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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  • Keeps the adoption tax credit, which the original tax bill repealed.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).

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Jan. 6 committee recommends contempt charges against Bannon

Steve Bannon. Photo: Stephanie Keith/Getty Images

The House select committee investigating the deadly Jan. 6 Capitol riots unanimously approved a resolution Tuesday night recommending that former Trump aide Steve Bannon be held in contempt of Congress for refusing to comply with a subpoena.

Why it matters: The resolution sets up a House vote to refer Bannon for potential criminal prosecution, signaling that the committee will not tolerate attempts by former President Trump and his associates to stymie the investigation.

Civil rights groups sue Oklahoma over law banning critical race theory

The Oklahoma state capitol in Oklahoma City. Photo: Visions of America/Universal Images Group via Getty Images

A group of civil rights organizations is suing Oklahoma over a law that restricts discussion of race and gender in public schools.

Why it matters: The law is one of several Republican-led attempts to ban critical race theory (CRT), a concept that links racial discrimination to the nation's foundations and legal system.

Updated 3 hours ago - Politics & Policy

Congressman criminally charged with lying to feds

Rep. Jeff Fortenberry. Photo: Al Drago/Bloomberg via Getty Images

Rep. Jeff Fortenberry (R-Neb.) has been indicted on charges he falsified records and lied to federal investigators probing an illegal foreign donation scheme, the Justice Department announced on Tuesday.

Driving the news: DOJ says a Fortenberry associate, who later cooperated with investigators, informed him he'd likely received illegal donations from an intermediary for a foreign national, but that Fortenberry denied any knowledge of such a scheme when contacted by the FBI.