OPINION:
From the industrial revolution and through the 20th century, the world has been in awe of American industrial might. During and after World War II, the United States solidified itself as a manufacturing powerhouse on the global stage. In the past four years, however, the American manufacturing machine faltered, shipped overseas to appease the Biden administration’s “green” initiatives.
Offshoring and outsourcing have significantly reshaped the manufacturing powerhouse we read about in history books. An average of 300,000 American jobs are outsourced annually for cheaper labor in places such as adversarial China. Decades of offshoring and outsourcing to foreign actors, such as the Chinese Communist Party, have left our supply chains weaker and more exposed. This is bad for business and bad for national security.
With President Trump’s One Big Beautiful Bill Act, we are restoring the prominence of American manufacturing. The bill would bring factories back home and put America first. Provisions to renew 100% immediate expensing, continue research and development expensing and reward manufacturers for building factories in the U.S. will bring jobs home and strengthen our supply chains.
Our manufacturers must innovate to remain competitive in global markets. In 2024, U.S. manufacturing firms invested hundreds of billions of dollars in R&D. Immediate expensing allows firms to reinvest their tax savings directly into new machinery, software and human capital. The National Association of Manufacturers estimates that this provision could provide $284 billion in economic growth in the next four years.
To further combat offshoring, the One Big Beautiful Bill Act includes a provision to offer 100% immediate expensing for new factories and improvements to existing U.S.-based factories. In conjunction with Mr. Trump’s reduction of regulatory red tape, this provision will start an American manufacturing renaissance. Since Mr. Trump took office, companies such as Anheuser-Busch, General Motors and TSMC have announced plans to invest heavily in American manufacturing.
Additionally, the One Big Beautiful Bill Act would increase the qualified business income deduction to 23% and make it permanent. It would increase thresholds for favorable tax treatment for small and midsize manufacturers and double immediate small-business expensing to $2.5 million. This bill is an opportunity to create jobs, prosperity and security for America.
Traveling across Iowa’s 4th Congressional District, I have seen firsthand how effective tax policy can supercharge our economy. Mr. Trump’s One Big Beautiful Bill Act delivers on his campaign promise to put America first by creating more jobs, higher wages and a stronger manufacturing sector.
I stand with Mr. Trump as we work to get this historic legislation signed into law.
• Randy Feenstra represents Iowa’s 4th Congressional District.
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