The Tax Cuts and Jobs Act of 2017 has exacerbated economic inequality, to the detriment of women and people of color. Indeed, the 2017 tax law delivered the bulk of its benefits to high-income, high-wealth individuals and households, and big corporations. Few working families have seen the promised benefits from the tax law. To add insult to injury, the administration has proposed cuts to public programs that support women and families on the grounds that increased deficits – caused in no small part by the 2017 tax law – require reduced spending.
Going forward, policymakers should re-orient tax policy to support women, people of color, and low- and moderate-income families. In so doing, policymakers can advance gender, racial, and economic equity, and foster an economy that works for all of us.