World Bulletin / News Desk

The U.S. Senate early Saturday approved a Republican-backed tax overhaul reform bill, the first major step to revamping the country's tax system in three decades.

After a series of amendments in a marathon session, some scribbled in the bill’s margins, the bill passed 51-49 in a nearly party-line vote, marking the largest tax overhaul in 31 years with nearly $1.5 trillion in cuts.

"Biggest Tax Bill and Tax Cuts in history just passed in the Senate. Now these great Republicans will be going for final passage," President Donald Trump said in a tweet, thanking the Senate Republicans for their support.

The House of Representatives approved a similar bill last week.

After the bill’s passage in both the U.S. House and Senate, the two chambers now need to sort out their differences and come up with final legislation before sending it to Trump’s desk for signing into law.

"Look forward to signing a final bill before Christmas!" the president added, expressing his long-desired tax reform to be finalized before the end of this year.

Along with all the Democrats, Bob Corker was the only Republican senator to cast a No vote, voicing fears the cuts in corporate taxes would hurt government revenues and push up the budget deficit.

"This is yet another tough vote. I am disappointed. I wanted to get to yes," Corker said before voting.

"But at the end of the day, I am not able to cast aside my fiscal concerns and vote for legislation that I believe, based on the information I currently have, could deepen the debt burden on future generations."