A Republican who will soon step down as chairman of the U.S. House of Representatives tax committee late on Monday released a sweeping, nearly 300-page tax bill that he said would affect Americans' retirement savings, numerous business tax breaks and redesign the Internal Revenue Service.

Representative Kevin Brady, chairman of the House Ways and Means Committee only until early January, shepherded through the House and onto President Donald Trump's desk in 2017 a large tax bill that slashed the U.S. corporate tax rate.

Of his latest legislation, Brady said in a statement, "The policy proposals in this package have support of Republicans and Democrats in both chambers. I look forward to swift action in the House to send these measures to the Senate."

American voters ended Republican control of the House in the Nov. 6 elections and handed majority power to the Democrats. Brady is expected to be replaced as committee chairman in January by Democratic Representative Richard Neal.