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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  • Yes, but: If there's any hope of courting Democrats, the deduction probably can't be fully repealed.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

No motive yet determined in Indianapolis FedEx shooting

Crime scene investigators walk through the FedEx parking lot in Indianapolis the day after a mass shooting left nine dead, including the gunman, who took his own life. Photo: Jeff Dean/AFP via Getty Images.

Police have not yet uncovered the motive for Thursday's mass shooting at an Indianapolis FedEx facility, where a gunman left at least eight people dead and multiple others wounded.

The latest: Police Chief Randal Taylor said Friday that the warehouse employed a "significant" number of Sikhs, AP reports, and the Sikh Coalition confirmed that members of its community were among those who were injured and killed.

The legacy of Bernie Madoff

Bernie Madoff, architect of the largest Ponzi scheme in American history, died on Wednesday in federal prison, 11 years into his 150-year sentence.

Axios Re:Cap digs into Madoff’s crimes, what they revealed about America's financial system and what changed after the scheme came crashing down with Diana B. Henriques, author of the The Wizard of Lies: Bernie Madoff and the Death of Trust.

Updated 2 hours ago - World

Russia to expel 10 U.S diplomats, ban top Biden officials in response to sanctions

Photo: Alexei Druzhinin\TASS via Getty Images

Russia will expel 10 U.S. diplomats and add eight current and former U.S. officials to its no-entry list in retaliation for sanctions that the Biden administration leveled at Moscow on Friday, Russian foreign minister Sergey Lavrov said Friday.

Why it matters: The measures come after the U.S. said it would expel 10 Russian intelligence officers operating under diplomatic cover, as part of a broad package of sanctions retaliating against the SolarWinds hack of federal agencies and Russia's interference in the 2020 election.