House Ways and Means Committee Chairman Kevin Brady (R-Texas) on Monday unveiled the package of three bills touted as a sequel to the 2017 GOP tax law.

"Last year we said goodbye to America's old, broken tax code," said Brady. "Under our new system, we're seeing incredible job growth, bigger paychecks, and a tax code that works on behalf of families and American businesses. Now it's the time to ensure we never let our tax code become so outdated again. We look forward to bringing these bills to the Committee soon."

The three pieces of legislation proposed by Republicans on the tax-writing House Ways and Means Committee would make permanent lower individual rates, eliminate the maximum age for some contributions to retirement accounts and allow new businesses to write off more start-up costs, among other provisions Reuters reported.