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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Will It Fly?
House Republicans unveiled the details of what would be the biggest transformation of the U.S. tax code in more than 30 years, starting a race to pass the complex legislation by year’s end. The plan would chop the corporate tax rate to 20% from 35%, compress individual income-tax brackets and eventually repeal the estate tax. The bill’s ambitions—along with the slim Republican margins in the House and Senate—could be what stop it. To partly offset revenue losses from the rate cuts, Republicans plan to curtail the deductions individuals take for state and local tax payments and mortgage interest and the ones businesses get for the interest they pay on debt. Many House Republicans rallied around the plan, but it also ran into immediate opposition and skepticism, including wariness from some usual GOP allies. We look at the winners and the losers under the plan, and what it means for you.


The Fed’s Future
There have been two kinds of Federal Reserve chairmen in recent decades: commanding personalities (Paul Volcker and Alan Greenspan) and consensus-driven leaders (Ben Bernanke and Janet Yellen). Jerome Powell, nominated by President Trump on Thursday to become the Fed’s 16th chairman, is likely to fall into the latter category, judging by his nearly 40-year career in government, law and banking. Continuity in monetary and regulatory policy would be welcome in the markets, which don’t like uncertainty, and at the Fed itself. It also could please Mr. Trump, who has spoken approvingly of record stock prices and declining unemployment. But Mr. Powell’s appointment could cause friction within the Republican Party, where many rank-and-file members want the Fed to roll back a decade of activism sparked by the financial crisis.
Identified Hacks
The Justice Department has identified more than six members of the Russian government involved in hacking the Democratic National Committee’s computers and stealing sensitive information that became public during the 2016 presidential election. We report that prosecutors and agents have assembled evidence to charge the Russian officials and could bring a case next year. If filed, it would provide the clearest picture yet of the actors behind the DNC intrusion. The pinpointing of particular military and intelligence hackers highlights the exhaustive nature of the probe and also suggests the eagerness of some federal prosecutors and FBI agents to file charges, even if the result is merely naming the alleged perpetrators publicly and making it difficult for them to travel. Arresting Russian operatives is highly unlikely, people familiar with the probe said.
The Innovators
Now in its seventh year, the WSJ. Magazine Innovators issue—on newsstands this weekend—profiles ​foundation-shaking luminaries ​from across the culture. The cover star is actress, producer and entrepreneur Reese Witherspoon, who has become an undeniable force in Hollywood. Also honored: designer Raf Simons, who is bringing his super-modern vision to the multibillion-dollar Calvin Klein operation; Mark Bradford, who will follow his blockbuster presentation at the Venice Biennale with an exhibition of his largest work to date at the Hirshhorn Museum this fall; and the design firm Roman and Williams—Robin Standefer and Stephen Alesch—known for fantastical spaces in the Ace Hotel, Le Coucou, Goop Lab and more. ​Rounding out the winners are choreographer Ryan Heffington, the social-media platform and powerhouse architectural firm Diller Scofidio + Renfro. Elsewhere in the issue: how magic collective Theory11 is elevating an art form; a look at a new book about the mercurial life and tenure of Rolling Stone founding editor Jann Wenner; Gagosian’s 500th art book; and Nest creator Tony Fadell on setting up shop in Paris.
The Final Call
That Was Painless
Jon Hilsenrath explains why Mr. Trump decided to choose a new leader for the central bank.

North Korea Will Be Top Subject for Trump During Asia Tour

Vehicle Attacks Present Growing Challenges for Law Enforcement

Bank of England Raises Interest Rates for First Time in a Decade

How Hundreds of Mysterious Votes Flipped a Venezuelan Election

U.S. Weighs Suit Against AT&T’s Deal for Time Warner

Overexposure, Not Anthem Protests, Blamed for NFL’s Ratings Woes

Cash-Strapped Venezuela Seeks to Restructure Debt

What 500 Years of Protestantism Teaches Us About Capitalism’s Future
The increase in Apple’s profit in the latest quarter, as the company—preparing to ship its most important iPhone model in a decade—delivered its best quarterly revenue growth in two years, with strong sales for all key products and a rebound in the critical China market.
I know that for women, having husbands at home is bothersome…I cannot live the way Abe expects.
Japanese businessman Keiichi Kitagaito on Prime Minister Shinzo Abe’s “work-style reform” program. In a country with a word for “death by overwork,” companies are using loud music, curfews and spot calls to encourage employees to go home earlier—though not all appreciate the shifting norms.
Going back to our story above, what are your thoughts on the GOP tax plan? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to yesterday’s question on Mr. Trump’s nominee for Fed chairman, David Fleenor of North Carolina wrote: “This choice, Mr. Powell, while distinguished without academic credentials, is no different in philosophy and decision-making than Janet Yellen. We won’t see normal interest rates that reward savers and retirees for at least four more years, when we again will have the opportunity to choose a chair who will establish a Federal Reserve policy that focuses on our money, its value and stability.” Rodrick J. Enns of North Carolina: “Given that Mr. Powell is widely expected to stay the course charted under Ms. Yellen’s tenure, it’s hard to resist the conclusion that the primary reason Ms. Yellen was not reappointed is that she lacks a penis.”

This daily briefing is named “The 10-Point” after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary “What’s News” digest of top stories. Technically, “10-point” referred to the size of the typeface. The type is smaller now but the name lives on.

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