction.”

Fed leaves rates alone. In the shadow of Thursday’s big announcement, the central bank on Wednesday left interest rates unchanged. WSJ’s David Harrison: “Officials have penciled in one more move for 2017 if the economy stays on track. The Fed has one more meeting scheduled before the end of the year, on Dec. 12-13. The central bank has raised its benchmark federal-funds rate four times since late 2015, in quarter-percentage-point steps, to a current range between 1% and 1.25%.”

The former Goldman Sachs president, now Trump’s top economic adviser, was a front-runner for the Fed job until August, when he publicly broke with the president over his handling of fatal neo-Nazi violence in Charlottesville, Virginia.

Politico

Goldman Sachs economists on Wednesday upgraded their forecast on U.S. nonfarm payrolls for October to a 340,000 increase from a 325,000 gain, based on the latest data on company hiring from ADP and factory activity from the Institute for Supply Management.

Reuters

MONEY ON THE HILL

House Ways and Means Committee Chairman Kevin Brady (R-Tex.). (Alex Wong/Getty)

TAX FLY-AROUND:

Today’s schedule for the tax bill’s unveiling. Courtesy of Speaker Paul Ryan’s (R-Wis.) press office: 

  • 9:00 am: GOP Conference meeting to walk members through text.
  • 10:30 am: Ways and Means’ off-camera reporter briefing, embargoed until 11:15 a.m.
  • 11:15 am: GOP Leadership/Ways and Means press conference.
  • 12:00 pm: Speaker Ryan interview with CNN’s Phil Mattingly airs.
  • 1:30 pm: Speaker Ryan/Ways and Means members meet with President Trump at the White House.
  • 2:30 pm: Speaker Ryan interview with Fox News’ The Daily Briefing with Dana Perino airs.

More GOP infighting ahead. Bloomberg’s Anna Edgerton: “A leading House Republican conservative warned that the unveiling of the tax bill Thursday would unleash dissent ‘like you’ve never seen.’ But that doesn’t mean Republicans will fail, said Representative Mark Meadows, chairman of the House Freedom Caucus. ‘It may be a little messy, it may not be as fun as we would all have liked to have seen it be over the past few weeks,’ Meadows told reporters Wednesday after meeting with Senate Majority Leader Mitch McConnell. ‘But we’re going to get it done, and failure is not an option.'”

Trump throws a curveball. Damian: “Trump on Wednesday said congressional Republicans should make a major change to their upcoming tax cut bill by including changes to the Affordable Care Act, an idea that has divided the GOP for months. The idea had already been rejected one day earlier by… Brady, who had said it risked bogging down the process. But Trump, in two Twitter posts Wednesday, pushed the idea, which has gained currency with some Senate Republicans. The biggest proponent of the idea is Sen. Tom Cotton (R-Ark.).”

Wouldn’t it be great to Repeal the very unfair and unpopular Individual Mandate in ObamaCare and use those savings for further Tax Cuts…..

— Donald J. Trump (@realDonaldTrump) November 1, 2017

….for the Middle Class. The House and Senate should consider ASAP as the process of final approval moves along. Push Biggest Tax Cuts EVER

— Donald J. Trump (@realDonaldTrump) November 1, 2017

Mnuchin resists corporate fade-in. Bloomberg’s Saleha Mohsin  and Jennifer Jacobs: “Treasury Secretary Steven Mnuchin is resisting a gradual phase in of the proposed 20 percent corporate rate out of concern the move wouldn’t boost economic growth as much as he’s anticipated, according to a Trump administration official and another person familiar with Mnuchin’s thinking. Mnuchin is worried that a slow reduction of the corporate rate from its current 35 percent would also make the U.S. less competitive, as other countries cut their rates faster and foreigners delay their investments in the U.S., said the official, who asked not to be named because the discussions are private.”

He’s got history on his side, a new analysis suggests. “Ladling out corporate tax cuts bit by bit is a bad idea. Look at history,” Bloomberg’s Sarah Ponczek writes. “So goes an argument being pushed by analysts at Strategas Research Partners, who say Presidents Ronald Reagan and George W. Bush came to regret their gradualist approaches in 1981 and 2001. ‘Phasing in the corporate tax rate cut for five years is a terrible idea,’ the analysts, led by Daniel Clifton, head of policy research at Strategas, wrote in a note Tuesday. ‘Taxpayers will delay their economic activity in anticipation of the lower tax rate in future years.'”

