* Senate Republicans pass their massive tax overhaul in a 51-48 party line vote
* The House still needs to vote again on the bill before it can go to President Donald Trump
* The proposal would slash taxes on businesses and trim the tax burden on most individuals
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Senate Republicans passed a dramatic overhaul of the American tax system early Wednesday morning, putting the plan another House vote away from President Donald Trump's desk after Senate rules forced them to make last-minute changes.
The chamber approved the proposal by a 51-48 party line vote, with every GOP senator voting for it except for the absent Sen. John McCain, R-Ariz. After approving a nearly identical bill earlier Tuesday, the House wants to pass the legislation that cleared the Senate on Wednesday morning.
The plan, expected to get signed into law by Trump this week, would significantly remake the U.S. tax code. The bill would slash tax rates for businesses while temporarily trimming the tax burden on most, but not all, individuals.
Big break for corporations
The joint legislation would chop the corporate tax rate to 21 percent from 35 percent. It would set a 20 percent business income deduction for the first $315,000 in income earned by pass-through businesses.
The personal exemption would get scrapped under the bill. The plan would raise the standard deduction to $12,000 for an individual or $24,000 for a family, just short of double its current level.
Reference: CNBC
Read More: https://www.cnbc.com/
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