U.S. Senate approves major tax cuts in victory for Trump

U.S. Senate Majority Leader Mitch McConnell (R-KY) leaves the Senate floor during debate over the Republican tax reform plan in Washington, U.S., December 1, 2017. REUTERS/James Lawler Duggan

WASHINGTON (Reuters) - The U.S. Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.

In what would be the largest change to U.S. tax laws since the 1980s, Republicans want to add $1.4 trillion (1.04 trillion pounds) over 10 years to the $20 trillion national debt to finance changes that they say would further boost an already growing economy.