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Watch Senate hearing on overhauling business taxes

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The Senate Finance Committee holds a hearing on overhauling the corporate tax system on Tuesday, a step in Republicans' goal to revise the American tax code by the end of the year.

The hearing follows a separate event last week about taxes for individuals.

Republicans seek to revise the U.S. tax system in a way that they say will kick-start economic growth. They aim to chop individual income tax rates and the tax burden on businesses, while getting rid of most deductions, among other possible provisions.

Lawmakers are expected to release an outline of their plan next week, though it is not clear how much detail they will provide.