The U.S. Senate passed an overhaul to the U.S. tax code early Saturday morning, legislation that gives a massive tax reduction to corporations but an uneven set of cuts and benefits to individual taxpayers. Rough cut (no reporter narration).
ROUGH CUT. NO REPORTER NARRATION. The U.S. Senate approved a sweeping tax overhaul on Saturday (December 2), moving Republicans and President Donald Trump a major 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 U.S. tax overhaul 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. In a legislative battle that moved so fast a final draft of the bill was unavailable to the public until just hours before the vote, Democrats slammed the measure as a give-away to businesses and the rich financed with billions in taxpayer debt. Following the 51-49 vote, talks will begin, likely next week, between the Senate and the House of Representatives, which has already approved its own tax bill. The two chambers must craft a single bill to send to Trump to sign into law.