On July 4, 2025, the largest tax cut in American history was signed into law. The results are already showing up in Iowa: this spring, refunds ran 11% higher and the average Iowa family put just over $3,000 back in their bank account.
This week, Treasury Secretary Scott Bessent came to Des Moines to see that progress firsthand — the same week new federal guidance gave Iowa families a powerful new way to build savings for their kids.
What we heard: The Working Families Tax Cuts are giving Iowa businesses the certainty to invest, expand, and hire. Now, we need to build on that progress with my legislation to cut unnecessary red tape, protect Iowans from financial fraud, and keep more capital in our communities.Â
Why it matters: Decisions made in Washington determine whether Iowa’s community banks can finance the next family farm, help a Main Street business expand, or give a young family the tools to build a stronger future.Â
What’s new: The timing wasn’t a coincidence. The same week Secretary Bessent was in Iowa, new Treasury guidance put Trump Accounts — the children’s savings accounts we secured in the Working Families Tax Cuts — into full motion. Every child born by January 1, 2029 receives a $1,000 starting contribution. Employers can add up to $2,500 a year tax-free, and parents can also set aside pre-tax dollars directly from their paycheck.
Bottom Line: This wasn’t just a high-profile visit — it was proof the Working Families Tax Cuts are working for Iowa. More money in your pocket, more room for Main Street to grow, and a new way to save for your kids. I’ll keep fighting to build on it.