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Trump victory as Senate approves $1.4tn tax reform bill

The largest overhaul in America’s tax system for 31 years has been approved by the US Senate, in a crucial victory for Donald Trump.

The President and his fellow Republicans want to add $1.4tn to the $20tn national debt over the next 10 years by slashing taxes for big businesses, which they believe will boost an already growing economy.

US stock markets have rallied for months in the hope that Washington would provide major tax cuts for corporations and Saturday’s 51-49 vote in favour of the changes should give the Senate and the House of Representatives time to craft a bill for Mr Trump to sign into law by the end of the year.

Talks between the two chambers will likely begin next week.

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