WASHINGTON, D.C. – Today, Independent Women’s Center for Economic Opportunity issued the following statement, marking the eighth anniversary of the landmark 2017 Tax Cuts and Jobs Act (TCJA):
Patrice Onwuka, director of Independent Women’s Center for Economic Opportunity, said:
“The 2017 Tax Cuts and Jobs Act spurred a massive economic boom and, thanks to the Working Families Tax Cut (One Big, Beautiful Bill Act), we’re on the precipice of another one. The TCJA made American households more prosperous, as real wages grew by $5,000. Meanwhile, the poverty rate fell to a record low as 4.2 million Americans were lifted out of poverty. Women enjoyed an employment boom that delivered new opportunities, bonuses, pay increases, and new benefits, such as paid time off. The COVID-19 pandemic and Biden-induced inflation destroyed this progress. By making the TCJA permanent for individuals and building upon it with new tax cuts and savings through the Working Families Tax Cut, millions of Americans can look forward to greater financial relief and economic security.”
Carrie Sheffield, senior policy analyst for Independent Women, said:
“The 2017 Tax Cuts and Jobs Act unleashed record historic, broad-based economic gains for U.S. households. By 2019, median household incomes for African-Americans, Hispanics, and Asian-Americans all hit record highs, along with a record-high median income for women. The poverty rate fell to an all-time record low for every race and ethnic group in 2019, and the child poverty rate hit a 50-year low.
“Given that President Trump and Congress ushered in similar tax reforms in 2025, we expect similar trends unleashed in the years ahead, so long as policymakers keep government spending under responsible control.”
Since its passage, the TCJA has delivered meaningful economic gains for women, workers, families, and businesses—boosting take-home pay and driving the creation of millions of jobs across the economy.
With the Working Families Tax Cut (WFTC) Act—also known as the One Big, Beautiful Bill Act—signed into law on July 4, 2025, these historic tax cuts are now permanent. The new law builds on the success of the TCJA by expanding support for working families, increasing take-home pay, and unlocking new job and economic opportunities for Americans nationwide.
Earlier this year, Independent Women’s Features (IW Features), the grassroots storytelling and original journalism arm of Independent Women, released a documentary series, titled “Earn More, Pay Less: How America Grew Under the Trump Tax Cuts,” which highlights the benefits of the TCJA for small business owners.
The series illustrated how the 2017 tax cuts helped families, small business owners, and entrepreneurs grow, hire, and thrive. “Earn More, Pay Less” also underscored what would be at risk for working Americans and local businesses if these tax cuts were allowed to expire, but thankfully, they are now permanent.
See more from Independent Women’s Center for Economic Opportunity and IW Features on the benefits of the TCJA:
- The 2017 Tax Cuts Turn Eight
- The One Big, Beautiful Law: Earn More, Pay Less, Grow
- Immigrants Know the One Big, Beautiful Bill’s Promise
- What Tax Cuts Mean For Small Business Leaders
- The Big, Beautiful Bill Ends Biden’s Villainous Venmo Tax
- ‘It’ll Be Less Money in Your Pocket’: Veteran Tax Preparer Warns What’s at Stake If 2017 Tax Cuts Expire
- How Tax Cuts Helped This Michigan Family Business Become an American Success Story
- How Tax Cuts Turned a Forgotten Building into a Beacon of Economic Opportunity
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