    [Congressional Record Volume 164, Number 6 (Wednesday, January 10, 2018)]
    [House]
    [Page H86]
    From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

                CELEBRATING PASSAGE OF THE TAX CUTS AND JOBS ACT

      The SPEAKER pro tempore. The Chair recognizes the gentleman from
    Pennsylvania (Mr. Thompson) for 5 minutes.
      Mr. THOMPSON of Pennsylvania. Mr. Speaker, it has been nearly 10
    years since the Great Recession officially began, when our economy
    slumped and unemployment climbed to levels not witnessed since the
    early 1980s, but last month Congress paved the way to create a tax
    system that is fair, simpler, and one that establishes an environment
    where our country can unleash our full potential.
      Too many Americans are living paycheck to paycheck and have been for
    too long. Stagnant wages, growing debt, and the inability to save have
    plagued so many. That is why our tax overhaul is so important. This
    truly is a once-in-a-generation opportunity that we could not afford to
    pass up.
      The Tax Cuts and Jobs Act will touch every household in the Nation
    and every corner of our economy. As soon as February, Americans will
    see more money in their paychecks. When it comes time to file their
    2018 taxes, our tax system will be so simple that 9 out of 10 Americans
    will be able to file on a postcard. The standard deduction will be
    doubled for individuals and joint filers. Middle class families will
    also have a significant increase to the child tax credit to help
    parents with the costs of raising children.
      And, Mr. Speaker, for those pursuing opportunity through education,
    America's students, the graduate tuition voucher exemption and student
    loan interest deduction remain in our tax reform package. I, and many
    of my colleagues, urged the conference committee to keep these
    provisions intact.
      Our Tax Code should provide incentives for greater opportunity. For
    many, this is realized through higher education. The student loan
    interest deduction helps make higher education more affordable, and
    based on the most recent yearly data available, 12 million taxpayers
    benefited from that deduction.
      I advocated keeping this provision as well as the graduate tuition
    voucher exemption and other higher education tax credits as a part of
    the Tax Cuts and Jobs Act because they truly do make a difference in
    the lives of so many Americans. It makes financing an education
    possible for many low- and middle-income individuals.
      In addition to education, another great cornerstone of the American
    Dream is homeownership, and, proudly, the Tax Cuts and Jobs Act will
    continue to provide tax relief to current and aspiring homeowners
    alike.
      Mr. Speaker, there are many accomplishments in this historic tax
    overhaul, including lowering the corporate tax rate, which will put our
    job creators on a level playing field with their global competitors.
    This has already led to increased bonuses and pay raises for millions
    of workers. Quite simply, this bill provides the kind of tax relief
    that Americans deserve.
      We challenged the status quo and the special interests who said it
    couldn't be done, and we did it. And the American people won.

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