‘Big, Beautiful Bill’ grows our economy

The Tax Cuts and Jobs Act (TCJA) of 2017 delivered historic tax relief for families, farmers, workers, and businesses. Championed by President Donald Trump and Republicans in Congress, the TCJA slashed taxes for the working class, boosted our GDP, and encouraged business investment. Now, nearly a decade later, President Trump and Republicans have expanded upon that success and delivered the largest tax cut for Americans in history.

After the TCJA was signed into law, real GDP grew by 3% in 2018 and 2.5% in 2019. Additionally, workers who earned less than $100,000 each year saw a 16% tax cut while workers in the lowest 10% of income brackets experienced 50% higher wage growth. Real median household income increased by $5,000, which was a larger increase in just two years than in the prior eight years combined, and wages increased by 4.9%, the fastest pace of two-year growth in real wages in two decades.

These results make it abundantly clear that the Republican, free-market approach to economics works. Limited government regulation, free and open markets, and reduced government spending put the ball in play for producers, manufacturers, and consumers to stimulate the economy.

Families, farmers, manufacturers, and Main Street businesses will see benefits even greater than those seen post-TCJA. Families earning between $15,000-$80,000 will see, on average, a 15% tax cut and their take-home pay boosted by over $10,000 a year. Increases to the child tax credit are now permanent and indexed to inflation. Child care access was expanded and the paid family leave tax credit — which I played a big role in securing — was made permanent. The already doubled standard deduction was also increased and made permanent.

For farmers and small businesses, the “One, Big, Beautiful Bill” protects millions of smaller operations and businesses from excessive taxation by raising the death tax exemption. These entities also will benefit from doubled small business expensing, immediate R & D expensing, and deductions on qualified business income. It also increases reference prices for corn and soybeans, strengthens crop insurance, and fully funds foreign animal disease prevention, mitigation, and response.

This legislation restores the prominence of American manufacturing, bringing factories back home and creating good jobs in our communities. Immediate expensing also allows businesses to reinvest in new machinery, software, and their workers, which in turn, spurs economic growth and rural development. Estimates show that this provision could provide $284 billion in economic growth in the next four years.

With President Trump’s “One, Big, Beautiful Bill” as the law of the land, coupled with massive amounts of investment, our economic outlook is incredibly positive. Consumer confidence is at its highest in four years, and, for the first time in decades, a majority of Americans say the country is on the right track. In every facet, President Trump is leading the U.S. to yet another economic boom.

In the coming years, working parents will have more money to invest in their families, entrepreneurs will have more money to invest in their small businesses and employees, and young farmers will have more money to invest in their growing operations. In fact, estimates by the Council of Economic Advisers suggest that our GDP could grow by over 5% in the short run and nearly 4% in the long run while investments in our economy could see a nearly 15% boost with 4 million jobs created in the long run.

Working alongside the Trump administration, Republicans in Congress are delivering an economic revival, and Iowa families, farmers, workers, seniors, and small businesses will benefit.

U.S. Rep. Randy Feenstra represents Iowa’s 4th District and is weighing a run for the Republican nomination for governor.