Thompson Votes to Advance Legislation to Expand Retirement Savings and Revamp IRS Bills reported out of House Committee on Ways and Means

Thompson Votes to Advance Legislation to Expand Retirement Savings and Revamp IRS Bills reported out of House Committee on Ways and Means

PRESS RELEASE

Washington – Today House Ways and Means Subcommittee on Select Revenue Measures Chairman Mike Thompson (CA-05) voted to advance several, bipartisan proposals out of the full Ways and Means Committee. Most notably, Thompson voted to advance the SECURE Act, legislation to expand retirement savings opportunities, and the Taxpayer First Act, a bill to modernize the Internal Revenue Service (IRS) so it better serves taxpayers. A statement from Thompson is below.

“Congress should be working to ensure financial security is available to all Americans at every stage of their lives and to modernize our tax systems so they better serve taxpayers of the 21st Century. That’s why today I voted in favor of two pieces of legislation to do just that, advancing these bills out of the Ways and Means Committee.

“Sadly, more than 50 million Americans go to work each day with no retirement savings and no certainty for what the future holds. The SECURE Act is a bipartisan bill to give workers more tools to plan for retirement and the flexibility to control their savings so they are better prepared to retire with the financial stability they deserve. The Taxpayer First Act is the first major modernization of the IRS in more than 20 years – creating a more accessible appeals process and strengthening the agency’s tools to combat identity theft tax refund fraud. Both these bills represent major steps forward in securing financial stability and modernizing our tax infrastructure for people in my district and I’m proud to advance them out of committee today.”