The U.S. Senate today approved a sweeping tax overhaul, moving Republicans and President Donald Trump a major step closer to their goal of slashing taxes for businesses and the rich. <br/><br/>Following the 51-49 vote, talks will begin, next week, between the Senate and the House of Representatives, which has already approved its own tax bill. <br/><br/>The two chambers must craft a single bill to send to Trump to sign into law. No Democrats voted for the bill, as they lacked the votes to block it because Republicans hold a 52-48 Senate majority.<br/><br/>Under the bill, the corporate tax rate would be permanently slashed to 20 percent from 35 percent, while future foreign profits of U.S.based firms would be largely exempted from tax. <br/><br/>On the individual side of the tax code, the top tax rate paid by the highest-income earners would be cut slightly. This would be the largest U.S. tax overhaul since 1980.