Graves Visits Milan; Talks Taxes

Press Release

Graves Visits Milan; Talks Taxes

U.S. Congressman Sam Graves visited Milan on Tuesday to update constituents on the economy. Congress passed an economic stimulus package earlier this month. Graves said that the package will help give a needed boost to the economy.

"Our economy works best when people spend their own money," said Graves. "This package will give a much needed boost to our local and national economies."

Those who paid taxes last year on wages or investment income would receive checks of up to $600 for individuals, $1,200 for couples. Payments would phase out beginning with individuals with more than $75,000 in adjusted gross income and couples with more than $150,000. The package includes an additional $300 for each dependent child under age 17.

Individuals who earned at least $3,000 in qualifying income during 2007, but paid little or no income tax, would qualify for checks of $300 for individuals or $600 for couples filing joint tax returns. Qualifying income includes wages, Social Security benefits and payments to disabled veterans or their survivors.

The package also will help give a boost to small businesses. Small businesses would be allowed to write off the entire cost of new investment expenditures up to $250,000. That is almost twice the current expensing limit and it would apply to companies with overall investments of less than $800,000 in 2008.

Graves spent time talking about the economy and taxes. He specifically mentioned a proposal by Democratic Representative Charlie Rangel of New York to raise taxes by 1.3 Trillion.

"That's trillion with a ‘T'," said Graves. "That is exactly the wrong thing to do for our economy. Our economy does better when you spend your own money."

The four-term lawmaker also discussed rising energy costs which have hurt a lot of businesses. Graves noted that he had backed a recently passed energy bill that increased fuel standards and increased the use of renewable fuels in our energy supply. Graves said those were baby steps compared with what is needed.

"We have to wean ourselves of off foreign oil," said Graves. "We have to increase American sources of energy. There are a lot of places we can do that and I'm going to keep fighting until we get it done."

Graves is touring cities and counties throughout the Sixth Congressional District this month. Congress returns to session next week. You can find more information at www.house.gov/graves.

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