"Senate passes $1.5 trillion tax bill that will hugely benefit wealthiest Americans, including Trump"
The biggest overhaul of the US tax system in almost 30 years has been passed which has sparked widespread criticism as the bill will benefit the rich at the expense of the working classes. Democrats are calling it "the worst bill in history".
It has been announced that the legislation contained multiple violations of Senate rules and means the House must again pass the bill on Wednesday with those measures withdrawn before it can be signed into law by President Trump.
The package of tax cuts is targeted towards corporations, small businesses and individuals. Officials claim that the bill includes measures to boost economic, job growth and to increase wages although the American public is far from convinced of the benefits.
The markets were expected to surge by as much as 25% following the announcement but the S&P 500 was down around 0.3%, the Dow Jones Industrial Average fell 0.1% and the NASDAQ was down 0.5%.
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