WASHINGTON, D.C. — Today is the seventh anniversary of the Tax Cuts and Jobs Act being passed by Republicans in Congress. It was signed into law two days later by President Donald Trump.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO), issued the following statement:
“President-elect Donald Trump and the next Republican-led Congress are poised to extend the expiring Tax Cuts and Jobs Act. On the seventh anniversary of this generational tax reform bill, it’s important to highlight its direct benefits for regular Americans and businesses. The blockbuster Tax Cuts and Jobs Act triggered an economic boom that delivered for businesses, workers, and households.
“On the individual side, the Trump tax cuts ensured Americans kept more of their hard-earned money. The TCJA lowered tax rates for just about all Americans, not just for the super rich. From the doubling of the standard deduction to the expanded child tax credit, working- and middle-class families enjoyed significant tax benefits. In the two years after the bill was signed into law, real median household income increased by $5,000, and real wages rose by 4.9%—the fastest growth in 20 years.
“The TCJA stimulated economic growth and investment in America. Business investment rose by about 11%, and our gross domestic product expanded by nearly an entire percentage point. Corporate and small business tax cuts also delivered cash directly to workers through pay increases, bonuses, and a bonanza of workplace benefits. In addition, unemployment was slashed for most demographics, and the poverty rate fell to record lows.
“Americans don’t want a huge tax increase in 2026; the invisible tax of inflation has already robbed them enough of their quality of life. Congress must make extending and expanding the TCJA a day-one priority. That will cement the law’s legacy for years to come.”
Independent Women’s Forum published a white paper on the impacts of the TCJA: Policy Focus: Restoring and Expanding Tax Reforms to Empower Women and Families.