The measure also includes the controversial $10,000 annual cap for state and local tax deductions (SALT), a provision that's particularly unpopular in high-tax states like NY and New Jersey.
Senate seats are up for election every six years and this year's map features Democrats defending states where Trump won, sometimes by large margins.
House Ways and Means Committee Chairman Kevin Brady, the 2.0 package's main author, plans to unveil draft language for three bills early in the week and put it to a committee-level vote on September 13, with a full House vote following by Oct 1.
Under the measure, federal individual income tax cuts approved on a temporary basis by the Republican-controlled Congress and President Donald Trump in December would become permanent.
Experts claim the rule affects high-tax states like California, New York and New Jersey - all which have highly contested midterm races.
While the law slashed the corporate tax rate permanently from 35 percent to 21 percent, its tax cuts for individuals and the millions of USA "pass-through" businesses expire in eight years.
Brady's statement on Monday didn't say when his committee will review the legislation, although he has previously said the panel would begin work on it Thursday.
Politico argued late August that Paul Manafort's guilty verdict and Michael Cohen's guilty plea are intensifying talks of impeachment, but also observed that Trump is deliberately addressing the prospect of impeachment in an effort to encourage his base to vote in the midterms.
House Speaker Paul Ryan has said the legislation will get a vote on the House floor before the end of the month. Democrats have said they benefit mainly the wealthy and corporations.
Strong economic growth also doesn't seem to be winning over new voters for Trump, however. But that has been undercut on the campaign trail by worries about Trump's policy on trade tariffs and a lack of evidence that tax cuts have delivered promised pay increases to workers.
"It's important that Republicans stay on offense when it comes to taxes", said Ryan Ellis, a Republican tax lobbyist. The new package would make the capped SALT deduction permanent.