The biggest US tax reform for decades has been voted through the Senate by 51 to 48, though must now go back to the House of Representatives today for review due to two provisions failing to meet Senate budget rules. Despite this, the bill is expected to be approved with small amendments. After the Republican's failure to repeal Obama Care earlier in the year, the US tax bill marks the first major legislative reform package to pass through congress since Trump's election victory. The planned $1.5 trillion of tax cuts is aimed at helping US businesses thrive and will see corporate tax cut from a range of 15%-35% down to 21%, as well as lowering the cost to repatriate overseas money and reducing Inheritance tax. US stock markets are poised to open up and head towards fresh record highs.
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FED raises rates for third time in 2017
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