The US Senate has narrowly passed a tax overhaul bill, the most sweeping rewrite of the nation’s tax laws in over three decades.
The Republican-led Senate, in the early hours of Wednesday, approved the $1.5-trillion tax legislation, which includes permanent tax breaks for corporations and temporary tax cuts for individuals.
With all Democrats united in opposition, the Senate passed the bill by a 51-48 party line vote, bringing President Donald Trump to the verge of his first major legislative victory almost a year after he took office.
The House of Representatives, which approved a nearly identical bill earlier on Tuesday, now wants to pass the new legislation before it is signed into law by Trump.
In a tweet, Trump cheered the bill’s passage, saying, “The United States Senate just passed the biggest in history Tax Cut and Reform Bill. Terrible Individual Mandate (ObamaCare) Repealed. Goes to the House tomorrow morning for final vote. If…