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ICYMI | Rep. Feenstra: Bipartisan Tax Bill Delivers Tax Relief for Farmers, Families, and Small Businesses

February 21, 2024 — Blog    — Op-eds and Speeches    — Press Releases    — Select Revenue Measures   

“This legislation — which passed the U.S. House of Representatives by a vote of 357 to 70 — will help our business community, boost wages, and keep jobs rooted in rural Iowa.”

The Tax Relief for American Families and Workers Act will boost rural economies by providing tax relief for farmers, families, and Main Street businesses, writes Ways and Means Committee Republican Randy Feenstra (IA-04) in a recent op-ed.

Tax relief for families, farmers, and small businesses strengthens rural communities: 

“I’ve long believed that cutting taxes for our families, farmers, and small businesses spurs investment in our rural communities, promotes economic growth, and creates good jobs. When we let hardworking Iowans keep more of their hard-earned money, folks are encouraged to start their own enterprises, hire new employees, support businesses up and down our rural main streets, and put money aside for a rainy day…”

The Tax Relief for American Families and Workers Act includes key tax policies that will help American manufacturers grow, farmers purchase better equipment, and America compete with China: 

“This legislation — which passed the U.S. House of Representatives by a vote of 357 to 70 — will help our business community, boost wages, and keep jobs rooted in rural Iowa. It allows businesses to immediately deduct research-and-development investments here at home instead of overseas and depreciate 100 percent of the cost of equipment and other assets necessary to operate and stay competitive…This package also increases the deduction for interest expenses — which will create 867,000 jobs nationwide and increase take-home pay for workers by $58 billion — to help our small businesses grow and meet payroll, particularly during this time of high interest rates. These three crucial policies will support our businesses as they compete with China, which provides its manufacturers and businesses with generous deductions and investments.

Working parents, crushed by three years of high prices, will get more help from a Child Tax Credit now indexed to inflation: 

“The Tax Relief for American Families and Workers Act would further help combat the cost-of-living crisis facing our families. With inflation refusing to quit and interest rates still elevated, this bill will lower the cost of raising a family, keep strong work requirements to claim the child tax credit…”

Read the full op-ed here.