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Under the Senate-passed tax bill, people with pass-through income would see bigger increases in their after-tax income in 2019 than people paying taxes only on wages and salaries, according to a Tax Policy Center analysis. Generally, the wealthier a filer with pass-through income is, the better off they are under the bill.

Expand chart
Reproduced from Tax Policy Center; Chart: Axios Visuals

Be smart: The Senate bill allowed pass-throughs to deduct 23 percent of business income, whereas the conference report will likely lower this to 20 percent while also lowering the top individual income rate.

The bottom line: While this is unlikely to drastically reshape the findings of the TPC analysis, the fact that analysts can't keep up with the GOP's speed in writing and passing updated tax legislation underlines how much we still don't know about the bill's impact.

Go deeper

Scoop: Garland defends DOJ's handling of Jan. 6 probe

Attorney General Merrick Garland. Photo: Kevin Dietsch/Getty Images

Attorney General Merrick Garland will tell the House Judiciary Committee on Thursday that federal prosecutors "are doing exactly what they are expected to do" in seeking accountability for the "intolerable assault" on the Capitol on Jan. 6, Axios has learned.

Why it matters: Allies of former President Trump, including Republican congressmen, have criticized the department's treatment rioters charged with crimes, and sought to recast the insurrection as a righteous protest. Garland's testimony with be his first appearance before the panel.

Updated 39 mins ago - World

Police charge man with murder of British MP David Amess

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Police said Thursday that Ali Harbi Ali, a 25-year-old British man, has been charged with the murder of David Amess, a Conservative Party lawmaker in the U.K.

The big picture: Last week, the Metropolitan Police declared the fatal stabbing a terrorist incident, saying that they had found "a potential motivation linked to Islamist extremism."

44 mins ago - Health

Pfizer booster has 95.6% efficacy against COVID, large study shows

Photo: Scott Olson/Getty Images

A booster shot of the Pfizer-BioNTech vaccine is 95.6% effective against the coronavirus, compared with those who only had the first two initial doses, according to a large study released Thursday.

Why it matters: The study, which had more than 10,000 participants aged 16 and older, is the first controlled, randomized trial looking at boosters and their effectiveness, the companies said.