Senator Chuck Grassley addressed the effects of recent tax legislation on small businesses in a Q&A released May 1. Grassley said the Working Families Tax Cuts Act, signed into law last summer, has brought benefits to small businesses in Iowa and across the country.
Small businesses represent more than 99% of all businesses in Iowa and employ nearly half of the state’s workforce, according to Grassley. He said measures such as permanent full expensing for new capital investments and a permanent 20% deduction have provided financial certainty for business owners. “Permanent full expensing for new capital investments and equipment and domestic research expenses. This locks in certainty and opens up cash flow for small businesses to expand, hire and raise wages,” Grassley said.
He also noted that an increased employer-provided child care tax credit allows small businesses to better support their employees’ needs. According to Grassley, “Big boost to employer-provided child care tax credit – $600,000 for small businesses – helps them cover more of their employees’ child care costs. That’s a win for families, workers and employers.” Nationally, he reported that approximately 12 million small business owners benefited from an average tax reduction of nearly $7,000 due to the new law.
Grassley highlighted his efforts beyond taxation by referencing his introduction of the Short on Competition Act aimed at addressing anticompetitive practices in pharmaceuticals. He also called on federal agencies to enforce laws against price discrimination affecting local grocers and independent pharmacies: “I’ve also called upon the Department of Justice and Federal Trade Commission to renew enforcement of the Robinson-Patman Act, an antitrust tool that prohibits price discrimination and unfair trading practices.”
In recognition of National Small Business Week from May 3–9, Grassley joined Senator Joni Ernst in supporting a bipartisan resolution honoring entrepreneurs statewide. He congratulated Sierra Elbert as Iowa’s Small Business Person of the Year.
Grassley’s background includes serving in the Iowa state legislature from 1958 to 1974 according to his official website. He brings experience as both a factory worker—having worked as a sheet metal shearer—and as one of only two farmers currently serving in the Senate who actively raises corn and soybeans in Butler County according to his official website. In addition, he earned degrees in political science from the University of Northern Iowa according to his official website, is married with five children according to his official website, assists Iowans with federal agency matters including whistleblowers according to his official website.
