Established in 1854 and still one of America’s greatest experiences, the Iowa State Fair this year offers Iowans and other fairgoers a once-in-a-lifetime opportunity: the chance to influence future U.S. tax policy and help create greater economic opportunity.

The U.S. House Appropriations Committee, which oversees taxes, tariffs and social services such as Social Security and unemployment benefits, is planning a bipartisan on-site hearing on Friday (August 16) at the State Fair’s Oman Family Youth Center.

Thus, in addition to the butter cow, the showcase vegetables and livestock, visitors to the fair can also see a legislative initiative related to what some call the “Super Bowl of taxes”.

The hearing will gather information about the impact of tax policy on middle-income Americans, particularly the Tax Cuts and Jobs Act. It took effect in 2017, but many of its provisions that benefit middle-income Americans expire next year, including a higher child tax credit, a larger flat-rate deduction and lower income tax rates.

The result is that a majority of Americans will face higher federal income taxes if Congress does not act, according to the Tax Foundation, a think tank based in Washington DC

On behalf of Transamerica, one of Eastern Iowa’s largest employers, I welcome all members of the committee to Iowa, especially Iowa Representative Randy Feenstra.

I especially welcome Committee Chairman Jason Smith, a Missourian who has conducted similar on-the-ground hearings across the country. He deserves credit for bringing this important bipartisan process “beyond the Beltway.”

Middle-income Americans, our economic backbone, are experiencing stresses that are affecting their financial stability and quality of life. These include slower income growth and inflation in essentials like housing, health care and education.

Transamerica is deeply interested in tax policies that affect Americans and their families.

From Cedar Rapids, our largest employment center, we manage more than $45 billion in insurance policies for 70,000 Iowa customers and nearly $500 million in retirement assets for 82,000 Iowa residents.

Insurers invest heavily in Iowa’s success, including approximately $65 billion in agricultural loans, educational bonds, residential and commercial mortgages, and other aspects of Iowa’s economy. Our products and services protect families and support workers and employers.

Overall, Iowa’s insurance and pension industry employs 55,000 jobs and just over 10 percent of our gross domestic product, making Iowa the leading state in terms of insurance as a percentage of GDP.

We appreciate the Appropriations Committee’s bipartisan attention and leadership to drive tax policy in Washington that strengthens families, communities, and small businesses. We applaud Chairman Smith’s focus on middle class America.

I encourage everyone attending this year’s fair on Friday to stop by the hearing to see our democracy in action. And of course, take advantage of the many sights, attractions and experiences the Iowa State Fair has to offer!

Will Fuller is President and CEO of Transamerica Corporation.

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