The Republican-led US Senate approved a sweeping, $1.5 trillion tax bill in the small hours of December 20, moving their party and President Donald Trump a step closer to the largest overhaul of the U.S. tax code in more than 30 years. The bill slashes taxes for corporations and wealthy taxpayers, revamps how the United States taxes multinational companies and creates a tax deduction for the owners of "pass-through" businesses, ranging from mom-and-pop stores to large real estate and financial enterprises.