Top Republicans say they are united in a push to lower taxes, as a longstanding effort to overhaul the US tax code takes centre stage.
Among the planned changes is a cut in the corporation tax rate from 35% to 20%.
US President Donald Trump is scheduled to deliver a speech to muster support for the effort later on Wednesday.
Lawmakers are looking for a major policy win, after repeated failure to reform healthcare.
The Trump administration had earlier pledged to achieve tax reform taxes before the end of August.
But it has been tough to reach agreement on a plan. Democrats are opposed to cuts for the wealthy and some conservatives are worried that cuts will add to the deficit.
A so-called "Big Six" team of negotiators have spent months meeting to thrash out a plan, with the aim of simplifying the code and cutting rates, especially for businesses.
The ideas shared on Wednesday are familiar from earlier Republican proposals and are similar to principles the Trump administration has backed since the presidential campaign.
On the business side, the negotiators have agreed to reduce the corporate tax rate from 35% to 20%, change the tax on overseas profits and create a top 25% rate for small businesses and firms organised as "pass-through entities" such as limited liability corporations.
For families, negotiators plan to nearly double the amount individuals and families can deduct, increase the tax credit for children and introduce a new tax credit for dependents who are not children, such as the elderly or disabled. They will also eliminate a tax on inheritance.
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Lawmakers plan to preserve tax incentives for homeownership, retirement, education, as well as research and development.
Administration officials said they intend to eliminate many tax benefits, including exemptions for state and local taxes, but those are not specified.
Many details still need to be worked out.
For example, lawmakers want to slim the number of tax brackets to three - with filers charged at a 12%, 25% or 35% rate - but what incomes would qualify for each rate remains to be seen.
Currently, the bottom rate is 10% and the top rate is close to 40%.
White House officials rejected the idea that the plan would increase the tax burden on lower income families, citing the increased amount households will be able to deduct.
They also said that the framework leaves Congress the flexibility to maintain a fourth, higher rate on the wealthiest households.
Lawmakers are also grappling with how to pay for the tax cuts.
The Trump administration maintains that closing loopholes will help offset revenue loss.
They also say the reform will spur growth, but many economists say it is unlikely to be enough to close the gap, adding to the US debt, which has passed $20 trillion.