US Senate Republicans passed landmark tax reform early Saturday, a critical step toward delivering a monumental legislative victory for President Donald Trump in his first year in office.&nbsp;

After a marathon session, the chamber voted 51 to 49 in favor of the nation&#39;s largest tax overhaul in 31 years, overcoming stubborn internal Republican resistance and dismissing Democrats angry over the last-minute, handwritten changes to the legislation.

The Senate version 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 before it makes it to the president&#39;s desk for his signature.

After a marathon session, the chamber voted 51 to 49 in favor of the nation's largest tax overhaul in 31 years, overcoming stubborn internal Republican resistance and dismissing angry Democrats

US Senate Republicans passed landmark tax reform early Saturday, a critical step toward delivering a monumental legislative victory for President Donald Trump in his first year in office. After a marathon session, the chamber voted 51 to 49 in favor of the nation's largest tax overhaul in 31 years, overcoming stubborn internal Republican resistance and dismissing Democrats angry over the last-minute, handwritten changes to the legislation. The Senate version 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 before it makes it to the president's desk for his signature.

US Senate passes historic tax reform in Trump win

US&nbsp;<a href="http://www.wionews.com/world/trump-says-he-brilliantly-used-us-tax-laws-to-his-advantage-7085" target="_blank">President Donald Trump</a> urged House Republicans to move swiftly on passing a budget bill during a conference call, clearing the way for what he described as historic tax cuts.

Trump and Vice President Mike Pence both joined the House GOP call on Sunday in which Trump called on members to adopt the budget passed by the Senate this week so that they can move on to passing his tax reform plan.

Trump told the members they were on the verge of doing something historic, according to one Republican official, who, like others, spoke on condition of anonymity because they were not authorised to discuss publicly what was intended as a private update for members.

Another GOP aide familiar with the conversation said that Trump told the members again and again that the party would have a steep price to pay in next year&#39;s midterm elections if they failed to pass his plan, which would slash the corporate tax rate to 20 per cent and double the standard deduction used by most average Americans. The president also said multiple times that, beyond the looming elections, his plan was the right thing to do for the country, the person said.

The Senate last week passed a budget that includes rules that will allow Republicans to get tax legislation through the Senate without Democratic votes and without fear of a Democratic filibuster. The House had passed a different budget, but House Republicans signalled Friday they would simply accept the Senate plan to avoid any potential delay on the tax measure.

Republicans are desperate to rack up a legislative win after a series of embarrassing failures that have come despite the fact that the party controls both chambers of Congress and the White House. At the top of the list: their stalled attempts to pass legislation repealing and replacing &quot;Obamacare.&quot; If tax reform doesn&#39;t pass, many in the party fear an all-out revolt in 2018.

On the call, House Speaker Paul Ryan told members he hoped to pass a revised Senate budget bill this week to increase the chances that tax reform can be enacted by the end of the year.

The leaders emphasised the need for the House to pass the Senate budget to avoid negotiations between the two chambers that could slow the process, said two lawmakers on the call, who also spoke on condition of anonymity. They said the goal is for House passage of the budget this week, putting the House on track to approve a tax bill by Thanksgiving.

White House budget director Mick Mulvaney, had told Fox News earlier yesterday that the House was working &quot;very quickly to accept the Senate amendments,&quot; and said the plan &quot;may save as many as 10 or 12 legislative days, which is a big deal.&quot;

Trump, who spent much of the weekend at his gold course in Virginia, will also work to rally support for the plan on the Hill Tuesday at a lunch with Senate Republicans. But as the focus turns to taxes, Congress continues to struggle with health care legislation.

Trump told the members again and again that the party would have a steep price to pay in next year's mid-term elections if they failed to pass his plan, which would slash the corporate tax rate to 20 per cent and double the standard deduction used by most average Americans

US President Donald Trump urged House Republicans to move swiftly on passing a budget bill during a conference call, clearing the way for what he described as historic tax cuts. Trump and Vice President Mike Pence both joined the House GOP call on Sunday in which Trump called on members to adopt the budget passed by the Senate this week so that they can move on to passing his tax reform plan. Trump told the members they were on the verge of doing something historic, according to one Republican official, who, like others, spoke on condition of anonymity because they were not authorised to discuss publicly what was intended as a private update for members. Another GOP aide familiar with the conversation said that Trump told the members again and again that the party would have a steep price to pay in next year's midterm elections if they failed to pass his plan, which would slash the corporate tax rate to 20 per cent and double the standard deduction used by most average Americans. The president also said multiple times that, beyond the looming elections, his plan was the right thing to do for the country, the person said. The Senate last week passed a budget that includes rules that will allow Republicans to get tax legislation through the Senate without Democratic votes and without fear of a Democratic filibuster. The House had passed a different budget, but House Republicans signalled Friday they would simply accept the Senate plan to avoid any potential delay on the tax measure. Republicans are desperate to rack up a legislative win after a series of embarrassing failures that have come despite the fact that the party controls both chambers of Congress and the White House. At the top of the list: their stalled attempts to pass legislation repealing and replacing "Obamacare." If tax reform doesn't pass, many in the party fear an all-out revolt in 2018. On the call, House Speaker Paul Ryan told members he hoped to pass a revised Senate budget bill this week to increase the chances that tax reform can be enacted by the end of the year. The leaders emphasised the need for the House to pass the Senate budget to avoid negotiations between the two chambers that could slow the process, said two lawmakers on the call, who also spoke on condition of anonymity. They said the goal is for House passage of the budget this week, putting the House on track to approve a tax bill by Thanksgiving. White House budget director Mick Mulvaney, had told Fox News earlier yesterday that the House was working "very quickly to accept the Senate amendments," and said the plan "may save as many as 10 or 12 legislative days, which is a big deal." Trump, who spent much of the weekend at his gold course in Virginia, will also work to rally support for the plan on the Hill Tuesday at a lunch with Senate Republicans. But as the focus turns to taxes, Congress continues to struggle with health care legislation.

