Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

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

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

56 mins ago - World

Brazil begins distributing AstraZeneca coronavirus vaccine

Containers carrying doses of the Oxford/AstraZeneca vaccine arrive in Brazil. Photo: Maurio Pimentel/AFP via Getty Images

Brazil on Saturday began distributing the 2 million doses of the AstraZeneca coronavirus vaccine that arrived from India Friday, Reuters reports.

Why it matters: Brazil has the third highest COVID-19 case-count in the world, according to Johns Hopkins University data. The 2 million doses "only scratch the surface of the shortfall," Brazilian public health experts told the AP.

Sullivan speaks with Israel's national security adviser for the first time

Israeli national security adviser Meir Ben Shabbat U.S. Photo: Mazen Mahdi/Getty Images. U.S. national security adviser Jake Sullivan. Photo: Chandan Khanna/Getty Images

U.S. national security adviser Jake Sullivan spoke on the phone Saturday with his Israeli counterpart Meir Ben Shabbat, Israeli officials tell Axios.

Why it matters: This is the first contact between the Biden White House and Israeli prime minister's office. During the transition, the Biden team refrained from speaking to foreign governments.

Biden speaks to Mexican president about reversing Trump's "draconian immigration policies"

Mexican President Andrés Manuel López Obrador. Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

President Biden told his Mexican counterpart, Andrés Manuel López Obrador, on a phone call Friday that he plans to reverse former President Trump’s “draconian immigration policies.”

The big picture: The Biden administration has already started repealing several of Trump’s immigration policies, including ordering a 100-day freeze on deporting many unauthorized immigrants, halting work on the southern border wall, and reversing plans to exclude undocumented people from being included in the 2020 census.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!