THE "ONE, BIG, BEAUTIFUL BILL" IS JET FUEL FOR OUR ECONOMY
As a member of the House Ways and Means Committee, I was a key author of the “One, Big, Beautiful Bill” 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.
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 more about the no tax on overtime benefits below!
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