US Senate approves Trump's tax reform
The United States Senate on Tuesday approved US President Donald Trump"s tax reform plan, with significant reductions for corporations and the rich.
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The United States Senate on Tuesday approved US President Donald Trump's tax reform plan, with significant reductions for corporations and the rich.
The tax reform was approved with 51 votes in favor, with all the yes votes being Republicans, and 48 against, all Democrats.
The vote was interrupted on several occasions by protesters shouting from the upper gallery.
The bill will return to the House of Representatives on Wednesday for final procedural approval.
Earlier on Tuesday, the House had approved the reform in a 227-203 vote, all of the yes votes being Republicans, while 12 GOP lawmakers voted against the bill.
If the legislation is approved, as expected, Trump will be able to ratify his first major legislative triumph on Wednesday.
The overhaul cuts corporate tax to 21 percent from 35 percent, while the highest individual income tax drops from 39.6 percent to 37 percent.
Trump made lowering taxes a cornerstone of his election campaign.
The measures will go into effect on Jan. 1, 2018, and are expected to add $1 trillion to the country's national debt over 10 years.
The reform marks the most significant overhaul of the US tax system since the Ronald Reagan era.
In addition to lowering taxes, the bill repeals a part of former president Barack Obama's Affordable Care Act, which made it compulsory for Americans to have health insurance, fulfilling another of Trump's campaign promises.