Grassley Lays Out How Republicans Are Making Life More Affordable for Iowans

Floor Remarks by Senator Chuck Grassley of Iowa Senate President Pro Tempore “Republicans are Lowering Costs for Americans” Wednesday, September 29, 2026 VIDEO Lowering costs for Americans has been a key focus of this Republican Congress. The 2025 Working Families Tax Cuts Act prevented the largest tax increase in the history of our country. If that bill had not passed, taxes would have gone up by about $3,500 per family. The tax cuts have put more money into working families’ and seniors’ pocketbooks by establishing no tax on tips, no tax on overtime and expanding tax relief for seniors to the tune of, for seniors, of a $6,000 tax credit. It also increased the Child Tax Credit. And it also has the deductibility of interest on car loans. So, you see, when we call it the “Working Families Tax Cuts Act,” you can see the important provisions that back up that title. Those taxpayers earning between $50,000 to $200,000 that took advantage of at least one of these new deductions received an average tax cut between $815 and $1,250. Moreover, the rest of the law made pro-growth policies that incentivize business investment permanently. This has enabled Iowa companies, such as Sukup Manufacturing in Sheffield and Vermeer Corporation in Pella, to fund multimillion-dollar expansions and add hundreds of good paying jobs. This senator has worked to lower the cost of healthcare by cutting waste, fraud and abuse out of the healthcare system. I’m also working hard to hold pharmaceutical companies and powerful drug middlemen called pharmacy benefit managers accountable. In February, Congress passed key PBM reforms to lower drug costs for seniors and Americans with private health insurance. Of course, everybody agrees more needs to be done to stop anticompetitive practices by Big Pharma and these pharmacy benefit managers. I’ll continue to push to fix a broken system and lower drug costs. I’ve also worked to lower food costs by supporting American agriculture and passing a Farm Bill. Lowering high input costs for farmers is key, a very key way to help American agriculture and at the same time, all American families at the dinner table. The Ag Committee-passed Farm Bill includes my transparency tools to help bring down fertilizer costs. It also includes year-round E15 that will deliver a $14 billion boost in corn demand and lower the price at the pump [by] up to 40 cents per gallon. Here in the Senate, we’ve expanded and protected the Trump administration’s efforts to remove red tape and put more money back in the pockets of working families and small business owners. So far, the administration’s efforts have resulted in over $1 trillion in total regulatory cost reductions. Reducing red tape spurs innovation and lowers production costs, putting downward pressure on the price of household goods. Last, but not least, affordability requires fiscal sanity. Something the Biden administration didn’t have. Because fiscal recklessness by the previous administration spurred 9% inflation, costing Iowa households an extra $7,000 in just his first 20 months in office. Now, we hear all this talk about inflation since Trump took over. Is the memory of Americans’ so short that they don’t remember 9% inflation in the previous administration and how now it is dramatically down? Now, self-proclaimed Democrat Socialists are running for office promising a pile of budget-busting policies. Rather than delivering affordability, such policies would exacerbate inflation and push-up interest rates on mortgages, car loans and consumer credits. In contrast, Republicans by focusing on rooting out waste, fraud and abuse in government, are working to snuff out inflation and contain interest costs. This includes trimming $1 trillion in mandatory spending as part of the Working Families Tax Cuts Act. This work and more are making life more affordable for America. -30-