Glenn Thompson: “It has been nearly 10 years since the Great Recession officially began, when our economy slumped and unemployment…”

“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.…”