President Joe Biden's tax agenda, crafted by experts who worked on the proposals for years and wrote books about their ideas, is getting a wholesale revamp as Democrats battle to find a program their caucus can unite behind.

Amid diplomatic—at least in public—bickering among the chairs of the House and Senate's top tax-writing committees and other stakeholders, the main takeaways as of Thursday morning are: The bulk of former President Donald Trump's 2017 tax cuts will be left in place, while corporations will face a new minimum levy and multimillionaires will get a new income surtax.

It's still unclear what measures will make the final cut as lawmakers negotiate over the revenue-raisers to pay for a $1.75 trillion social-spending bill, but the White House Thursday morning released a fact sheet including expected components.

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