To meet the demands of Sen. Kyrsten Sinema (D-Ariz.), the White House agreed to drop a proposed 3 percent tax on taxpayers earning over $5 million, instead agreeing to target the higher tax to those earning more than $10 million, two people familiar with the matter said on the condition of anonymity to discuss the internal negotiations. The move exempted roughly 35,000 of the wealthiest Americans, or approximately .02 percent of the richest 1 percent, from the new levy, according to the most recent Internal Revenue Service data.

The Biden administration also agreed to pull a proposed tax in late October targeting 700 billionaires after it faced criticism from a number of top Democrats, including House Speaker Nancy Pelosi (Calif.), who complained in one phone call with senior party officials on Oct. 26 that the plan amounted to a publicity stunt, two people familiar with the matter said.

And while the White House is pushing a new 15 percent minimum tax on corporations, the measure faces fresh objections this week from renewable-energy groups who are warning it could undermine the party’s climate goals. Rep. Earl Blumenauer (D-Ore.) said in a statement that he and several Senate Democrats are seeking changes to ensure the minimum tax does not discourage companies from turning the legislation’s clean energy tax credits into new renewable capital projects.