Sources: Trump Urges House Speaker to Raise Top Tax Rate
According to insiders on Thursday, U.S. President Trump urged House Speaker Johnson in a call on Wednesday to raise the top tax rate and close the carried interest tax loophole in upcoming legislation. This call comes as the Republican-controlled House pushes the president's legislative agenda, which aims to extend the benefits of the Tax Cuts and Jobs Act introduced by Trump in 2017 for businesses and individuals, while eliminating taxes on tip income, overtime pay, and Social Security benefits. Johnson and other Republican leaders are currently resisting proposals to increase tax rates for the wealthy. Treasury Secretary Besant made it clear to reporters last week that Trump has ruled out this idea. However, Republicans still face pressure from MAGA supporters to limit tax breaks for the wealthy and corporations. House Ways and Means Committee Chairman Jason Smith recently revealed in an interview that the tax legislation body he leads may take action to close tax loopholes that benefit the wealthy.
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BUZZ-Revolution Medicines stock drops due to concerns over pancreatic cancer drug data
On October 8, Revolution Medicines (RVMD.O) shares fell 8.1% in afternoon trading to $185.91. RBC Capital Markets stated that the share price decline appeared to be driven by the latest U.S. Food and Drug Administration (FDA) review documents regarding the company's pancreatic cancer drug Rasonque, particularly the disclosure of objective response rate data for specific RAS mutation subgroups. RBC pointed out that overall survival, rather than objective response rate, is a more meaningful indicator of efficacy, and that the sell-off overlooked Rasonque's broad activity across a variety of RAS mutation subgroups. RBC stated: "While we acknowledge that today's share price decline takes place against the backdrop of overall weakness in the biotech sector, we still believe that the market's reaction to the FDA review documents is an overreaction, given that the drug was approved on the basis of highly clinically meaningful efficacy and has received positive feedback from physicians." Including intraday fluctuations, the stock has more than doubled year-to-date. (Note: For the convenience of non-English speakers, Reuters has automatically translated its reports into several other languages. Automated translations may be inaccurate or lack necessary context; Reuters does not guarantee the accuracy of these automated translations and provides them only for reader convenience. Reuters does not accept liability for any damage or loss arising from the use of automated translation features.)
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