Why the 2017 Tax Law Matters for Women and Families
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THE BASICS
The purpose of the tax code is to raise revenue that the government can use to fund priorities we all rely on. In 2017, a major tax package, the “Tax Cuts and Jobs Act” was passed in a Republican-controlled House and Senate and signed into law by then-President Trump. The law continued the failed strategy of trickle-down economics by enacting large tax cuts for the top 1% and largest corporations.
THE BOTTOM LINE
The law slashed taxes for the ultrawealthy, which means fewer federal dollars are available to invest in programs that women rely on, including child care, aging and disability care, and housing.
THE SOLUTION
Allow these unfair tax breaks for the wealthiest to expire in 2025 and push for billionaires and big corporations to pay their fair share in taxes so we can increase public investments in women and families.
What did the 2017 tax law do?
- Ballooned the federal debt, leading Republican lawmakers to call for spending cuts to programs women and families rely on.
- Helped giant corporations and the wealthiest individuals avoid paying their fair share in taxes, leading to a devastating loss of federal tax revenue.
- Exacerbated inequality for women and families, who are overrepresented in the groups who received the least from the 2017 tax law.