[Congressional Record Volume 141, Number 58 (Wednesday, March 29, 1995)]
[Extensions of Remarks]
[Page E725]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


  REPUBLICAN TAX BILL WOULD PROVIDE HUGE BENEFITS TO A PRIVILEGED FEW!

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                            HON. SAM GIBBONS

                               of florida

                    in the house of representatives

                       Wednesday, March 29, 1995
  Mr. GIBBONS. Mr. Speaker, these Republican tax proposals are not 
equitable. They would disproportionately favor a privileged few upper-
income taxpayers. Is that how the Republicans intend to waste hundreds 
of billions of dollars--helping those who have and ignoring those who 
have not?
  The Republicans strenuously protest the claim that they are helping 
wealthy Americans with these tax cuts. But the facts shed doubt on 
their objections.
  One-half of the total benefit of this bill and three quarters of the 
capital gains tax cut will go to those with incomes of $100,000 or 
more.
  The broken promise of partial refundability of the family credit 
means that families with incomes of $20,000 or less will get only 2 
percent of the benefit of that provision, and that is about all they 
will get from the total bill.
  On average, those with incomes of $200,000 or more would enjoy tax 
cuts of $11,270, while those with incomes between $30,000 and $75,000 
would receive $760, a mere one-fourteenth of what the wealthy will get.
  The Republicans have chosen to focus their largess on the very small 
number of Americans in the upper strata of the income range. Although 
they will receive one-half of the total benefits of this bill, the 13 
million households with incomes of $100,000 or more represent only 6 
percent of our total population.
  The Republican elitism will see to it that the privileged few will 
get huge tax cuts. This is the purpose for which they are willing to 
increase the Federal deficit.
  Middle-income families will get small tax cuts, a bigger deficit, and 
a bleaker future for their children. The Republicans know this. They 
put forth this bill knowingly and without the interest or the 
commitment to help those who are shortchanged by it.


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