03 December,2017 10:49 AM IST | Washington | Agencies
US Senate Republicans narrowly passed landmark tax reform yesterday, a critical step toward delivering a monumental legislative victory for President Donald Trump in his first year in office
US Senate Republicans narrowly passed landmark tax reform yesterday, a critical step toward delivering a monumental legislative victory for President Donald Trump in his first year in office.
Donald Trump
After a marathon session that stretched overnight, the chamber voted 51 to 49 in favour of the nation's largest tax overhaul in 31 years, overcoming stubborn internal Republican resistance and dismissing Democrats angry over the last-minute revisions to the bill.
However, Democrats complained it only benefited the wealthy and big business.
The plan sees a sharp cut in corporation tax, but a Senate committee finding has warned it would add $1tn to the budget deficit. The move will be seen as a major victory for Trump, who since taking office has struggled to get major legislative movement in Congress, including fulfilling his vow to repeal and replace Obamacare.
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