In 2017, President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) into law, cutting taxes for hardworking families, encouraging investment in farms and businesses, and unleashing economic growth and prosperity. These historic tax cuts allowed millions of American farmers, workers, and families to keep more of their hard-earned money. Farmers were able to better finance their farm equipment, businesses were able to reinvest their savings into their machinery, software, and employees, and families saw real tax relief.

Now — nearly a decade later — a similar opportunity for growth stands before us with President Trump’s “One, Big, Beautiful Bill.” The Biden administration fumbled the economy and allowed inflation, outsourcing, and regulation to cripple the American worker. At the end of this year, the TCJA is set to expire, and with it, the tax relief that millions of Americans have depended on for the last 8 years.

This reality underscores the urgency of the situation on Capitol Hill. Passage of the “One, Big, Beautiful Bill” will prevent the largest tax hike in American history and instead deliver the largest tax cut for working and middle-class families ever. According to the Tax Foundation, 62 percent of American taxpayers would see an increase if no action were taken. Likewise, the National Association of Manufacturers found that if the “One, Big, Beautiful Bill” is not passed, our nation could see over $1 trillion in economic losses and $130 billion in lost wages for workers.

As the only member of Congress serving on both the House Ways and Means Committee and the House Agriculture Committee, I worked hard to ensure that many of the lifelines of the 2017 TCJA were not only included in President Trump’s “One, Big, Beautiful Bill” but also expanded and made permanent.

If we fail to pass the “One, Big, Beautiful Bill,” families stand to see the child tax credit they rely on drop to just $1,000 per child and small businesses would see a top tax rate of 43.4 percent. The standard deduction would also revert to pre-2017 levels — just $7,000 for individuals and $14,000 for married couples — forcing families to fork over more of their paycheck to Uncle Sam. On the flip side, with the “One, Big, Beautiful Bill,” the child tax credit is increased to $2,500, small businesses would benefit from even greater tax cuts, and the standard deduction claimed by families and workers nationwide would stay doubled, with an additional increase.

By not passing the “One, Big, Beautiful Bill,” businesses and farmers would also be hurt. The 20 percent qualified business income deduction for pass-through entities, like small businesses and farms, would expire. Approximately 26 million American farmers and small business owners depend on this relief. Some estimates suggest that this could reduce small business formation by 5–10 percent, slowing economic growth in our communities and up and down our Main Streets. If provisions like immediate R&D expensing and bonus depreciation are allowed to expire, investment by American companies could be reduced by nearly 2 percent each year. The Director of the Office of Management and Budget (OMB), Russ Vought, has even warned that the expiration of all these tax provisions and the ensuing tax increase could trigger a recession.

Fortunately, President Trump’s “One, Big, Beautiful Bill” increases the 199A small business deduction to 23 percent and makes it permanent. It also strengthens investment provisions for business and industry that promote innovation, entrepreneurship, and job creation in the American economy. Moreover, the Council of Economic Advisors have determined that this historic legislation will slash deficits by more than $2 trillion, reducing our debt and putting our country in a sounder fiscal position. Taken together, these provisions and many more will turbocharge our economy.

The consequences of failing to pass President Trump’s “One, Big, Beautiful Bill” are very serious and inexcusable. After four years of failed “Bidenomics,” I am working alongside our President to ensure that Iowa’s farmers, families, and businesses get the tax relief they deserve.

Rep. Randy Feenstra represents Iowa’s 4th District in Congress.