Congressional GOP leaders and the chairmen of the tax-writing committees said in a joint statement Wednesday that President Trump's tax reform principles "will serve as critical guideposts for Congress and the administration."

"Lower rates for individuals and families will allow them to keep more of their hard-earned money and empower them to invest more in their future," said Speaker Paul Ryan Paul Davis RyanAt indoor rally, Pence says election runs through Wisconsin Juan Williams: Breaking down the debates Peterson faces fight of his career in deep-red Minnesota district MORE (R-Wis.), Senate Majority Leader Mitch McConnell Addison (Mitch) Mitchell McConnellMcConnell focuses on confirming judicial nominees with COVID-19 talks stalled McConnell accuses Democrats of sowing division by 'downplaying progress' on election security Warren, Schumer introduce plan for next president to cancel ,000 in student debt MORE (R-Ky.), House Ways and Means Committee Chairman Kevin Brady Kevin Patrick BradyBusinesses, states pass on Trump payroll tax deferral Trump order on drug prices faces long road to finish line On The Money: US deficit hits trillion amid pandemic | McConnell: Chance for relief deal 'doesn't look that good' | House employees won't have payroll taxes deferred MORE (R-Texas) and Senate Finance Committee Chairman Orrin Hatch Orrin Grant HatchBottom line Bottom line Senate GOP divided over whether they'd fill Supreme Court vacancy MORE (R-Utah).

"Getting tax rates down for American companies, big and small, will create new jobs and make the United States a more inviting place to do business," they added.

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Trump's tax plan, unveiled Wednesday afternoon, proposes individual tax rates of 10 percent, 25 percent and 35 percent, and it proposes a tax rate for corporations and small businesses of 15 percent. It would also eliminate the estate tax, the alternative minimum tax and tax deductions except those for mortgage interest and charitable contributions.

The plan has a number of similarities to a tax blueprint House Republicans released last year, though it does not mention the House GOP border-adjustment proposal to tax imports and exempt exports.

The congressional GOP leaders and top tax writers said they are optimistic that the White House and Congress would be able to overhaul the tax code.

"With an eye toward fairness and simplicity, we’re confident we can rebuild our tax code in a way that will grow our economy, better promote savings and investment, provide our job creators with a competitive advantage, and bring prosperity to all Americans,” the lawmakers said.