Times Republican By Randy Feenstra
On Thursday July 3rd, I voted to pass President Trump’s “One, Big, Beautiful Bill” and send it to his desk for his signature – making this historic legislation the law of the land. This pro-family, pro-worker, pro-growth economic package is the culmination of President Trump’s campaign promises and conservative economic principles, which will dramatically grow our economy, cut deficits, and create jobs. It is the largest tax cut in American history for families, farmers, workers, and small businesses, ensuring that Iowans keep more of their hard-earned money – not the federal government.
The provisions of the “One, Big, Beautiful Bill” will be jet fuel for our economy. Estimates by the Council of Economic Advisers suggest that our GDP could grow by as much as 5.2% in the short run and 3.5% in the long run while investment in our country could see a 14.5% boost with more than four million jobs created in the long term. These figures underscore the positive effects of tax cuts, sensible deregulation, and certainty for businesses and manufacturers.
As a member of the House Ways and Means Committee, I was a key author of this legislation and worked to include policies that benefit Iowa families, farmers, workers, seniors, small businesses, and manufacturers.
Under this bill, families receive a permanently higher child tax credit at $2,200 indexed to inflation and a permanently doubled standard deduction with an additional $1,500 increase, workers will see taxes on tips and overtime eliminated, and small businesses will grow with a permanent 20% deduction on qualified business income. We further expanded 529 education savings accounts, created $1,000 Trump accounts for newborns, renewed opportunity zones to drive private capital to rural communities, and created new immediate expensing for the construction of American factories, manufacturing plants, and agricultural facilities.
We also invested $50 billion in the farm safety net, strengthened crop insurance, increased reference prices for corn and soybeans, and increased the exemption for the death tax, saving two million family farms and ensuring that we pass our farmland from one generation to the next – not China or any of our foreign adversaries. Additionally, this legislation allows seniors to deduct up to $6,000 from their federal taxes, which will result in 88% of Social Security recipients paying no tax on Social Security…
READ FULL ARTICLE HERE… (timesrepublican.com)
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