US Senate passes Trump’s landmark tax reform bill

TIL Desk/World/Washington/ Senate Republicans today passed a sweeping overhaul of the US tax code in more than 30 years, bringing President Donald Trump closer to scoring his first major legislative victory amid criticism that the package disproportionately benefit the wealthy and corporations.

The Senate approved the USD 1.5 trillion tax bill, which includes permanent tax breaks for corporations and temporary tax cuts for individuals, by a final vote of 51-48. The House of Representatives earlier approved the bill comfortably. In the House it was passed by 227 to 203 votes. Republicans have majorities in both houses of Congress.

For final approval the legislation must go back to the House for a procedural issue before it can be sent to the White House for the president to sign it into law. Once enacted, the legislation will represent the most drastic changes to the US tax code since 1986. The bill was passed along party lines, with every Senate Republican present voting in its favour and all Democrats voting against it. “After years of work, we are going to enact the most sweeping, pro-growth overhaul of our tax code in a generation.