MNI POLITICAL RISK - Schumer Weighs Dem Divisions On Tax Bill

Executive Summary:

• Democrats and Republicans are working overdrive to formulate their respective tax agendas ahead of the expiration of former President Donald Trump’s first-term tax breaks in 2025.
• Senate Majority Leader Chuck Schumer (D-NY) is under pressure from vulnerable Senate Democrats in red states to hold a vote on the bipartisan tax bill which overwhelmingly passed the House (357-70) in January. Progressive Senator Elizabeth Warren (D-MA) panned the bill and criticised previous Democrat administrations for institutionalising Republican tax cuts.
• The Treasury Department announced measures yesterday to close a, “major tax loophole,” which they claim will raise more than USD$50 billion in new revenue over the next 10 years.
• The Department of Energy announced plans to invest up to USD$900 billion to kickstart small modular nuclear reactor technology.
• White House envoy, Amos Hochstein, met with Israeli Prime Minister Benjamin Netanyahu yesterday amid concerns that tensions between Israel and Hezbollah could expand into a wider war.
• Senior US and Israeli officials will meet at the White House on Thursday to discuss the state of Iran’s nuclear programme for the first time since March 2023.
• Secretary of State Antony Blinken will hold a joint press conference with NATO Secretary General Jens Stoltenberg at 11:15 ET 16:15 BST.
• National Security Advisor Jake Sullivan is in India for the first high-profile Biden administration visit to the country since Prime Minister Narendra Modi secured a record-equalling third term in office.
• Poll of the Day: Trump's strength in Iowa could be a warning sign for Biden in the Midwest.

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