Des Moines Sun

The Senate is currently working on the One Big Beautiful Bill, which has already passed the House of Representatives. The bill is being discussed in Senate committees with a focus on agriculture, taxes, immigration, and health care. It is advancing under the reconciliation process, which allows it to pass without needing a 60-vote threshold and excludes non-budgetary matters.

A senior member of the Senate Finance Committee stated that this bill presents an opportunity to prevent a significant tax increase and restore fiscal responsibility. The bill aligns with what voters expressed in the last election: reducing government waste and preventing large tax hikes.

Regarding health care, particularly Medicaid, the bill aims to protect resources for those who need them most while reducing unnecessary spending. It includes measures such as delaying certain regulations from the Biden administration, stopping subsidies for illegal immigrants, and implementing work requirements for able-bodied adults with exemptions. The bill also addresses issues like spread pricing by Pharmacy Benefit Managers (PBMs) to help lower prescription drug prices.

On taxes, the bill seeks to make permanent changes introduced in the 2017 tax law. Without action from Congress, there could be a $4 trillion tax increase affecting workers and businesses. The proposed legislation aims to provide additional relief by making tax rates permanent, expanding credits for families and small businesses, and introducing new relief measures for tipped workers and those earning overtime pay.

The bill also intends to support investment through full expensing for research and development and improvements in manufacturing facilities. These provisions are expected to provide stability for small businesses across Iowa.