American families thrived under Trump’s tax plan — don’t kill it

As families faced a 20% spike in inflation under President Joe Biden, it’s no surprise that a strong majority of voters oppose new tax increases.

According to new polling from the Independent Women’s Forum, 79% of likely voters in the 2026 midterm elections support extending the 2017 Tax Cuts and Jobs Act. That includes 80% of seniors, 78% of women, and 78% of independent voters.

The American people desire a simpler, fairer tax system.

Across all demographics, women voiced strong support for keeping the tax cuts in place. A majority agreed that Congress should act to stop individual income tax rates from rising in January 2026.

While inflation has begun to fall under President Trump, including last month’s slowest core inflation rate in nearly four years, more action is needed to keep prices moving downward.

Two-thirds of voters agree that now is not the time to raise taxes. That includes 65% of women and 70% of voters ages 18 to 34, who say high prices and high interest rates make additional tax increases unacceptable.

Tax cuts boosted incomes

The results speak for themselves. By 2019, median household income reached a record high of $68,703. That same year, 4.2 million Americans — many in female-headed households — rose out of poverty, bringing the national poverty rate to a record low.

A major factor was the drop in the corporate tax rate from 35% to 21%. Workers, who often shoulder the burden of corporate taxes, saw immediate gains. In response to the rate cut, many companies invested directly in their employees by raising wages, issuing bonuses, expanding benefits, funding job training programs, and creating new positions.

These changes suggest the tax law not only supported American families but also helped drive job growth and a stronger economy.

George Mason University economist Tyler Cowen reported in July — more than six years after the Tax Cuts and Jobs Act took effect — that as a result of the law, “Total tangible corporate investment went up by about 11%” and “there has been a long-run increase in GDP of 0.9% — a substantial sum in an economy of more than $27 trillion.”

Small businesses thrive

Small businesses are the backbone of the U.S. economy. These "pass-through" businesses — such as sole proprietorships, partnerships, and S-corporations — are taxed at individual income tax rates. They employ nearly half of the American workforce and represent almost 44% of America’s gross domestic product.

Before the Tax Cuts and Jobs Act, some small businesses filing under the individual income tax code faced tax rates as high as 39.6%. Less than a year after the law’s enactment, the National Federation of Independent Business’s small-business optimism index hit the highest level ever recorded during its 45-year history. The previous record was set during Ronald Reagan’s tenure.

Now, small businesses face a looming challenge: The 20% small business deduction expires at the end of this year, which could significantly increase their tax burden. This deduction was designed to ease tax burdens on small and midsized businesses just as C-corporations benefited from the corporate tax rate cut.

Tax cuts help people and small businesses. As demonstrated after the 2017 tax cuts, extending them will ease inflationary pressures by lowering business costs, raising wages, and strengthening workers’ ability to withstand economic shocks.

The voters have spoken

Our polling found 59% of likely voters — including 77% of Trump voters — agree that “The 2017 tax cuts contributed to lower prices for shoppers before inflation kicked up in 2021.” This view resonated with young voters particularly, with 64% of likely voters ages 18 to 34 in agreement. This sentiment may explain the notable shift among younger voters toward Trump during the 2024 presidential election.

The American people desire a simpler, fairer tax system, and enacting sensible reforms, extensions, and updates to the Tax Cuts and Jobs Act will do just that.

The timing, public sentiment, data, and legal pathway are aligned. It’s time for Congress to pass additional tax reforms for America.