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Trump is one big step closer to signing his tax overhaul bill into law

US President Donald Trump is a step closer to passing his sweeping tax overhaul after approval from the US Senate.

The bill was passed by 51 to 49 following a flurry of last-minute amendments.

Talks between the Senate and the House of Representatives are set to begin next week to create a single bill for Trump to sign into law after the House passed a similar bill last month.

We are one step closer to delivering MASSIVE tax cuts for working families across America. Special thanks to @SenateMajLdr Mitch McConnell and Chairman @SenOrrinHatch for shepherding our bill through the Senate. Look forward to signing a final bill before Christmas! pic.twitter.com/gmWTny3SfS

— Donald J. Trump (@realDonaldTrump) December 2, 2017

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The bill would be the largest US tax overhaul since the 1980s and also the first major victory for Trump since he took office nearly a year ago.

The Republican plan will slash corporation tax, which Republican leader in the Senate Mitch McConnell said would make America more competitive. He said the bill would also provide "substantial relief" to the middle class, but Democrats argued the bill would benefit only the wealthy and businesses.

A Senate committee report found the bill would add $1 trillion (£742bn) to the budget deficit.

“The Republicans have managed to take a bad bill and make it worse,” said Senate Democratic leader Chuck Schumer. “Under the cover of darkness and with the aid of haste, a flurry of last-minute changes will stuff even more money into the pockets of the wealthy and the biggest corporations.”

US stocks have risen to record highs recently over hopes corporations would receive big tax cuts, but yesterday the rally stopped short after Trump's former national security adviser pleaded guilty to a charge of making false statements to the FBI.

Trump came under fire in the UK this week after he told the Prime Minister to focus on the "destructive radical Islamic terrorism" within the UK rather than him. The comment came after Theresa May rebuked Trump for retweeting videos from Jayda Fransen, the deputy leader of far-right fringe group Britain First, who has been charged with "threatening, abusive or insulting words or behaviour".

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