December 2, 2017
The largest U.S. tax overhaul in more than 30 years passes the Senate.
The legislation was approved early Saturday morning by a 51 to 49 vote.
Under the Senate Bill, the corporate tax rate will be permanently lowered from 35% to 20%. Tax rate will also be cut for individuals, though the tax cuts will expire after a decade.
The bill also repeals the individual mandate under Obamacare, and open up a section of the arctic national wildlife refuge for drilling.
President Trump hailed the bill’s passage in a tweet Saturday morning, congratulating Congressional Republicans for their hard work and commitment.
Biggest Tax Bill and Tax Cuts in history just passed in the Senate. Now these great Republicans will be going for final passage. Thank you to House and Senate Republicans for your hard work and commitment!
— Donald J. Trump (@realDonaldTrump) December 2, 2017
According to reports the President wants the measure enacted by the end of the year.
Now, the Senate and House will come together to compromise on one final unified bill, which will then be voted on and signed by the President.