Submitted by Dan Houston, chairman, president and CEO, Principal Financial Group

The legacy of the Iowa State Fair spans 170 years — celebrating the state’s best in agriculture, industry, entertainment and achievement. I was one of the 92,000 attendees this past Monday. The iconic event routinely draws more than a million people from all over the world and has inspired works of art ranging from stories to movies to a Broadway musical. A cultural touchstone in Iowa, the fair attracts people from all walks of life, fostering an appreciation of our past, present and future.

Principal was founded in Des Moines, and our world headquarters has remained here for 145 years, just 15 minutes west of the bustling fairgrounds. We’re proud to be part of the vibrant Des Moines and Central Iowa community.

For 11 days each August, seemingly everyone in Iowa is immersed in the fair. But it’s not just Iowans. Among the more than 1 million people expected to attend this year’s fair will be members of the U.S. Congress House Ways and Means Committee, the oldest tax-writing body in the U.S. House of Representatives. On Aug. 16, they will travel from Washington, D.C., to convene a field hearing about tax policy at the Oman Family Youth Center on the Iowa State Fairgrounds.

The hearing will focus on how tax policies, particularly the Tax Cuts and Jobs Act, are affecting middle-income Americans. With several key provisions of this tax law slated to expire in 2025, particularly those impacting individual taxpayers, policymakers are engaged in an extensive review of our nation’s tax code and the role it plays in fostering economic opportunity for families and businesses.

Our State Fair may seem like an unusual place to hold a congressional hearing.

But there is no better place than this celebration in America’s heartland to examine how changes in the tax code could impact opportunities and growth prospects for individuals and American businesses.

In fact, the greatest strength of the nation’s workforce comes from small businesses, which employ about five in 10 of America’s workers and generate nearly half of the nation’s economic activity.

At Principal, we know small businesses and the challenges they face, because we’ve been serving this market since 1945. As the committee considers the future of tax policy during the hearing, they will do so with an understanding of the important role of the tax code not only in supporting the economic growth of these businesses, but also in helping their workers achieve financial security.

It is important for the House Ways and Means Committee to hear directly from Americans. Committee members strongly believe the first step is listening to those who are on the front lines of our economy, hearing their stories and their ideas for improving life for their families, their neighbors and our country. And these conversations should happen in places beyond Washington, D.C. The Midwest, with its rich political and economic history, remains pivotal to America’s economic expansion and continues to play a central role in national politics.

Traveling to the heart of the country to discuss public policy is a wise choice. I am encouraged that representatives from across the nation will visit and experience all the flavors of Iowa’s culture and pride while discussing policies that impact workers and small businesses in all 50 states.

Welcome, Washington, to our State Fair!

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