Colleges, charities on Senate menu. Politico’s Brian Faler: “Universities, charities, life insurance companies and others could all lose cherished tax breaks under a Senate plan to rewrite the tax code. Senate Republicans are considering a number of sure-to-be controversial changes, including imposing a new 2 percent excise tax on the endowment earnings of private universities, according to a summary POLITICO obtained.

They may reduce the tax breaks people receive for fringe benefits at work, such as a deductions for entertainment- and transportation-related expenses. Another proposal, apparently aimed at Silicon Valley firms, would limit write-offs businesses can take for providing meals to employees. Uber drivers, people who rent their homes through Airbnb and others participating in the ‘gig economy’ could see tougher income reporting requirements that make it harder for them to avoid paying taxes. Insurance companies could lose a host of tax breaks worth more than $31 billion.”

WH blasé about delay. Politico’s Nancy Cook reports that the administration was okay with the fact that House Republicans missed their initial target of a Wednesday rollout, “provided it doesn’t extend into the weekend, according to three senior administration officials—and Trump even told Ryan he’d be fine if it takes until Friday, said two people briefed on their conversation.” 

But Trump wouldn’t be accepting responsibility if another of his priorities goes down. Here he was Wednesday making clear he will blame Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn if the tax overhaul fails:

Cut, cut, cut. ABC News: “Ryan’s office initially asked the White House for input because of the president’s knack for branding, according to a senior Hill aide. Trump has been insistent that the bill be called the ‘Cut Cut Cut Act’ according to the administration officials. Ryan and Brady have pushed back on the name of the bill. However, Trump has held firm.”

— A new $100 million force. Politico’s Alex Isenstadt: “Trump’s super PAC is drawing up plans to spend $100 million on an all-out push to sell tax reform and elect pro-Trump Republicans in 2018. The group, dubbed America First Action, is expected to host a fundraiser in the coming months that will be attended by Vice President Mike Pence and is in talks with the administration to get Trump to headline an event. It has tapped oil and gas mogul Harold Hamm, a Trump ally whose net worth exceeds $11 billion, to boost its fundraising campaign. And it is recruiting major Republican Party donors across the country.

Last week, America First officials met with top Trump advisers at the White House to brief them on a multimillion dollar campaign to promote tax reform and discuss how the legislative battle is likely to play out. But the stepped-up activity, which strategists revealed in interviews for the first time, is an abrupt change for the super PAC. The group has been dormant for much of the year, much to the frustration of the White House. America First has suffered from infighting, leadership shake-ups, and questions over its strategy and approach since its founding after the 2016 election.”

Former Rep. Scott Garrett (R-N.J.). (AP /Manuel Balce Ceneta)

Garrett’s rough day. WSJ’s Andrew Ackerman: “Trump’s choice to head the Export-Import Bank didn’t appear to sway waffling Republican senators on a key panel into supporting him, putting his confirmation at risk. Lawmakers from both parties criticized Scott Garrett during a Senate Banking Committee hearing on Wednesday, saying his past votes to shut down the bank while serving in the House made him unsuitable to run the agency.

Mr. Garrett reversed his prior opposition to the agency in testimony before the committee, pledging to keep the bank ‘fully functioning.’ But lawmakers indicated they weren’t satisfied by his remarks. No Democrats on the committee are expected to back Mr. Garrett, meaning attracting enough Republican support is crucial to getting his nomination through the panel and advancing it to the full Senate. Industry groups that benefit from the Ex-Im Bank, which provides financing for U.S. exports, are pressuring lawmakers to oppose Mr. Garrett.

‘What would have made you change your mind about whether or not the Export-Import Bank should exist?’ asked Sen. Mike Rounds (R., S.D.) who said he had met with Mr. Garrett twice and hadn’t received a satisfactory answer. ‘This is critical, that you be able to share what has changed your mind.’… Mr. Scott bantered with Mr. Garrett during the hearing but later told reporters he was still undecided.”

TRUMP TRACKER

President Trump. (Jabin Botsford/The Washington Post)

RUSSIA WATCH: 

Trump isn’t angry. He says so himself. The NYT’s Maggie Haberman and Peter Baker: “Trump projected an air of calm on Wednesday after charges against his former campaign chief and a foreign policy aide roiled Washington, insisting to The New York Times that he was not ‘angry at anybody’ and that investigations into his campaign’s links to Russia had not come near him personally. ‘I’m not under investigation, as you know,’ Mr. Trump said in a brief telephone call late Wednesday afternoon. Pointing to the indictment of his former campaign chief, Paul Manafort, the president said, ‘And even if you look at that, there’s not even a mention of Trump in there.’ ‘It has nothing to do with us,’ Mr. Trump said.  He also pushed back against a report published Monday night by The Washington Post, which the president said described him as ‘angry at everybody.’ ‘I’m actually not angry at anybody,’ Mr. Trump told The Times.”

