$1,301—that’s the amount of George’s federal tax cut as a result of the Tax Cuts & Jobs Act. This is his story↴ https://t.co/AybMDgI8Mt— Paul Ryan (@SpeakerRyan) November 14, 2017
For as long as he can remember, George had always wanted to be a firefighter. As a child, more than a few of his Halloweens were spent in a firefighter costume, complete with a Dalmation stuffed animal. Many kids go through a phase of wanting to be a firefighter when they grow up—but with George, it was different. Both his father and grandfather were firefighters in the same small, Iowa community where George has called home his entire life.
Now, at 24 years old, George is the youngest firefighter in his firehouse. The shifts are long and the job is dangerous, but this is always what he wanted to do—follow in his family’s footsteps of serving his community. A salary of $48,000 per year affords George a comfortable life in his town. However, he’s starting to think ahead and wants to start putting more money away for his future family.
The Tax Cuts and Jobs Act will allow George to see an even greater reward for his hard and selfless work. With a nearly doubled standard deduction, the first $12,000 of his paycheck will be protected from taxes. In addition, George will pay a top marginal tax rate of just 12 percent instead of the 25 percent rate he now pays. This means that each year, George will receive a total federal tax cut of $1,301. He’ll go from giving $5,173 back to the federal government each year to just $3,872. That’s $1,301 more George will have in his pocket each year—$1,301 more each year he can put away for his future family.