The new regulations include substantial cuts to the US rate of corporation tax, plus tax incentives for multinationals to repatriate foreign earnings.

At a press conference following the passing of the bill in the House, Trump said: ‘This is - this is going to mean companies are going to be coming back.  And I campaigned on the fact that we’re not going to lose our companies anymore.  They’re going to stay in our country. 

‘And we have companies pouring back into our country. And that means jobs, and it means really, the formation of new young, beautiful strong, companies. So that’s going to be very, very important.

‘We are going to be bring at least $4 trillion back into this country - money that was frozen overseas and in parts of the world.’

However, a recent CNN poll suggested 55% cent of voters opposed the plan, up 10 points from early November, while 33% favoured it.

The American Institute of CPAs (AICPA) has criticised the failure to include accountants in the new provisions for pass-through entities (entities which are not subject to income tax, but where the owners are directly taxed individually on the income, taking into account their share of the profits and losses.)

Barry Melancon, president and CEO of the AICPA, said: ‘The AICPA is very disappointed by lawmakers’ decision to exclude CPAs from the measure’s treatment of pass-through entitiesCongress should have provided parity for pass-throughs, regardless of their line of business, in order to achieve a fairer, simpler, and more competitive tax code.

‘The AICPA pointedly and repeatedly made the case that all professional service firms – including accounting firms – should have received the new deduction. The professional services sector, a critical element of America’s economic success, has been ignored.

‘Those who suggest that CPA firms can adjust to the change by reforming as C corporations do not understand that the nature of state licensing regulations make such a transition impractical, if not impossible.’

Report by Pat Sweet