Economy

Family farms, small businesses, and local manufacturers are the backbone of Iowa’s economy. Agriculture, business, and manufacturing create good jobs in our communities, keep our main streets strong, and help young families plant their roots in Iowa. To ensure that we have a strong Iowa, we need to support these vital sectors that make invaluable contributions to our economy and our communities.

If Democrats had succeeded and President Trump’s Working Families Tax Cuts were not passed on July 4^th this year, families, farmers, and small businesses would have faced the largest tax increase in U.S. history. Over 210 million American taxpayers would have seen an average 22% tax hike, and the tax increase on an average family of four would have been the equivalent of almost two months’ worth of groceries. 40 million families would have also seen their child tax credit cut in half, draining dollars from budgets and wallets.

This summer, Republicans passed, and President Donald Trump signed into law, legislation that prevented the largest tax increase on American families, farmers, workers, and small businesses in history.

Had the first Trump tax cuts been allowed to expire at the end of this year, the average Iowa taxpayer would have seen a 25 percent tax hike while a family of four would have been forced to fork over an extra $1,400 — the equivalent of about eight weeks of groceries — to the federal government.

In October, our country celebrates Manufacturing Month and recognizes the critical importance of manufacturing to our economy. Domestic manufacturing supports good-paying jobs in our communities, strengthens our supply chains, and helps reduce our dependence on foreign nations for the goods and products that Iowans need and rely on. During this month, we also honor Iowa workers in the manufacturing sector who keep our economy moving and make invaluable contributions to our communities.

From the western banks of the Missouri River to the Mississippi River in the east, our beautiful state is dotted with family farms, manufacturing plants, and strong communities of all sizes. The main streets of our towns, small and large, are lined with shops, restaurants, and businesses that keep our communities vibrant. In Congress, advancing policies that support our main streets, invest in agriculture, and grow our economy is a top priority for me.

As a limited-government fiscal conservative, I strongly believe that, by responsibly cutting taxes for families, farmers, and businesses on Main Street, we can grow our economy and incentivize hard work.

Among several issues that Americans report as their highest priorities, a strong economy usually tops the list. That makes complete sense. After all, a strong economy means bigger paychecks, more jobs, and greater opportunities for families, farmers, workers, and businesses in Iowa and nationwide to thrive. Like my fellow Iowans and Americans, a strong economy where businesses can grow, farms can invest, and families can keep more of their hard-earned money is also a top priority for me.

On July 4^th, President Trump signed one of the most consequential pieces of legislation in American history into law. Among a wide range of benefits, H.R. 1—commonly known as the “One, Big, Beautiful Bill”—shielded Americans from the largest tax hike in history, expanded on the successful tax cuts of the 2017 Tax Cuts and Jobs Act (TCJA), funded security at our southern border, and enhanced our national security.