U.S. Senate passes major Republican tax reform bill
The Senate has passed a nearly $1.5 trillion Republican tax bill that’s historic in scope and an urgent political priority for President Donald Trump and the GOP.
The vote was 51-49, largely along party lines. Not a single Democrat voted in favor of the legislation, which was crafted behind closed doors by Senate Republican leaders. Tennessee Sen. Bob Corker, who calls the growing debt a national security threat, joined Democrats in opposing the bill.
The bill lays the bulk of its tax cuts on businesses and higher-earning individuals and gives more modest breaks to others.
It would bring the first major overhaul of the U.S. tax system in three decades. The measure must be reconciled with a version the House passed last month.