Senate Passes Major Business, Individual Cuts: Tax Debate Update [Bloomberg Business News]
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Source: Bloomberg Business News
The Senate tax bill is in the midst of a marathon vote session that stretched into early Saturday morning with the goal of holding a final vote in the next several hours. Here are the latest developments, updated throughout the day: Senate Passes Major Business, Individual Cuts (1:51 a.m.) Senate Republicans narrowly approved the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans. The 51-49 vote -- achieved only after closed-door deal-making with dissident senators -- brings the GOP close to delivering a much-needed policy win for their party and President Donald Trump. Trump has promised to sign tax-cut legislation before the end of 2017. Banks Would Get Rate Hike on Overseas Levy (12:43 a.m.) Banks and securities dealers would face higher rates than other companies for a new tax aimed at preventing multinational corporations from sending taxable income overseas to l
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