US senators have passed a sweeping tax cuts bill, paving the way for Donald Trump's first big legislative victory. The package would mark the biggest tax overhaul since the 1980s. <br/><br/><br/>It was passed by 51 votes to 49, after a series of amendments in a marathon session. Democrats complained it only benefited the wealthy and big business. The plan sees a sharp cut in corporation tax, but a Senate committee finding has warned it would add one trillion dollars to the budget deficit. <br/><br/><br/>Under the bill, the corporate tax rate would be permanently slashed to 20 per cent from 35 per cent while future foreign profits of U.S. based firms would be largely exempted from tax. On the individual side of the tax code, the top tax rate paid by the highest income earners would be cut slightly. <br/>'<br/>President Trump wants the measures enacted by the end of the year and he congratulated Republicans for taking the US "one step closer to delivering massive tax cuts for working families". The Senate will now have to merge its legislation with that passed last month by the House of Representatives, before it can be signed into law by the President. <br/>'<br/><br/>The move will be seen as a major victory for Mr Trump, who since taking office has struggled to get major legislative movement in Congress – including fulfilling his vow to repeal and replace Obamacare. His presidency has also been dogged by an independent investigation into Russian attempts to influence the 2016 US election and possible collusion with his campaign team.

US senators have passed a sweeping tax cuts bill, paving the way for Donald Trump's first big legislative victory. The package would mark the biggest tax overhaul since the 1980s. It was passed by 51 votes to 49, after a series of amendments in a marathon session. Democrats complained it only benefited the wealthy and big business. The plan sees a sharp cut in corporation tax, but a Senate committee finding has warned it would add one trillion dollarss to the budget deficit. <br/><br/>President Trump wants the measures enacted by the end of the year and he congratulated Republicans for taking the US "one step closer to delivering massive tax cuts for working families". The Senate will now have to merge its legislation with that passed last month by the House of Representatives, before it can be signed into law by the President. <br/>The move will be seen as a major victory for Mr Trump, who since taking office has struggled to get major legislative movement in Congress – including fulfilling his vow to repeal and replace Obamacare. His presidency has also been dogged by an independent investigation into Russian attempts to influence the 2016 US election and possible collusion with his campaign team.