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ustex [Faia US Senate approves sweeping tax overhaul Historic bill takes Donald Trump closer to first legislative success of presidency A 1S HOURS AGO Barney Jopson and Sam Fleming in Washington FR 265 comments Donald Trump came a step closer to the first legislative victory of his presidency as Senate Republicans passed a historic bill in the early hours of Saturday to overhaul the US tax code for the first time in a generatior After a frantic day of dealmaking by party leaders, the Senate passed a new version of their hastily revised bill shortly before 2am by 51-49, with one s in voting against it. Republican, Bob Corker, joining Demoes ‘The core of the bill is a drastic tax cut for corporations that takes their rates to the lowest level in decades, with more modest reductions for individual taxpayers. “We are one step closer to delivering MASSIVE tax cuts for worl across America . .. Look forward to signing a final bill before Christmas!” Mr ‘Trump tweeted. ing families Following the failure of Republican efforts to repeal Obamacare, party leaders see turning the tax package into law as vital to their chances of retaining, control of Congress in midterm elections next year. ‘The Senate is not the final hurdle. Its bill will need to be merged with separate legislation that has passed the House of Representatives, a process that will begin on Monday and could raise new objections from lawmakers. Mr Trump has put lawmakers under intense pressure in recent weeks, insisting he wants legislation he can sign into law before the end of this year. Paul Ryan, the speaker of the House, said: “For the first time since 1986, both the House and the Senate have passed a major overhaul of our nation’s tax code. Now we will move quickly to a conference committee so we can get a final bill to President Trump's desk.” Democrats, whose 48 senators were unable to stop the bill, slammed it as a giveaway for the rich and powerful, assailing Republicans for the haste with which they had passed “Ihave not seen a more regressive piece of legislation, so devoid ofa rationale, s0 ill-suited for the condition of the country, so removed from the reality of what the American people need,” said Chuck Schumer, the top Senate Demoerat. Recommended But business groups, which have cheered Republicans taxretoim drive hitby defen Plans to cut the corporate tax rate from 35 Projections per cent to 20 per cent as well as US Senate tax bill would add $1tn to reductions for smaller companies, deficit over 10 years — analysis welcomed the progress. ‘A modest proposal part I the debate over US tax reform Jamie Dimon, chief executive of JPMorgan Chase and head of the Business Roundtable lobby group, said: “We congratulate members of the Senate for their historic achievement in passing tax reform that will boost our economy and benefit American workers.” Steve Bell, a former Senate budget staffer who is now at the Bipartisan Policy Center, said that in 44 years in Washington he had not seen a process quite so “haphazard” in the legislative branch. Democrats tried and failed to delay the vote on the bill until Monday, complaining that Republicans were putting forward legislation still covered with handwritten amendments. Republicans spent Friday negotiating to overcome setbacks from Thursday night, when a congressional watchdog determined that the bill would raise less revenue than forecast and send the budget deficit rocketing.