Iowans sent me to Congress to help improve the economy and provide economic opportunities for themselves, their families, and their communities. And this has been accomplished through lowering taxes on individuals and job providers.
The House Ways and Means Committee estimates Iowans in the Third District are keeping $2,903 more of their money because of the Tax Cuts and Jobs Act. That’s in addition to the benefits going to Iowa families as a result of pay raises, bonuses, and an increase in better paying jobs.
Businesses – small and large – are growing and investing. Workers’ wages are increasing. And we are building a better and healthier economy.
I’ve heard many folks on the other side of the aisle claiming wages aren’t increasing, but the data says the opposite. In the first quarter of 2018, personal income in Iowa was up five percent and Iowa had the fourth largest GDP growth in the country.
For many, after years of struggling to get ahead, Iowans are finally seeing more jobs and opportunity.. Consumer confidence is near all-time highs and businesses are planning for a booming economy.
Just last month, it was announced second quarter growth surpassed three percent, something many said wasn’t likely. It was even over four percent! After giving folks the tax relief they deserved, they were able to spend or save their money to help grow the economy.
There are those out there belittling this tax relief and wanting to repeal the Tax Cuts and Jobs Act. Repealing this new law would actually raise taxes on hard-working Iowans and businesses. Iowans deserve to keep more of their hard-earned paychecks – not less.
Since passing the Tax Cuts and Jobs Act, unemployment has fallen to historic lows, there are more job openings than people to fill those jobs, and wages are rising. Families can finally get ahead and are gaining confidence they can succeed in a growing and healthier economy.
For our seniors, the expanded medical expense deduction will ensure they keep more of their money. For families, doubling the child tax credit means more money and financial freedom for themselves and their family priorities. No matter how a family decides to use their own money, they will have more of it to do with as they please. And for students, the bill preserves graduate tuition waivers and the student loan interest deduction.
As Iowans continue seeing more money in their paychecks and job creators continue to invest in their communities and workforce, I am optimistic about wages continuing to rise and the economy growing and becoming even healthier.
But we’re not done yet. In Congress, I’m working with my colleagues to make sure the tax relief for individuals is made permanent. And we’re continuing to find ways to bring accountability to the Internal Revenue Service and make the tax code work for Iowans – and not the other way around.
