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House Ways and Means Committee Chairman Kevin Brady, R-Texas, makes a statement during the committee's tax markup session. Photo: J. Scott Applewhite / AP

Rep. Kevin Brady (R-TX), chairman of the House Ways & Means Committee, unveiled a sizable amendment to the GOP tax reform bill Monday night that restores a tax break for employees who receive child care benefits and tightens restrictions on the use of the earned income tax credit, per AP. The amendment also aims to limit the bill's impact on universities with large endowments.

What's not in it: There's no repeal of the Affordable Care Act's individual mandate, which President Trump has pushed for, or other changes to health care. Instead, Brady said he will introduce a "temporary and targeted bill" on ACA taxes once this tax legislation is passed.

Why not? Repealing the individual mandate would likely resurface the same issues that initially sank Republicans' health care earlier this year, making tax reform harder and putting the party's next-best chance for a legislative victory in danger.

Dems' reaction: Democrats were furious when Brady introduced the amendment, arguing they were "blindsided" by the changes. "You make a mockery out of this committee," Rep. Sander Levin (D-MI) told Brady. "You're determined to pass a bill because you haven't done anything of importance all this year."

Other changes included in the amendment:

  • Self-created musicians and songwriters' compositions and copyrights will be preserved as capital assets.
  • Employees who receive stock options or restricted stock units who plan to exercise those options at a later date may elect to defer recognition of that income for up to five years, if the company's stock is not publicly traded.
  • More tailored international rules, including an exemption to foreign affiliates' routine returns and exclusion of acquisitions of property priced on a public exchange.

Go deeper: Tax Overhaul Faces Major Hurdles (WSJ)

Go deeper

Updated 3 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.

Officials warn 5 key tech sectors will determine whether China overtakes U.S.

Illustration: Aïda Amer/Axios

U.S. intelligence officials responsible for protecting advanced technologies have narrowed their focus to five key sectors: artificial intelligence, quantum computing, biotechnology, semiconductors and autonomous systems.

Why it matters: China and Russia are employing a variety of legal and illegal methods to undermine and overtake U.S. dominance in these critical industries, officials warned in a new paper. Their success will determine "whether America remains the world’s leading superpower or is eclipsed by strategic competitors."

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