Trump scores major political win as Senate passes tax plan

US President Donald Trump has scored a major political victory as the Senate passed his administration’s USD 1.5 trillion tax plan, a historic step in tax reform on Saturday.

The bill lowers tax rates for individuals and families till 2025 and permanently cuts corporate tax rates from 35 per cent to 20 per cent.

The House of Representative has already passed the bill. The two versions of the bill would now have to be reconciled before it can be sent to the White House for Trump to sign into law.