From the Missouri to the Mississippi, Iowans benefit from Trump’s tax cuts

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.

It’s why I voted for President Trump’s tax cuts for working families. Serving on the House Ways and Means Committee, which handles tax and trade policy, I spent countless hours working closely with my Republican colleagues to write these tax cuts into law and secure wins for Iowa. Our work prevented the largest tax hike in American history, made the incredible success of the 2017 Tax Cuts and Jobs Act permanent, and truly delivered for families, farmers, and small businesses.

In Iowa, working families make enormous contributions to our economy and our communities. In the years ahead, Iowa families can expect an increase in take-home pay of up to $13,300, with workers potentially gaining up to $11,600 in higher wages over four years. Provisions such as no taxes on tips and overtime pay, an increased standard deduction, and no taxes up to $10,000 on auto loan interest for American-made cars make these financial gains possible. Additionally, a $2,200 child tax credit permanently indexed to inflation, expanded 529 education savings accounts, newborn investment accounts, and a stronger adoption tax credit will give families more resources to invest in their children and their futures.

Across the state, manufacturers and small businesses will also be able to focus on future growth. This legislation gives businesses the tools they need for investment, expansion, and job creation. Small businesses and local manufacturers will be able to continue to deduct up to 20% of their qualified business income from their federal taxes, allowing more room to breathe and support their employees. Likewise, immediate expensing allows firms to reinvest directly into new machinery, software, and their dedicated workforce.

In Iowa, we want to ensure that our small businesses can find and retain quality employees. That’s why I was sure to include my bill to offer a permanent Paid Family and Medical Leave (PFML) tax credit for our job creators. This legislation extends the tax credit for small businesses offering paid family and medical leave and makes it easier for employers to support their workers during critical life events, like welcoming a new child or caring for a loved one. Enhancement of this credit ensures that Iowa’s small businesses can offer competitive benefits without sacrificing their bottom line. With just 20% of workers at businesses with fewer than 99 employees having access to PFML, this legislation will be a gamechanger for families, businesses, and workers alike. Employees get the support they need, and businesses can attract and retain top talent.

In addition to these incredible provisions, we were also able to include portions of the Farm Bill into this package of tax cuts for working families and our family farms. As the only member of Congress sitting on both the House Ways and Means Committee and the House Agriculture Committee, I was in a unique position to advocate on behalf of Iowa’s farming communities. Provisions I included strengthen the crop insurance safety net for new and beginning farmers, increase outdated reference prices for corn and soybeans, allow rural banks to offer stronger financing options to Iowa agriculture, and deliver additional death tax relief to keep our farms in the family and out of China’s reach.

The historic tax cuts that we passed as Republicans and President Trump signed into law are for Iowa families, farmers, workers, seniors, and businesses. By delivering tax relief and passing pro-growth policies, our economy will expand and Iowans will rightfully keep more of the money that they earn.