Senate Finance Committee Chairman Orrin Hatch (R-Utah) at a panel to overhaul the nation's tax code. Photo: J. Scott Applewhite / AP

Ding dong, the dumb deal is dead.

Sen. Orrin Hatch, chair of the Senate Finance Committee, released markups to the Senate tax plan, and gone was the bit about taxing stock options and restricted stock units at the time of vesting. Moreover, it largely mirrored a House plan to allow startup employees to defer taxes on exercised options until there is a liquid market for the underlying securities.

Other big changes:

  • Individual tax cuts would expire in 2025, but the corporate cut to 20% would be permanent. Certain new pass-through entity rules also would be temporary.
  • Obamacare's individual mandate would be revoked, thus decreasing the likelihood of tax legislation actually getting passed in 2017 (which the stock markets have clearly noticed).

Go deeper

Updated 8 mins ago - Politics & Policy

Commission on Presidential Debates wants changes

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

The Commission on Presidential Debates announced Wednesday that it plans to implement changes to rules for the remaining debates, after Tuesday night's head-to-head between Joe Biden and Donald Trump was practically incoherent for most of the night.

What they are saying: "Last night's debate made clear that additional structure should be added to the format of the remaining debates to ensure a more orderly discussion of the issues," the CPD said in a statement.

Trump says he doesn't know who Proud Boys are after telling them to "stand by"

President Trump told reporters on Wednesday that he doesn't know who the "Proud Boys" are, after saying at the presidential debate last night that the far-right group should "stand back and stand by" in response to a question asking him to condemn white supremacists.

Why it matters: The comments set off outrage and calls for clarification from a number of Republican senators. After being asked several times on Wednesday whether he will condemn white supremacy, Trump responded: "I have always denounced any form — any form of any of that, you have to denounce. But I also — Joe Biden has to say something about antifa."

Updated 40 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 33,785,178 — Total deaths: 1,010,147 — Total recoveries: 23,448,934Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 7,210,067 — Total deaths: 206,494 — Total recoveries: 2,813,305 — Total tests: 103,155,189Map.
  3. Health: The coronavirus' alarming impact on the body.
  4. Business: Real-time data show economy's rebound slowing but still going.
  5. Sports: Steelers-Titans NFL game delayed after coronavirus outbreak.