Vice-President Mike Pence presided over the vote and announced the result.

"On this vote the ayes are 51, the nays are 48. The Tax Cuts and Jobs Act is passed," he said.

Shortly before the final tally was announced, protesters in the Senate's public gallery shouted "kill the bill". They were escorted out.

What will the bill do?

Corporate taxes will pay 21%, instead of the current rate of 35%.

It will also lower individual tax rates, albeit temporarily.

Other key elements include:

• Less inheritance tax

• An expanded child tax credit

• Lower taxes on overseas profits

Why is a re-vote needed?

The bill's final passing hit a last-minute glitch when it was found that three procedural rules had been violated. As small changes to the wording were made, it now needs to return to the House of Representatives to be approved again.

The House earlier approved the bill comfortably. Republicans have majorities in both houses of Congress.

Who are the winners and losers?

It is good news for businesses, particularly multinational corporations and the commercial property industry.

The extremely wealthy and parents sending their children to private schools are set to benefit.

However, families living in high-tax, high-cost states could lose out, so could those paying for their own health insurance.

• Read the full explanation

In the immediate future, the plan will see the vast majority of tax payers having lower tax bills, but the cuts expire in 2025.

By 2027, the Tax Policy Center estimates that the overall change would be negligible. And 53% of taxpayers would face higher bills, many of them in the lower income brackets.

Why are Arctic animals also losing?

Republicans attached a measure to the tax bill that opens drilling in parts of the Arctic that have been protected for environmental reasons since 1960.