The top corporate tax rate would drop from 36 percent to 24 percent and the proposal eliminates some exemptions and credits, that Wyden says shouldn't be in the tax system such as tax breaks for shipping jobs overseas.
"We want to use that revenue to enhance our competitiveness at home," he said. "I think we're going to have very strong business support and we'll have support from a lot of labor folks as well."
The Congressional Research Service said that the elimination of the tax breaks would make the plan revenue neutral, Wyden said.
The proposal is designed to "collect what's owed, simplify the system and make tax rules enforceable," he said.
The Wyden-Gregg plan doesn't make changes to carried interest although Wyden expects the issue to be part of any debate on the tax code.