The package would also increase the standard deduction for individuals, providing a modest cut for middle-income people and simplifying the process of filing tax returns, according to people briefed on its details.
Trump’s promised $1 trillion infrastructure program, two of the people said, and it jettisoned a House Republican proposal to impose a substantial tax on imports, known as a border adjustment tax, which would have raised billions of dollars to help offset the cost of the cuts.
The broad contours of the plan seemed to please conservatives who had worried in recent weeks that Mr.
Senator Ron Wyden of Oregon, the ranking Democrat on the Finance Committee, said he would be open to working with Republicans on a plan that would bring home corporate profits parked overseas and use some of the funds to pay for infrastructure.
But Senator Mitch McConnell of Kentucky, the majority leader, said on Tuesday that he intended to pass tax legislation through budget rules that would block a filibuster.