US Senate approves tax overhaul in big victory for Trump

WASHINGTON - The US Senate on Saturday approved a sweeping tax overhaul, moving Republicans and President Donald Trump a major step closer to their goal of slashing taxes for businesses and the rich while offering everyday US citizens a mixed bag of changes.

In what would be the largest US tax overhaul since the 1980s, Republicans want to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes that they say would further boost an already growing economy.

US stock markets have rallied for months in hopes Washington would provide significant tax cuts for corporations.