Senate gives final approval to rewrite of tax code

The Senate gave its final approval late Tuesday night to Republicans’ rewrite of the tax code by a 51-48 margin. The House had originally passed the bill, but due to some procedural issues with the legislation, the Senate had to send the bill back to the House, who is expected to vote early Wednesday. The bill puts lawmakers one step away from delivering their first major legislative victory since President Donald Trump took office. Trump is expected to sign the bill as soon as Wednesday.

It would be the biggest tax-code rewrite in decades, slashing the corporate tax rate for the first time in 30 years, overhauling taxation of both small and large businesses, and cutting rates on individual taxpayers, said Politico. Read the full article here.