Jason Smith: One Big Beautiful Bill delivering for farmers

(From Eighth District Congressman Jason Smith)

Every August, I visit farms, ranches, and small businesses across southeast and south-central Missouri as part of my Farm Tour, and we are preparing to set out on our 13th Farm Tour since I was first sworn in as a member of Congress. This annual tradition is an important opportunity to not only showcase the hardworking men and women who drive our economy, but also to hear directly from them about the challenges they face. For all four of the Farm Tours that occurred during the Biden administration, the number one concern among the farmers, ranchers, and small businesses I met with was the harmful policies that came out of Washington.

I hear from farmers all the time who are concerned about the state of our farm economy. The reality is that the damage caused by President Joe Biden and Washington Democrats can’t be fixed overnight. But President Donald Trump and Republicans are working around the clock to get our country back on track and make our rural communities strong again.

Last month, President Trump and Republicans delivered a major victory for our rural communities with the One Big Beautiful Bill. As chairman of the tax-writing Ways and Means Committee, my number one priority in writing the tax provisions in this landmark legislation was delivering for rural areas. The bill expands and makes permanent the Death Tax exemption. It locks in the small business deduction, which is claimed by more than 35,000 small businesses in Missouri’s 8th Congressional District. The 100% immediate expensing provision, which allows businesses to automatically deduct the full cost of equipment, machinery, and vehicles, will fuel growth in rural Missouri. All told, this bill is projected to lower taxes on farmers by more than $10 billion.

The One Big Beautiful Bill also delivered huge wins on policies that are traditionally part of the Farm Bill. It includes the first meaningful improvements to the farm safety net since 2002. It enhances current livestock disaster programs so that losses caused by predators are fully covered, provides coverage for the value of unborn livestock killed in disasters, and increases assistance and eligibility for forage losses during drought. In addition, it makes a $6 billion investment in crop insurance, which – among other things – will make higher levels of coverage more affordable.

Trade policy is incredibly important for rural Missouri. It’s one of the main reasons I wanted to become chairman of the Ways and Means Committee, which has jurisdiction over trade. And I cannot overstate how much of a difference it makes when we have a leader in the White House who is a fearless advocate for fair trade.

President Trump has delivered win after win with his America First trade agenda. The trade deal he secured with the United Kingdom removes that nation’s 20% tariff on U.S. beef, a major victory for our cattle ranchers. Australia, 20 years after signing a trade agreement with the U.S., will finally fulfill its obligation to allow U.S. beef into its markets, tariff free. Under his trade deal with Indonesia, that country will eliminate virtually all tariffs on American agricultural exports while eliminating long-standing non-tariff barriers that blocked market access. President Trump successfully pressured Mexico – the top export market for American corn and our state’s second largest trade partner – to lift its ban on genetically modified corn grown in the U.S. He’s in the process of negotiating dozens of other trade deals that will deliver even more wins for our farmers, ranchers, and small businesses.

 

President Trump and Republicans are also working around the clock to rein in the Left’s overreaching regulations. That includes getting rid of the Left’s Waters of the U.S. rule, which would give bureaucrats even more command and control over the lives of Missouri farmers, ranchers, and landowners.

I’m so grateful that we have a leader in the White House who truly cares about rural America. And while I’m proud of what Republicans and President Trump have accomplished so far, our work is nowhere near finished. I will continue fighting tooth and nail to deliver for the hardworking men and women who drive our economy and produce the best agriculture products in the world.