The Senate version of the Republicans' tax overhaul is set to be unveiled with billions in tax cuts for people and corporations, repeal of the federal deduction for state and local taxes, and a likely compression of the personal income tax brackets from seven to four.

The House measure, meanwhile, nears approval by the tax-writing committee after last-minute changes by its primary author.

The legislation pulling the attention of lawmakers in both chambers would bring the first major reshaping of the U.S. tax code in three decades.

Senate Finance Committee Chairman Orrin Hatch plans to take the wraps off the new Senate bill on Thursday. In the House, Ways and Means Committee Chair Kevin Brady was making changes before the panel votes Thursday to deliver it to the full House.