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Chairman Kevin Brady released changes to the tax bill. Photo: J. Scott Applewhite/AP

House Republicans are keeping the adoption tax credit and changing a provision on small businesses to shore up support for the bill, according to a new amendment released by Ways and Means Chairman Kevin Brady.

Why it matters: Brady is changing parts of the bill that had faced the strongest opposition from other Republicans.

What the new manager's amendment to the tax bill does:

  • Creates a new 9 percent tax rate — rather than the normal 12 percent rate — for the first $75,000 in income of businesses making less than $150,000 through a pass-through business. The rate is reduced for businesses making between $150,000 and $225,000, where it phases out. The lower rate is phased in over five years.
  • Keeps the adoption tax credit, which the original tax bill repealed.
  • Allows families with disabled children to move extra assets from a tax-advantaged savings account into an ABLE account.
  • Makes clear that military families will be allowed to deduct moving expenses.
  • Reduces corporate tax rate by lowering 80-percent dividends received deduction to 65 percent. Lowers the 70-percent dividends received deduction to 50 percent.
  • Gives an exclusion to the limit on deductibility of business interest for taxpayers who paid or accrued interest on "floor plan financing indebtedness."
  • Increases repatriation rate on foreign income to a 7 percent rate for illiquid assets (up from 5 percent) an 14 percent on liquid assets (up from 12 percent).

Go deeper:

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Updated 6 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

6 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.