Rep. Graves, House Pass Historic Tax Cuts, and Jobs Bill
Plan will Put More Money in the Pockets of Hard-Working Families

Washington, D.C. – Rep. Tom Graves’ (R-GA-14) today voted for and the House passed the Tax Cuts and Jobs Act (H.R. 1), legislation to cut taxes for families and businesses and create more American jobs. After the vote, Rep. Graves issues the following statement:
“One reason the American people elected President Trump and a Republican Congress is to cut taxes and help businesses create more American jobs. Our bill throws out the old system and creates a simpler, flatter and fairer tax code.
“It will put more money in the pockets of hard-working Georgia families and make the annual tax filing process a lot easier. In fact, the House Ways and Means Committee predicts the typical family could file their taxes on a form the size of a postcard.
“Additionally, the bill promotes economic growth and private-sector job creation by slashing the corporate tax rate – currently the highest in the developed world – and cutting tax rates for small business income to the lowest levels since World War II.
“Our bill delivers relief for families and businesses, unleashes economic growth and private-sector job creation, and fulfills President Trump’s promise to the American people. I urge the Senate to act quickly so we can send a final tax reform bill to the president as soon as possible.”

The bill’s highlights include:

1. Reducing the number of tax brackets from seven to four
2. Nearly doubling the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples
3. Simplifying the tax code so most families can file their taxes on a form the size a postcard
4. Increasing the Child Tax Credit from $1,000 to $1,600
5. Modernizing the popular 529 educational savings benefit so it can be used for K-12 education expenses in addition to expenses related to higher education
6. Providing a new $300 tax credit for each parent and non-child dependent
7. Lowering the corporate tax rate from 35 percent to 20 percent
8. Reducing the tax rate for small businesses to a maximum of 25 percent.

Click HERE to read the complete plan and explore the specifics.