My weekly column: My strong vote for President Trump’s “One, Big, Beautiful Bill”
On the morning of Thursday May 22nd, my Republican colleagues and I voted to pass President Trump’s “One, Big, Beautiful Bill” and kept our promises to the American people. This legislation delivers massive tax cuts for Iowa families, farmers, workers, and small businesses while making historic investments in domestic manufacturing, rural development, farm security, and American energy production. We also secured needed provisions to fund our border patrol agents, continue construction of the border wall, and deploy the latest and most advanced technology to keep our border locked down and secure. We will continue working to get this bill to President Trump’s desk as quickly as possible to usher in America’s next golden age.
Our “One, Big, Beautiful Bill” makes raising children and starting a family more affordable. We increased the standard deduction for married couples to $32,000, reducing taxable income, and raised the child tax credit to $2,500 per child, helping to alleviate the financial pressures of having kids. We also expanded 529 savings accounts so that parents can put money towards the best education option for their kids and created Trump accounts for newborns, dedicating $1,000 to an investment account for babies. Furthermore, my bill to help Iowa small businesses offer paid family and medical leave to their employees was included in this legislation, giving workers breathing room in their budgets when welcoming a newborn into the world, recovering from an illness, or caring for a loved one.
Our “One, Big, Beautiful Bill” makes historic investments in our small businesses, Main Streets, and domestic manufacturing. We increased the small business deduction on qualified business income from 20% to 23%, freeing up cash for job creators to hire employees and expand wages, and doubled 179 small business expensing, helping businesses grow their operations. We also restored immediate R&D expensing and 100% bonus depreciation to drive investment, create jobs, and rebuild manufacturing. Additionally, we established new, immediate expensing to encourage the construction of American factories, agricultural production facilities, and manufacturing plants.
Our “One, Big, Beautiful Bill” supports our farmers and Iowa agriculture. It includes my bill to lower the cost of crop insurance for the next generation of Iowa farmers and producers and, subsequently, keep our farmland away from China and our foreign adversaries. It further funds foreign animal disease prevention, mitigation, and response and restores integrity and accountability to the SNAP program. I also secured additional death tax relief, protecting our family farms and family-owned businesses from massive tax bills that threaten to put them out of business.
Our “One, Big, Beautiful Bill” delivers for Iowa workers. We eliminated taxes on tips and overtime and ended taxes on car-loan interest for American-made cars. We also increased the standard deduction to $16,000 for individual files, which will be adjusted for inflation, and stopped the Democrats’ ridiculous attempts to tax transactions over $600 on payment apps like Venmo and PayPal. By growing domestic manufacturing and investing in our small businesses, wages will increase, jobs will be created, and Iowa workers will benefit.
According to the Council of Economic Advisers, the provisions of our bill will push wages anywhere between $6,100 and $11,600 higher and take-home pay for an average family of four would be anywhere between $7,800 to $13,300 higher. This represents more money in the pockets of our families, farmers, workers, and small business owners.
More than 77 million Americans made clear at the polls that they want President Trump’s America First agenda codified into law, and our “One, Big, Beautiful Bill” delivers on this promise. Thanks to President Trump’s leadership, our families will see big tax cuts, Iowa workers will have higher wages, our farmers will see relief from the death tax, and our small businesses and local manufacturers will grow and thrive. Iowa will lead the way to restore our economic might and revive our manufacturing dominance.