Graves applauds the historic passage of tax reform
WASHINGTON, D.C. - Today, U.S. Representative Sam Graves, (MO-6), issued the following statement after the House passed the Tax Cut and Jobs Act:
"The last time Americans experience major tax reform was in 1986, under President Reagan. Over the last few decades, our broken tax code has failed Americans. Today, with this passage, we are one step closer to delivering on our promise to bring more jobs, fairer taxes, and bigger paychecks to middle-class Americans" said Graves.
"I am encouraged by this tax legislation. At its core, we are ensuring that North Missourians keep more of their hard-earned money. I look forward to bringing much-needed relief to families across the country and building a stronger America.
Currently, only around 28% of people living in North Missouri choose to itemize their tax returns. That means that around 70% take the standard deduction. With this legislation, North Missourians would effectively double the amount of money they can write off on their taxes. For those filing individually, the money one earns free from taxation would increase from $6,350 to $12,000 and for those filing jointly, one will see an increase from $12,700 to $24,000. Most Missouri households are expected to see an additional $2,421 in take-home pay.
CLICK HERE to read the full legislative text of the Tax Cuts and Jobs Act.