On November 2, 2017 US Congress introduced the act which is now known as the ‘Tax Cuts and Job Act of 2017’. It is the bill that is meant to amend Internal Revenue Service that is dated back to 1986.

It is mostly aimed to renovate taxes rate for businesses and individuals. It is a long-term project as the US government expects multi-billion tax reduction throughout the next 20 years.

Although tax cuts sound good for the average person, Americans themselves are not thrilled for these changes. A lot of people believe these changes to be of the most use for those, who are rich and do not need tax cuts. It is safe to say in any country in the world, that most of the people would vote for taxes being higher for those who earn more. But US Senate seems to be of different opinion. Officials don’t seem to mind that already by the end of 2019, in case the law passes, of course, 7% of individuals will be paying more taxes than they are paying at the moment. And by the end of 2027 the percentage of those, whose taxes will be higher, is expected to rise all the way to 48%.

The main problem lies in the fact that the subjects to this jump will be those, whose yearly income is $55000 and less. As a result, these people will have to cut back on their healthcare and other benefits that get cut by the government as well. Those, who make more, will actually have tax reduction. And even with the legislation passing most of the individual taxpayers will only experience the drop by 2019 when they do their taxes for 2018.

Also, the situation is not improved by the fact that Republicans try to rush the passing of the bill. In reality the government has a lot of time to discuss all the details of the deal and make the most though through decision. The time limits were set by the party because 2017 wasn’t exactly a successful year for the legislations of their initiatives and President Trump, who really likes the Act himself is trying to give the citizens of the US a symbolical ‘Christmas present’. But, given that Mr. Trump’s popularity has sunk and continues to fall down, it is really doubtful, that Americans will appreciate the gesture, especially taking in consideration, how unpopular the bill is.

There is also no agreement between the lawmakers on the question of making the bill permanent or temporary. Regardless of all the disagreements going on in the government it is clear to everybody that if the bill is to be passed before Christmas 2017, the right decisions must be made really quickly.