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Senate Finance Committee chairman Orrin Hatch begins the committee’s work on the tax bill. Photo: Pablo Martinez Monsivais / AP

The Wall Street Journal’s Greg Ip has a smart story about the new inflation measure that’s included in the House and Senate tax bills. Instead of the Consumer Price Index, which economists believe overstates the cost of living, it would use a measure called “chained CPI,” which may be more accurate, but also rises more slowly than the regular CPI.

Why it matters: Some people will get pushed into higher tax brackets faster than they would have under the old measure. It helps Republicans pay for the tax bill, because it’ll raise $130 billion in revenue over 10 years. But it’s also safe to say that most Americans who aren’t tax experts will have no idea of the impact until it hits them.

Go deeper

3 mins ago - Economy & Business

Ships search for green fuels to keep oceans blue

Illustration: Eniola Odetunde/Axios

The world's maritime industry — from ferries to freighters — is trying to navigate a once-in-a-century transition away from fossil fuels to new, cleaner means of propulsion.

Why it matters: International shipping is key to the world's economy, responsible for 90% of global trade. But the vessels burn about 4 million barrels of oil a day, accounting for almost 3 percent of the world's carbon emissions, and regulators are demanding they clean up their act.

Updated 2 hours ago - Politics & Policy

Hours-long reading of 628-page COVID relief bill delays Senate debate

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

The Senate on Thursday voted 51-50 — with Vice President Kamala Harris breaking the tie — to proceed to debate on President Biden's $1.9 trillion coronavirus rescue package, likely setting up a final vote this weekend.

The state of play: Sen. Ron Johnson (R-Wis.) forced Senate clerks to read the entire 628-page bill on the floor, which took nearly 11 hours and lasted until 2:04 a.m. on Friday. The Senate is set to return at 9 a.m. to debate the bill before considering amendments, which could drag into the weekend.

3 hours ago - Health

Cuomo advisers reportedly altered July COVID-19 nursing homes report

New York Gov. Andrew Cuomo. Photo: Seth Wenig/AFP via Getty Images

New York Gov. Andrew Cuomo's advisers successfully pushed state health officials to exclude certain data on the number of COVID-19 nursing home deaths from a July report, the Wall Street Journal reported late Thursday.

Why it matters: The changes resulted in a "significant undercount of the death toll attributed to the state’s most vulnerable population," the WSJ wrote.