WASHINGTON, D.C. — Tax Day is typically associated with frustration, but this year, many Americans are seeing a different outcome: keeping more of what they earn. With lower tax burdens and larger refunds for millions of households, new data underscores how pro-growth policies are translating into tangible financial relief. As these gains take hold, Independent Women’s Center for Economic Opportunity issued the following statement ahead of Tax Day:
Patrice Onwuka, vice president for economic policy at Independent Women, said:
“Tax Day is usually a reason to groan, but the largest tax cuts in history and historic tax refunds give Americans a reason to smile. The average tax refund hit a record $3,500, up by about $400 from last year, thanks to many middle-class tax breaks, but particularly a larger permanent standard deduction. Over 40 million families will claim a boosted $2,200 Child Tax Credit, which adds up to significant help for households with multiple children. The CTC is an important poverty-fighting tool that the tax cuts made permanent.
“Then, there are the new tax benefits surprising Americans of all walks of life, like the new $6,000 deduction that moves us closer to eliminating taxes on Social Security benefits.
“Hard work is finally being rewarded by allowing workers to keep their earnings. No tax on overtime eliminates the penalty for working extra hours away from home, such as police keeping us safe and nurses making us healthy. No tax on tips is a big benefit for occupations in the hospitality and personal service industries, especially for women. From gig economy drivers to hairstylists, women are overrepresented in tipped-based industries who can now keep the fruits of their labor.
“As Americans await the end of the conflict in Iran and the return of gas prices to their recent lows, they gain a timely cushion to their budgets from bigger refunds now and ongoing tax relief for years to come.”
See more below from the Center for Economic Opportunity on Tax Day and the positive impact of the Working Families Tax Cuts (the One Big, Beautiful Bill Act).
- Townhall: Bigger Refunds, and the Timing Couldn’t Be Better
- Tax Season Starts Today: Here’s Why It Will Be a ‘Big, Beautiful’ Season
- ‘Big, Beautiful’ Paychecks to Start Hitting Bank Accounts
- Women Benefit From No Tax On Tips
- Townhall: Gig Work Gets More ‘Beautiful’ Thanks to the Tax Bill
- Tax Cuts Fueled Historic Gains—Making Them Permanent Sets the Stage for America’s Next Economic Boom
- Video: Do Tax Cuts Work? Yes!
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