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House Ways and Means chairman Kevin Brady, R-Texas, speaks during an interview with The Associated Press. Photo: Susan Walsh / AP

Rep. Kevin Brady (R-TX), chairman of the House Ways & Means Committee, this morning told CNBC that there will indeed be a carried interest provision added to the House GOP tax plan. But rather than deal with the underlying issue of treating a fee for service as a capital gain, the mark-up simply will just change the length of what constitutes a long-term capital gain for carried interest from one year to two years.

Bottom line: This move might bite some hedge fund managers, but won't touch the vast majority of venture capital, private equity, real estate, timber or energy fund investment managers.

Go deeper

Biden to tap telecom trio for NTIA, FCC posts

Jessica Rosenworcel. Photo: Bill Clark/CQ Roll Call

President Joe Biden on Tuesday is expected to name Alan Davidson as head of the telecom arm of the Commerce Department, Jessica Rosenworcel as chairwoman of the Federal Communications Commission and Gigi Sohn as a commissioner at the FCC, according to a person familiar with the process.

Why it matters: Internet availability and affordability has been a key policy priority for the White House, but the administration lagged in tapping people for the agency posts that oversee the issues.

28 mins ago - Technology

Facebook seeks fountain of youth

Data: Piper Sandler Taking Stock With Teens Study; Chart: Axios Visuals

Facebook CEO Mark Zuckerberg on Monday said that the company is pivoting its strategy to focus on young adults, following reports that teens have fled its apps.

Why it matters: A series of stories based on leaked whistleblower documents suggest the company sees the aging of its user base as an existential threat to its business.

Too big to cover alone: Newsrooms team up

Illustration: Annelise Capossela/Axios

News outlets are increasingly willing to work together on big, multifaceted stories — including this week's reporting on leaked documents from a Facebook whistleblower.

Why it matters: Collaborative efforts help bring more resources to bear on complex stories, some of which require a global reporting effort. But they require high degrees of coordination, and competition can sometimes get in the way.