US Senate passes historic tax reform bill

The US Senate passed the biggest tax overhaul in 30 years, bringing President Trump closer to his first legislative victory since taking office.

Mr. McConnell expressed joy after the Senate passed the tax reform bill. Photo: Guardian.

The US Senate passed the tax reform bill early on December 1.largest in 31 years, with51 votes in favor versus 49 votes against,AFP reported.

The bill overcame last-minute objections from some Republicans and Democrats and included handwritten changes.This is considereda major step toward the first legislative victory for President Donald Trump in his first year in office.

This bill and the bill passed by the US House of Representatives last month need to be combined into one and need to be passed by both houses again before being sent to the President for his signature.

"We think today is a great day for America," the Guardian quoted him as saying.Mitch McConnell, Senate Majority Leader, said.

President Trump posted a thank you message to himMcConnell said on Twitter that he looked forward to signing the bill before Christmas.

Under the bill, corporate income tax would be slashed sharply from 35% to 20%. Personal income tax would also be slashed for those with the highest incomes.

In the biggest proposed change to US tax law since the 1980s, Republicans want to add $1.4 trillion to the $20 trillion national debt over 10 years to help finance changes they say will help boost the growing economy.

According to VNE