Republicans pass historic tax reform package

Over the weekend US Senate Republicans past a sweeping tax reform package in a 51 – 49 vote. Whilst both Senate and Congressional support for the cuts remains polarised over its impact on the US national deficit, the bill, which represents the largest tax overhaul in the US over the last 30 years, will see tax rates fall to 20% for US corporations and tax cuts to benefit the wealthiest Americans. Markets are expected to bounce back on the news after the selloff seen on Friday after ex national security advisor Michael Flynn plead guilty to lying to investigators over the probe into Russia’s involvement in the 2016 election.