Senate Passes GOP Tax Overhaul Bill

The Senate early Saturday morning passed the Republican tax overhaul legislation, bringing it one step closer to becoming law. The bill cuts the corporate tax rate to 20 percent while slashing rates across the board. It also repeals the Obamacare individual mandate. The legislation passed by a margin of 51 to 49, with Sen. Bob Corker (R-TN) the lone GOP “no” vote, citing concerns about the bill’s $1.5 trillion projected addition to the federal deficit over a period of 10 years. No Democrats voted for the bill. The legislation could be sent back to the House for final approval, but GOP leaders are likely to instead form a conference committee that would reconcile the House and Senate bills before a final product gets sent to President Donald Trump’s desk.