Economy

Over the last several weeks, we’ve received negative reports and forecasts about the economy and our fiscal outlook.

In 2017, Congress passed, and President Trump signed into law, the Tax Cuts and Jobs Act (TCJA) – the single largest and most comprehensive reform of the tax code in decades.

When I was first elected to Congress, I promised that I would focus my energy on finding solutions to the challenges facing our families, farmers, businesses, and rural communities. Nearly four years later, my mission hasn’t changed.

At the end of 2025, pro-growth, pro-worker, pro-family tax policies authorized by the Tax Cuts and Jobs Act (TCJA) are set to expire. These provisions include the nearly doubled standard deduction for Iowa families, tax cuts for small businesses, investment incentives for our farmers, manufacturers, and job creators, and other tax items.

At the end of July, our national debt officially topped $35 trillion. This development comes just seven months after our country surpassed $34 trillion in debt and less than a year since our national debt eclipsed $33 trillion last September.