Investing.com - The US Senate has approved the biggest overhaul of the US tax system in more than thirty years. Republicans and Democrats differ in their analysis of the tax bill. While Republicans claim the tax bill will boosts economic growth, Democrats say the bill mostly favors the rich.The vote's results perfectly reflect the balance of power in both houses of Congress. The House approved the bill 227 to 203, while the Senate vote ended 51 to 48, both in favor of the bill.The tax reform is seen as President Donald Trump's first major legislative triumph. Changes in the tax code include lowering corporate taxes to 21%, instead of the current 35%. The tax bill will also lower taxes on overseas profit, lower the inheritance tax, and expend child tax credits. The bill's passing was not without trouble, as it was found that three procedural rules had been violated. Changes to the bill's wording were made between the House and Senate's approval, and the bill now needs to head back to the House of Representative to be approved again. The final approval of the tax bill is expected today, Wednesday.
