Each woman has a mind of her own, but when 80% of female voters support a conservative policy, elected officials should pay attention. Treasury Secretary Scott Bessent and National Economic Council Director Kevin Hassett met with Republican leaders and tax writers on the Hill last week to jump-start negotiations. Congressional leaders should keep this in mind as they debate tax policy: By sweeping margins, women, independent, and Generation Z voters do not want the 2017 tax cuts to expire.
At Independent Women, we just released stunning polling results for 2026 midterm election voters, indicating strong support to extend President Donald Trump’s signature 2017 Tax Cuts and Jobs Act among key demographics. Seventy-eight percent of women and independent voters said Congress should extend the tax cuts to prevent individual taxes from rising. Nearly 80% of voters overall agreed with that sentiment, as did 72% of 18- to 34-year-olds and 80% of seniors.
Voters are still beleaguered by the Biden-accelerated affordability crisis, and that is shaping their views on tax policy. Inflationary federal policies ballooned prices to be 20% higher today than at the start of 2021. Interest rate hikes by the Federal Reserve make consumer debt more expensive. More women than men report being stressed and anxious over finances. The youngest generation shows higher levels of stress than older generations. Consequently, large majorities of Gen Z voters, women, and independents (70%, 67%, and 65%, respectively) in our polling say now is not the time for taxes to rise.
Women view tax policy through various lenses, including as employees, entrepreneurs, and caregivers. Regardless of their position, women appreciate that lower taxes enable them to keep more of their income. Nearly every paycheck earner received a tax cut in 2017. In the two years following the tax cuts, real wages enjoyed the fastest growth (4.9%) in two decades. Women’s unemployment rate dropped to near-record lows while their incomes hit record highs.
Financial gains from the tax cuts spread up and down the income scale. The median household income rose to an all-time high of $68,703 in 2019. The poverty rate fell to a record low, lifting 4.2 million people out of poverty — many of whom live in households headed by women.
These gains will disappear when the clock strikes midnight on Dec. 31 if Congress does not make expiring provisions permanent. This fact keeps female business owners such as Iowan Lana Pol on pins and needles. “I’m already getting hit hard with inflation, and then [if the TCJA] goes away, it’s like what does that look like?” Pol told IW Features. “Quite honestly, I don’t know that I’d be able to keep all the businesses open.”
Her 50-year-old trucking company reinvested tax savings from the pass-through deduction (199A) and 100% bonus depreciation. It purchased new trucks, hired drivers, gave raises to employees, and added a new 40,000-square-foot warehouse.
Pol’s family business joins the nation’s 12 million women-owned businesses. According to the National Federation of Independent Business, nine out of 10 businesses are organized as pass-through entities. If the tax cuts expire, many entrepreneurs, such as Pol, could see their taxes rise to the 43.4% top tax rate.
NEW ENGLAND TAX WATCHDOGS PUSH TO REAUTHORIZE TRUMP’S TAX CUTS
The prospect of the average taxpayer facing a 22% tax hike and slashed tax benefits, including the popular child tax credit, will trigger more stress and anxiety.
Making the tax cuts permanent is virtually an 80-20 issue. Voters are sending a clear signal to Washington: Republicans should seize on this opportunity to pass good policy that also happens to be winning politics.
Patrice Onwuka is the director of the Center for Economic Opportunity at Independent Women and co-host of WMAL’s O’Connor & Company.