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Tax demands made by Sen. Susan Collins may already be included in the Senate plan. Photo: Andrew Harnik/AP

The House is set to release its tax plan on Wednesday, but the Senate is planning on releasing its own bill about a week or so after. The bill will differ in some significant ways from the House bill, and is geared toward attracting moderates like Sen. Susan Collins — and even potentially Democrats .

Here's how the Senate plan is shaping up, per congressional aides and an administration official.

  • The Senate is likely to not fully repeal the "estate tax" — a 40 percent tax on estates worth more than $5.49 million for individuals and $10.98 million for couples. This is a key demand of Collins, per Bloomberg.
  • The Senate is more likely than the House to do a full repeal of the state and local tax deduction.
  • Yes, but: If there's any hope of courting Democrats, the deduction probably can't be fully repealed. There are currently quiet conversations ongoing with Democrats viewed as potentially gettable (such as Sens. Claire McCaskill and Tom Carper on the Finance Committee), per an administration official.
  • Like the House, there are likely to be four individual tax brackets — including keeping the current top rate of 39.6 percent on the wealthy (another Collins demand, although specifics matter). Both chambers have discussed levying this rate on people making $1 million and higher.
  • The Senate is unlikely to make changes to 401(k) contribution limits, although President Trump may have killed this idea in both chambers last week.
  • The Senate, along with the House, is likely to have a phase-in of the lower corporate rate.

Go deeper

Updated 2 hours ago - Sports

Olympics dashboard

🎾: Naomi Osaka eliminated from Olympic tennis tournament

🏊‍♀️: Teen swimmer Lydia Jacoby wins first U.S. women's Tokyo Games gold

✊🏿: Costa Rican gymnast pays tribute to Black Lives Matter in Olympic routine

🥇: Weightlifter Hidilyn Diaz wins the Philippines' first Olympic gold

🤖: The robot Olympics

🌡: Heat wave brings scorching temperatures to Tokyo Olympics

Go deeper: Full Axios coverage - Medal tracker

American Carissa Moore wins first-ever women's Olympic gold in surfing

Carissa Moore of Team USA surfs during the women's Quarter Final on day four of the Tokyo 2020 Olympic Games at Tsurigasaki Surfing Beach in Ichinomiya, Chiba, Japan, on Tuesday. Photo: Ryan Pierse/Getty Images

Team USA's Carissa Moore won gold in the first-ever Olympic women's surfing final, at the Tokyo Games on Tuesday.

The big picture: The four-time world champion surfer from Hawaii was touted as a gold-medal favorite ahead of the finals, which were brought forward a day due to the threat of Tropical Storm Nepartak. Brazil's Italo Ferreira won the gold medal in the inaugural men's Olympic surfing contest.

Editor's note: This a breaking news story. Please check back for updates.

Updated 26 mins ago - World

Hong Kong judges return guilty verdict in first security law trial

Activist Tong Ying-kit arrives at the West Kowloon court in Hong Kong in 2020. Photo: Isaac Lawrence/AFP via Getty Images

Tong Ying-kit, the first person to be charged and tried under Hong Kong's national security law was found guilty of terrorism and inciting secession by three judges Tuesday, per Bloomberg. The 24-year-old had pleaded not guilty to the charges.

Why it matters: The law passed by the ruling Chinese Communist Party last year carries the maximum sentence of life imprisonment. In a departure from the Asian financial hub's common law traditions, Tong was denied a jury trial.