The US Senate in Congress has approved a sweeping tax overhaul that will offer huge tax cuts for US corporations and the wealthiest Americans and likely increase the budget deficit by $1 trillion in a decade.

The upper chamber of Congress voted 51 to 49 on Saturday in favor of the nation’s largest tax overhaul in 31 years, delivering Republicans and President Donald Trump a major legislative victory.

Republicans, who are the majority in the US Senate, rallied around the US tax overhaul bill on Friday, giving the sweeping legislation sufficient votes to win passage.

The Senate version of the bill and one passed earlier this month by the House of Representatives must now be reconciled into a single bill, and approved again by both chambers.

The single bill must then go to the White House, where Trump was expected to sign it into law before the end of the year.

Under the bill, the corporate tax rate would be permanently slashed to 20 percent from 35 percent, while future foreign profits of US-based firms would be largely exempted from tax.

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