WASHINGTON, D.C. — Today is the filing deadline to submit 2025 tax returns or file for an extension, as well as pay tax owed for most taxpayers. Earlier this month, Independent Women unveiled poll results highlighting that the vast majority of Democrats, Republicans, and Independents overwhelmingly agree that Congress should pass legislation to extend the 2017 Tax Cuts and Jobs Act (TCJA) so individual income taxes don’t rise at the start of next year.

Carrie Sheffield, Senior Policy Analyst at Independent Women’s Center for Economic Opportunity, said: “Unless Congress acts soon, today is the last Tax Day since 2018 that Americans benefited from historic 2017 tax cuts that unleashed record prosperity for small businesses and Americans at every income level. Without reauthorizing these tax reforms, next Tax Day will cause a severe tax burden growth on every day Americans. Voters overwhelmingly say they do not want a tax hike. This Tax Day, our leaders must listen and act.”

BACKGROUND:

Independent Women polling found that 79% of likely voters, 78% of women, 72% of Gen Z, and 78% of Independents agree that President Trump’s 2017 tax cuts must be extended. The polling, commissioned by Independent Women’s Voice and conducted by Wick Insights, is a national representative sample of likely 2026 midterm voters.

Here’s what the 2017 Tax Cuts and Jobs Act did for everyday Americans:

  • Nearly every paycheck earner got a tax cut.
  • Real wages grew by 4.9% — the fastest in 20 years.
  • Poverty hit a record low, lifting 4.2 million Americans (many in female-led households).
  • Women saw record-high incomes and near record-low unemployment.

Many provisions in the 2017 tax cuts were temporary and set to expire at the end of 2025. If these provisions are not made permanent, workers, households, and small businesses will be hit financially:

  • The average taxpayer will see a 22% tax hike.
  • A family of four making $80,610 (the median U.S. income) would see a $1,695 tax increase.
  • More than 62% of tax filers will experience tax increases in 2026.
  • In TCJA, a 20% deduction for small businesses was created but will expire this year.
  • The Child Tax Credit will be slashed in half from $2,000 to $1,000 for 40 million families.
  • 91% of all taxpayers would see their guaranteed deduction slashed in half.
  • 26 million small businesses will face a 43.4% top tax rate. 
  • 2 million family-owned small businesses, farms, and ranches would be hit by the death tax (forced to sell land and other assets to pay a big tax bill).

TAX CUTS BACKED BY REAL STORIES:

Independent Women Features (IW Features), the grassroots storytelling and original journalism arm of Independent Women, launched its “Earn More, Pay Less: How America Grew Under the Trump Tax Cuts” series in March. Through firsthand accounts, “Earn More, Pay Less” pushes back on the myth that tax cuts only benefit the wealthy, showcasing real-life impact of tax relief on middle-class families, small business owners, and job creators.

Read more about the economic impact of tax cuts through IW Features’ “Earn More, Pay Less” series:

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www.iwf.org

Independent Women advances policies that actually enhance opportunity and well-being.

Independent Women’s Center for Economic Opportunity aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.