Q&A: Salute to Small Business

Q&A: Salute to Small Business

With U.S. Sen. Chuck Grassley

Q: How did the Working Families Tax Cuts Act boost small business?

A: This tax season delivered welcome news to small businesses across the country. Here in Iowa, small businesses make up more than 99% of businesses in our local communities and employ nearly half of our workforce. From construction to manufacturing, retail, finance, service industries and more, I'm proud to say entrepreneurism is thriving across Iowa from one generation to the next. From the policymaking tables, I work to keep the economic environment running on all cylinders. That's why I helped lead the charge for historic tax relief signed into law last summer by President Trump.

The Working Families Tax Cuts Act helps small businesses by fueling America's economic engine, the primary job creators who strengthen economic and social vitality in each of Iowa's 99 counties. Here's how:

• 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.
• Permanent 20% small business deduction creates a welcome financial cushion for small businesses and empowers decision-making to add jobs to their payroll. That puts more paycheck purchasing power directly into the local community, boosting other businesses on Main Street and helping families make ends meet.
• 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.
• 12 million small business owners across the country benefited from an average tax reduction of nearly $7,000 thanks to the new tax law.

Q: What's your message to small businesses in Iowa?

A: As our nation celebrates 250 years of independence, one of the cornerstones of freedom in America is economic freedom. In our free marketplace, the American people create jobs and drive economic growth, not the government. Robust competition is the elixir to the U.S. economy, driving innovation, empowering ingenuity and delivering high-quality products at the most affordable cost to the consumer.

When I visit high schools during my annual 99 county meetings, I encourage students to dream big, work hard and go after economic opportunity. The promise of prosperity is part of our American heritage. One of America's acclaimed inventors and business people, Thomas Edison, delivered many inspiring quotes, including: "We often miss opportunity because it's dressed in overalls and looks like work." Our state has a leg up on opportunity, because Iowans aren't afraid to work.

At my annual Q&A meetings across the state, I learn what's on the minds of Iowans on the shop floor of local manufacturing businesses and while enjoying the food and hospitality at our cafes and restaurants. Hearing from local employers and workers informs my work on behalf of Iowans. From tax relief to common sense regulatory policies, I also work to strengthen fairness in the marketplace. For example, I've introduced the Short on Competition Act to address anticompetitive practices in the pharmaceutical industry and lower prescription drug prices for consumers. 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. Small business owners and their employees work their tails off every day to earn a living and serve their communities. Stacking the deck and discriminating against small businesses - from local grocers to independent pharmacies and meat lockers - unfairly bend the rules to get ahead. I'll continue working to root out anticompetitive practices that undercut small businesses and harm local shoppers.

I joined Sen. Joni Ernst, chair of the Small Business and Entrepreneurship Committee, in a bipartisan resolution to celebrate Small Business Week and salute the men and women who work day in and day out to build a business and foster economic vitality in their communities. I appreciate their civic leadership and congratulate the 2026 Iowa Small Business Person of the Year. The U.S. Small Business Administration named Sierra Elbert, entrepreneur and founder of Groom Curriculum in Emmetsburg. The small business offers a workforce curriculum and pathway to a skilled trade in the pet business, a fast-growing sector of the economy.

National Small Business Week is May 3-May 9, 2026.

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