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.

But this “One, Big, Beautiful Bill” does not just invest in Americans’ economic security, it also strengthens our energy and national security. This legislation fully funds the border wall, deploys the latest technology to combat drug trafficking and illegal immigration, and hires 10,000 new ICE agents, 5,000 new customs officers, and 3,000 new border patrol agents. It also supports our national defense by dedicating $25 billion to President Trump’s Golden Dome missile defense system, growing our naval fleet to counter threats from China, and improving the quality of life of our troops and military families. Moreover, we will restore American energy dominance through a more streamlined permitting process, increased and unhindered oil and gas development, and strong support for homegrown Iowa biofuels. These provisions will help lower gas prices for our families, protect our electric grid from power failures, and reduce our dependence on foreign countries for our energy needs.

President Trump’s “One, Big, Beautiful Bill” is a once-in-a-generation investment in the American economy and the largest tax cut for families, farmers, workers, seniors, and small businesses in American history. It represents our commitment to keeping the promises that we made to the American people that we would cut taxes, reignite the economy, and make life more affordable for working and middle-class families. With this bill, we will unleash economic growth and rural prosperity in Iowa and nationwide. The beginning of our nation’s 250th year also marks the beginning of the Golden Age of America.

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Randy Feenstra, a Republican from Hull, represents Iowa’s Fourth District in the U.S. House.