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Here's what will be in the Senate tax plan. Photo: J Scott Applewhite / AP

The Senate tax plan will have key differences from the House tax bill, according to a two-page summary by the Finance Committee. It will preserve the current lowest tax rate of 10 percent and lift the child tax credit to $1,650, slightly higher than the House. It also preserves several popular tax deductions.

Why this matters: Like the House, the Senate will now work through the plan in committee to address member demands.

What the bill does:

  • Expands the zero individual tax bracket while maintaining a lowest tax rate of 10 percent.
  • Creates a 38.5 percent bracket for high earners.
  • Increases standard deduction to $12,000 for individuals and $24,000 for married couples, like the House bill.
  • Expands the child tax credit from $1,000 to $1,650 and lifts existing income caps.
  • Keeps the adoption tax credit and the charitable contribution deduction.
  • Maintains the mortgage interest deduction for homes up to $1 million.
  • Preserves the medical expense deduction.
  • Repeals the alternative minimum tax.
  • Doubles the exemption from the estate tax.
  • Permanently lowers corporate tax rate to 20 percent from 35 percent.
  • Allows for full and immediate expensing of new equipment.

Go deeper

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.

Updated 8 hours ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 10 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.