Trump urges House GOP to move quickly on budget, tax cuts

The dollar stood atop large gains early on Friday after soaring broadly overnight on comments by US President Donald Trump that he would announce the most ambitious tax reform plan since the Reagan era in the next few weeks.

The dollar had enjoyed a big surge after Trump won the US elections in November on pledges to inject the economy with large-scale fiscal stimulus. But the &quot;Trump rally&quot; had faded over the past few weeks with more focus on the new president&#39;s protectionist trade rhetoric and his support for a weaker dollar.

The dollar index against a basket of major currencies was up 0.1 per cent at 100.710, its highest in three days. The index was poised to rise 0.8 per cent on the week.

The US currency received a boost as Trump promised a &quot;phenomenal&quot; tax plan in a White House meeting on Thursday with airline executives, although he did not offer specifics other than citing the need to a lower tax burden on businesses.

The euro was steady at $1.0657 after losing 0.4 percent the previous day. The common currency was on track to shed more than 1 percent on the week, during which it was dogged by perceived political risks facing the euro zone.

The dollar extended its overnight rally and edged up to a nine-day high of 113.665 yen.

The greenback soared 1.2 per cent against the yen the previous day as US Treasury yields rose sharply in the wake of Trump&#39;s comments. Treasury yields had until Thursday declined steadily to multi-week lows, pushing the dollar to a 10-week trough of 111.590 yen.

&quot;Recently, the dollar has been caught between uncertainty towards Bank of Japan policy and US-Japan currency diplomacy on one hand, and hopes for US tax reform on the other. The dollar&#39;s surge was straightforward reaction to developments in the latter,&quot; said Shusuke Yamada, chief Japan FX strategist at BOA Merrill Lynch.

Market focus turned to the two-day summit between President Trump and Japanese Prime Minister Shinzo Abe starting later on Friday.

Of concern to rejuvenated dollar bulls is the possibility of Trump reiterating his opposition to a strong dollar, and the financial markets are paying particular attention to how much currency policies are discussed at the summit.

Trump and his top trade adviser Peter Navarro criticised Germany, Japan and China last week, saying the trading partners were engaged in devaluing their currencies to the disadvantage of the United States.

&quot;Currency policy may not be a dominant topic at the summit, and that would be positive for the dollar,&quot; Yamada at BOA Merrill Lynch said.

A senior US official said while currency manipulation could come up in the talks, it was not at the top of Trump&#39;s list of topics at the summit.

Elsewhere, the New Zealand dollar inched up 0.1 per cent to $0.7189, stabilising somewhat after sliding 1.1 per cent the previous day as the country&#39;s central bank extinguished hopes that a rate hike would happen sooner rather than later.&nbsp;

(Reuters) 
&nbsp;

The 'Trump rally' had faded over the past few weeks with more focus on the new president's protectionist trade rhetoric

The dollar stood atop large gains early on Friday after soaring broadly overnight on comments by US President Donald Trump that he would announce the most ambitious tax reform plan since the Reagan era in the next few weeks. The dollar had enjoyed a big surge after Trump won the US elections in November on pledges to inject the economy with large-scale fiscal stimulus. But the "Trump rally" had faded over the past few weeks with more focus on the new president's protectionist trade rhetoric and his support for a weaker dollar. The dollar index against a basket of major currencies was up 0.1 per cent at 100.710, its highest in three days. The index was poised to rise 0.8 per cent on the week. The US currency received a boost as Trump promised a "phenomenal" tax plan in a White House meeting on Thursday with airline executives, although he did not offer specifics other than citing the need to a lower tax burden on businesses. The euro was steady at $1.0657 after losing 0.4 percent the previous day. The common currency was on track to shed more than 1 percent on the week, during which it was dogged by perceived political risks facing the euro zone. The dollar extended its overnight rally and edged up to a nine-day high of 113.665 yen. The greenback soared 1.2 per cent against the yen the previous day as US Treasury yields rose sharply in the wake of Trump's comments. Treasury yields had until Thursday declined steadily to multi-week lows, pushing the dollar to a 10-week trough of 111.590 yen. "Recently, the dollar has been caught between uncertainty towards Bank of Japan policy and US-Japan currency diplomacy on one hand, and hopes for US tax reform on the other. The dollar's surge was straightforward reaction to developments in the latter," said Shusuke Yamada, chief Japan FX strategist at BOA Merrill Lynch. Market focus turned to the two-day summit between President Trump and Japanese Prime Minister Shinzo Abe starting later on Friday. Of concern to rejuvenated dollar bulls is the possibility of Trump reiterating his opposition to a strong dollar, and the financial markets are paying particular attention to how much currency policies are discussed at the summit. Trump and his top trade adviser Peter Navarro criticised Germany, Japan and China last week, saying the trading partners were engaged in devaluing their currencies to the disadvantage of the United States. "Currency policy may not be a dominant topic at the summit, and that would be positive for the dollar," Yamada at BOA Merrill Lynch said. A senior US official said while currency manipulation could come up in the talks, it was not at the top of Trump's list of topics at the summit. Elsewhere, the New Zealand dollar inched up 0.1 per cent to $0.7189, stabilising somewhat after sliding 1.1 per cent the previous day as the country's central bank extinguished hopes that a rate hike would happen sooner rather than later. (Reuters)

Wall Street at record high after Trump's promise of 'phenomenal' tax plan

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US Senate passes historic tax reform in Trump win

Trump urges House GOP to move quickly on budget, tax cuts

Wall Street at record high after Trump's promise of 'phenomenal' tax plan