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 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 32,471,119 — Total deaths: 987,593 — Total recoveries: 22,374,557Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 7,032,524 — Total deaths: 203,657 — Total recoveries: 2,727,335 — Total tests: 99,483,712Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
Mike Allen, author of AM
7 hours ago - Politics & Policy

Biden pushes unity message in new TV wave

A fresh Joe Biden ad, "New Start," signals an effort by his campaign to make unity a central theme, underscoring a new passage in his stump speech that says he won't be a president just for Democrats but for all Americans.

What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin:

Trump prepares to announce Amy Coney Barrett as Supreme Court replacement

Judge Amy Coney Barrett. Photo: Matt Cashore/Notre Dame University via Reuters

President Trump is preparing to nominate federal appeals court Judge Amy Coney Barrett of Indiana, a favorite of both the social conservative base and Republican elected officials, to succeed Justice Ruth Bader Ginsburg, Republican sources tell Axios.

Why it matters: Barrett would push the already conservative court further and harder to the right, for decades to come, on the most important issues in American politics — from abortion to the limits of presidential power. If confirmed, she would give conservatives a 6-3 majority on the high court.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!