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US Senate approves major tax cuts in a victory for Trump

The sweeping tax rewrite affects families, small business owners, multinational corporations

David Morgan & Amanda Becker | Reuters  |  Washington 

The US Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes. In what would be the largest change to US tax laws since the 1980s, Republicans want to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes that they say would further boost an already growing economy. “We are one step closer to delivering MASSIVE tax cuts for working families across America,” ...

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First Published: Sun, December 03 2017. 00:24 IST