House Republicans are talking with President-elect Donald Trump's transition team about how to fashion the biggest U.S. tax overhaul in three decades, the chairman of the House Ways and Means Committee says.

"We're talking to the Trump team about timing" for producing written legislation that would slash tax rates on businesses and individuals and remake the U.S. tax code next year, said Kevin Brady, the Texas Republican who chairs the House's tax-writing panel. "We're writing provisions of the bill as we speak."

Trump and House Republicans, led by Speaker Paul Ryan, want dramatic rate cuts. They also want to scrap features of U.S. tax law that they say put American companies at a disadvantage globally — and have spurred companies to leave as much as $2.6 trillion in profit overseas, where it remains untaxed.