Senate Passes Tax Legislation

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Telling reporters “we have the votes,” Senate Majority Leader Mitch McConnell, R-Ky., walks to the chamber after a closed-door meeting with Republican lawmakers to advance the stalled GOP overhaul of the tax code, on Capitol Hill in Washington, Friday, Dec. 1, 2017. (AP Photo/J. Scott Applewhite)

December 2, 2017
OAN Newsroom

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.

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.