The Senate approved the USD 1.5 trillion tax bill, which includes permanent tax break for corporations and temporary tax cuts for individuals, by a final vote of 51-48.
Trump, who is on the cusp of a major legislative victory, said the bill would unleash a new economic development in the country.
"The Tax cuts are so large and so meaningful, and yet the Fake News is working overtime to follow the lead of their friends, the defeated Dems, and only demean," Trump said in a tweet.
The Senate passed a sweeping overhaul of the US tax code in more than 30 years.
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The media and political opponents criticised the package, saying it disproportionately benefits the wealthy and corporations.
The House of Representatives earlier approved the bill comfortably. In the House it was passed by 227 to 203 votes. Republicans have majorities in the both houses of Congress.
For final approval, the legislation must go back to the House for a procedural issue before it can be sent to the White House for the president to sign it into law.
"This is not a signing event as the bill would still need to be enrolled and that will happen at a later date," Sanders said.
Trump in a tweet announced to hold a news conference at about 1 pm (local time) subject to final vote by the House.