[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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