Tax increase on carried interest struggles in the Senate

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 WarnerTrump declares 'racism is evil' after firestorm How the New South became a swing region How to fix Fannie and Freddie to give Americans affordable housing MORE (Va.), Jeanne Shaheen Jeanne ShaheenSavings through success in foreign assistance Overnight Cybersecurity: Mueller impanels grand jury in Russia probe | Researcher who helped stop WannaCry attack detained | Audit finds OPM systems still at risk Senators advance bill to train small business counselors in cybersecurity MORE (N.H.), Bob CaseyRobert (Bob) Patrick CaseyOPINION | 5 ways Democrats can win back power in the states The real litmus test is whether pro-life democrats vote for pro-life legislation There’s a way to protect consumers and keep good call center jobs in the U.S. MORE Jr. (Pa.), and Patty MurrayPatty MurrayCBO to release report Tuesday on ending ObamaCare insurer payments OPINION | Progressives, now's your chance to secure healthcare for all McConnell open to bipartisan deal on health insurance payments 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.