Brown is one of a handful of centrist Senate Republicans who Democratic leaders thought might support the tax increase.
His opposition to the increase, along with Democratic Sens. Mark WarnerMark WarnerSenate Democrats dig in as shutdown approaches Overnight Cybersecurity: Georgia accuses DHS of trying to hack election system Overnight Finance: Senate Dems dig in as shutdown looms | Trump taps fast-food exec for Labor chief | Portland's new CEO tax MORE (Va.), Jeanne Shaheen Jeanne ShaheenDems push for panel to probe Russian interference in election Hoyer pushes White House for briefing on Russian election interference This Week in Cybersecurity: Dems press for information on Russian hacks MORE (N.H.), Bob CaseyBob CaseySenate Democrats dig in as shutdown approaches Overnight Finance: Senate Dems dig in as shutdown looms | Trump taps fast-food exec for Labor chief | Portland's new CEO tax Overnight Finance: Funding bill expected tonight | Trump takes on Boeing | House rejects push for IRS impeachment vote | Dow hits new high MORE Jr. (Pa.), and Patty MurrayPatty MurrayReid defends relationship with McConnell in farewell speech Top Dem signals likely opposition to Sessions nomination Overnight Finance: Trump takes victory lap at Carrier plant | House passes 'too big to fail' revamp | Trump econ team takes shape MORE (Wash.), who also signed the letter, makes it seem virtually impossible Senate leaders will get the 60 votes they need to pass the extender legislation from the chamber.
Democratic leaders in both chambers hope to advance the bill to the White House before the Memorial Day recess. To accomplish this feat, they might replace the tax increase on carried interest with a tax increase on foreign insurers, sources told The Hill last night.
The replacement provision would no longer permit foreign-controlled insurers to write off profits made on U.S. policies and would raise raise approximately $17 billion, according to the Joint Committee on Taxation.
The tax increase on carried interest is expected to raise $20 billion, meaning lawmakers would need to find additional offsets worth $3 billion if they go the foreign insurer route.