US Senate and House pass most sweeping Republican tax reform bill since 1986

Washington

REPUBLICANS took a critical step towards notching their first significant legislative victory since assuming full political control, as the House and Senate voted along party lines Tuesday and into early Wednesday to pass the most sweeping rewrite of the tax code in decades.

The US$1.5 trillion tax bill, which is expected to head to President Donald Trump's desk in the coming days, will have broad effects on the economy, making deep and lasting cuts to corporate taxes as well as temporarily lowering individual taxes.