My weekly column: “One, Big, Beautiful Bill” is jet fuel for our economy

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. As the only member of Congress who serves on both the House Ways and Means Committee and the House Agriculture Committee, passing policies that power economic growth, protect agriculture, and support our main streets is what I came to Congress to do.

That’s why I proudly supported President Trump’s “One, Big, Beautiful Bill” and was at the White House on Independence Day to see this historic legislation signed into law. This moment was truly the culmination of years of discussion and preparation, ensuring that we would extend the 2017 tax cuts, build upon that success, and deliver even more wins for our families, farmers, workers, senators, small businesses, and manufacturers. The signing of the “One, Big, Beautiful Bill” kicked off a revival of U.S. economic prosperity, manufacturing dominance, and business investment.

First and foremost, the “One, Big, Beautiful Bill” delivers real tax relief and certainty for our manufacturing and business community. We made permanent the 20% deduction on qualified business income permanent so that local mom-and-pop shops on Main Street could plan future investments, hire new employees, grow their operations, and set some money aside for a rainy day. By excluding a set amount of income from taxation, small business owners and entrepreneurs who take risks daily can protect a portion of their earnings from the federal government. We also restored 100% bonus depreciation and immediate R&D expensing to encourage growth and investment in communities of all sizes, allowing businesses and manufacturers to deduct the full cost of capital investments in the year they were deployed. These provisions unlock economic resources and drive capital up and down our main streets and into our rural communities. Moreover, for manufacturers and farmers, we created a new immediate expensing for the construction of U.S. factories, manufacturing plants, and agricultural facilities — promoting domestic manufacturing and farm production.

Agriculture also saw real victories from the “One, Big, Beautiful Bill.” Many policies that we would typically pass in the Farm Bill were included in this law. For example, we strengthened crop insurance by making higher levels of coverage more affordable, increased outdated reference prices for corn and soybeans to keep pace with inflation, supported the production of homegrown Iowa biofuels, and dedicated dollars to voluntary conservation efforts championed by Iowa farmers. We fully funded the three-legged stool of animal health to keep deadly and costly foreign animal diseases out of our country and ensure that we have the necessary resources to fight outbreaks of bird flu and other infectious illnesses. Furthermore, I fought hard to secure an increased exemption for the death tax at $15 million — shielding two million family farms nationwide from having to sell the farm to pay this unfair double tax. Overall, the “One, Big, Beautiful Bill” represents a $50-billion investment in the farm economy that will support Iowa agriculture in its work to feed and fuel our country and the world.

Additionally, for families, workers, and seniors, we spared no effort to deliver as much tax relief as possible. Now that the “One, Big, Beautiful Bill” is law, families will benefit from a nearly $32,000 standard deduction, a $2,200 child tax credit indexed to inflation and made permanent, and provisions to make childcare more accessible and affordable. Workers across our state and around the country will see their standard deduction jump to almost $16,000 nor will they pay taxes on tips or overtime — rewarding their hard work, not punishing it — while drivers can deduct up to $10,000 on car-loan interest on American-made vehicles. Seniors will also receive a $6,000 tax deduction, effectively ending taxes on Social Security for 88% of beneficiaries nationwide. Taken together, these policies written to benefit Iowa families, workers, and seniors will ensure that they can keep more of the money that they earn or have earned.

The “One, Big, Beautiful Bill” will truly be jet fuel for our economy. Estimates suggest substantial growth both in the short term and the long run because cutting taxes and encouraging investment are key to boosting our economy and creating jobs. This law will ensure that the United States remains the world’s leading economic superpower while delivering the largest tax cuts ever for families, farmers, workers, seniors, and small businesses.