By Jay Heflin - 05/14/10 03:45 PM EDT
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 WarnerDem senator's daughter could face Congress over EpiPen price hike Judge rejects settlement in major Uber driver status case Fidelity denies lobbying for student loan tax break MORE (Va.), Jeanne Shaheen Jeanne ShaheenTaxpayers should be wary of false sugar reform proposals 10 things candidates need to know about women entrepreneurs Dem senators to GOP: Dump Trump MORE (N.H.), Bob CaseyBob CaseyPennsylvania holds keys in Clinton-Trump tilt 'Americans' spies set to visit White House Anti-abortion group pressuring Kaine MORE Jr. (Pa.), and Patty MurrayPatty Murray'BernieCare' can save ObamaCare Senate Dems make Zika a campaign issue Rubio calls for lawmakers to return to DC, pass Zika funding 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.