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The former Treasury secretary is concerned about the potential knock-on effects of a proposed levy on the super-wealthy.

Some House lawmakers raised doubts about the terms of the deal and whether differences could be resolved in the next few days.

The Senate Republican leader ridiculed a tax plan targeting the unrealized capital gains of the ultra wealthy as a “harebrained scheme.”

Hikes in the top tax rates are off the table, although a “billionaire’s tax” on unrealized capital gains is under discussion.

There is increased momentum for an income tax on $1 billion or more in annual income, or three consecutive years of $100 million or more in income.

President Joe Biden’s acknowledgement that he doesn’t have sufficient Senate Democratic backing for his proposed increase in the U.S. corporate tax rate gives fresh impetus to efforts by negotiators to find alternative revenue sources for a sweeping social-spending bill.

Democratic negotiators have been working to address opposition from Senator Kyrsten Sinema, an Arizona moderate, to boosting rates.

Lawmakers are rejiggering the proposal after a wave of criticism by Republicans and bank lobbyists.

The Democratic Senator said there’s little chance that Congress can complete work on President Biden’s economic agenda by the end of the month.

For a practice to be elevated into a business, it needs someone at the helm to steer that ship.