A robust economy remains a top concern for Americans, consistently ranking among the nation’s highest priorities. A thriving economic environment translates into higher wages, expanded employment opportunities, and improved prospects for families, agricultural producers, workers, and enterprises across Iowa and the broader United States. As someone deeply committed to these values, advancing policies that stimulate economic vitality, safeguard farming interests, and empower local businesses is central to my mission in Congress. n nServing on both the House Ways and Means Committee and the House Agriculture Committee, I have prioritized enacting legislation that fosters growth, strengthens agriculture, and supports community-based enterprises. This commitment led me to support President Trump’s landmark ‘One, Big, Beautiful Bill,’ which I witnessed being signed into law at the White House on Independence Day. This legislative milestone marks the result of years of strategic planning, ensuring the extension of the 2017 tax reductions, building on their achievements, and delivering expanded benefits to households, farmers, laborers, small enterprises, and industrial operators. n nThe enactment of this legislation has sparked renewed momentum in American economic performance, manufacturing leadership, and private-sector investment. A key component is the permanent extension of the 20% deduction on qualified business income, enabling small, locally owned businesses to confidently plan for expansion, hire additional staff, scale operations, and save for unforeseen circumstances. By shielding a portion of earnings from federal taxation, entrepreneurs and small business leaders are better equipped to manage financial risks and reinvest in their ventures. n nAdditionally, the law reinstates 100% bonus depreciation and immediate expensing of research and development costs, incentivizing innovation and capital deployment across urban and rural areas alike. These measures allow companies to fully deduct the cost of equipment and infrastructure investments in the year they are made, accelerating economic activity. A new provision also allows immediate write-offs for the construction of U.S.-based factories, manufacturing facilities, and agricultural infrastructure, reinforcing domestic production capacity. The agricultural sector achieved significant gains through this legislation. n nSeveral initiatives typically reserved for the Farm Bill were incorporated into this law. These include enhanced crop insurance affordability through expanded coverage options, updated reference prices for corn and soybeans to reflect inflation, support for Iowa-produced renewable biofuels, and funding for voluntary conservation programs led by local farmers. The law also fully finances a comprehensive animal health strategy to prevent the entry of dangerous foreign livestock diseases and strengthens readiness for outbreaks such as avian influenza. n nI also advocated for raising the estate tax exemption to $15 million, protecting approximately two million family-run farms from being forced to liquidate assets to cover tax obligations. Overall, the legislation represents a $50 billion commitment to the agricultural economy, bolstering Iowa’s role in feeding and powering the nation and global markets. For households, employees, and older adults, the law delivers substantial tax relief. n nWith the bill now in effect, families benefit from a nearly $32,000 standard deduction, a permanent and inflation-adjusted $2,200 child tax credit, and measures to reduce childcare expenses. Workers will see their standard deduction rise to nearly $16,000 and will no longer owe taxes on tips or overtime pay—recognizing their effort rather than penalizing it. Additionally, individuals financing American-made vehicles can deduct up to $10,000 in auto loan interest. Seniors gain a $6,000 tax deduction, effectively eliminating federal taxation on Social Security benefits for 88% of recipients nationwide. These provisions ensure that Iowans and Americans across demographics retain more of their earned income. n nThe ‘One, Big, Beautiful Bill’ is poised to act as a powerful catalyst for economic expansion. Projections indicate significant growth in both the near and long term, as tax reductions and investment incentives are proven drivers of job creation and economic dynamism. This law reinforces America’s position as the world’s foremost economic leader while delivering the most extensive tax relief in history for families, farmers, workers, retirees, and small businesses. n— news from Times Republican
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‘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. n nAs 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. n nThe 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. n nWe 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.” n nMany 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. n nFurthermore, 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. n nNow 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. n nThe “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. n n—— n nRandy Feenstra, a Republican from Hull, represents Iowa’s Fourth District in the U.S. House.