He might be a little bit angry. Vanity Fair’s Gabriel Sherman: “Trump… has reacted to the deteriorating situation by lashing out on Twitter and venting in private to friends. He’s frustrated that the investigation seems to have no end in sight. ‘Trump wants to be critical of Mueller,’ one person who’s been briefed on Trump’s thinking says. ‘He thinks it’s unfair criticism. Clinton hasn’t gotten anything like this. And what about Tony Podesta? Trump is like, When is that going to end?’ 

According to two sources, Trump has complained to advisers about his legal team for letting the Mueller probe progress this far. Speaking to Steve Bannon on Tuesday, Trump blamed Jared Kushner for his role in decisions, specifically the firings of Mike Flynn and James Comey, that led to Mueller’s appointment, according to a source briefed on the call.

When Roger Stone recently told Trump that Kushner was giving him bad political advice, Trump agreed, according to someone familiar with the conversation. ‘Jared is the worst political adviser in the White House in modern history,’ Nunberg said. ‘I’m only saying publicly what everyone says behind the scenes at Fox News, in conservative media, and the Senate and Congress.'”

Tech giants face more Hill heat. The Post: “Senators from both parties took tech company officials to task in a hearing Wednesday for failing to better identify, defuse and investigate Russia’s campaign to manipulate American voters over social media during the 2016 presidential campaign. In the second of three Capitol Hill hearings this week on Russian’s online information operation, members of the Senate intelligence committee challenged Facebook, Google and Twitter in strikingly direct terms that, at times, seemed to carry the implicit threat of legislation that could rein in the nation’s wildly profitable technology industry.

‘I don’t think you get it,’ said Sen. Dianne Feinstein (D-Calif.), whose home state includes all three companies. ‘What we’re talking about is a cataclysmic change. What we’re talking about is the beginning of cyber-warfare. What we’re talking about is a major foreign power with sophistication and ability to involve themselves in a presidential election and sow conflict and discontent all over this country. We are not going to go away gentlemen. And this is a very big deal.'”

Watch the summary of tech companies’ Senate Intelligence testimony, in three minutes:

One message senators delivered repeatedly to the lawyers sent to represent the companies: Next time, bring your CEOs

The day wasn’t all bad for Facebook, at least. The company posted a 79 percent surge in profit to $4.7 billion, beating Wall Street expectations. 

THE REGULATORS

The Securities and Exchange Commission took a first step on Wednesday to head off the recent trend of celebrities endorsing new virtual currencies, warning that they could be breaking laws.

NYT

CHART TOPPER

Here’s an example of what Russian Facebook ads you might have seen if you were a Hillary Clinton supporter. The Post’s Dan Keating, Kevin Schaul and Leslie Shapiro take a look at a few other examples of how people were targeted on Facebook based on interests, political leanings, location, age and other traits.

DAYBOOK

POST PROGRAMMING ALERT: The Post and Live Nation will bring the “Can He Do That?” podcast to a live audience at the Warner Theatre on Tuesday, Nov. 7. In this live taping, political reporters Bob Woodward, David Fahrenthold and Karen Tumulty will join host Allison Michaels to review the past year in President Trump’s White House and the biggest moments that made people wonder “Can He Do That?” Tickets can be purchased now at Live Nation. Attendees will also receive a free 30-day digital subscription to The Washington Post. 

Today

Coming Up

  • The Heritage Foundation holds an event on reforming the Financial Industry Regulatory Authority on Friday.

  • The House Financial Services Subcommittee on Capital Markets, Securities and Investment holds a hearing on “Legislative Proposals to Improve Small Businesses’ and Communities’ Access to Capital” on Friday.

  • The Washington Examiner holds an event on the tax bill with House Speaker Paul D. Ryan (R-Wis.) on Nov. 8.

THE FUNNIES

From the New Yorker:

BULL SESSION

Here are the ads that Russian-linked groups posted on social media:

Donald Trump Jr.’s Halloween socialism lesson, according to the Internet:

Hillary Clinton chats with Trevor Noah on The Daily Show:

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Samantha Bee says chief of staff John Kelly is not the adult in the White House:

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