[Congressional Record Volume 141, Number 61 (Monday, April 3, 1995)]
[House]
[Page H4085]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                        THE $64 BILLION QUESTION

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Michigan [Mr. Stupak] is recognized for 5 minutes.
  Mr. STUPAK. Mr. Speaker, when I was growing up as a young kid in 
northern Michigan, we used to have a saying, and I think it was a 
popular TV program, that the $64,000 question, the $64,000 question is, 
and part of that game show was if you got it right you would get 
$64,000. That was the big question back then, and that was the question 
that everyone wanted to answer because it was the epitome of all 
questions. And if you would answer that, you would be so much further 
ahead.
  This $64,000 question used to be the ultimate question. But I guess 
in today's terminology and now in the 1990's it was the mother of all 
questions.
  Mr. Speaker, the $64,000 question has now grown with inflation and 
all to a $63 million question, a $63 million question, a question that 
we must have an answer to. It is a question that America needs an 
answer to. It is a question that this institution as an institution 
needs an answer to.
  The $63 million question is whether or not the President will veto 
H.R. 381, the bill which amends the IRS Tax Code to permanently extend 
the deduction for health insurance costs of self-employed individuals.
  Well, I agree with that provision. I think probably most Members in 
this House would agree with that provision. I agree that the intent of 
the bill, H.R. 381, was to permanently extend the deduction for health 
insurance costs for self-employed individuals.
  But in that bill that was voted on last Thursday, which most Members 
on this side of the aisle, Democratic Members, voted no, there was a 
$63 million question. Because in there was a $63 million deal for one 
self-employed individual named Rupert Murdoch.
  Now, I do not know if Mr. Murdoch does or does not need the 25 
percent deduction for his health insurance, as was the original intent 
of H.R. 381. For I believe that probably one of his companies probably 
picks up his health insurance. But I will not give him the $63 million 
special exemption allowed to only him and only to his company under 
H.R. 381.
  You see, H.R. 381 not only permanently extends the deduction for 
health insurance costs for self-employed individuals but it also 
repeals the provision of nonrecognition of gain. It repeals the capital 
gains tax if you sell your FCC license, Federal communication license 
or a TV or radio station to a minority-owned company. If you did that, 
you did not have to pay the capital gains tax. We had a big hoopla 
about that because of the Viacom deal.
  So in this bill we went back. We were going to correct all that. We 
were not going to give special tax breaks to minorities anymore in 
capital gains. And that was found in H.R. 381, and we repealed that 
special tax break.
  Many of the people, I am sure, listening in this audience said that 
was a good provision. But is it good that only one person or one 
company gets a $63 million tax break? Why is this special tax break 
repealed for everyone, repealed for every company except Mr. Murdoch? A 
$63 million tax break for one individual and his company by 
specifically exempting that company and that deal under H.R. 381.
  I well remember Mr. Murdoch. That is not the first time his name has 
came up in this esteemed body. His company gave the Speaker a $4.5 
million book deal. Now Mr. Murdoch gets a $63 million special tax deal. 
He pays no capital gains tax for this and his company under the profit 
or from sale of his corporation, a capital gains tax that was to help 
but one person who, if my memory serves me correct, that individual is 
not even a citizen of this country. yet Mr. Murdoch and his country 
gets a huge tax break. Why another $63 million deal?
  Mr. President, I hope you veto this bill. In your veto message I hope 
you will tell Mr. Murdoch there is no special deals in this body, in 
the House. Tell Mr. Gingrich there is no special deal for owners of 
companies that give special deals on books. Tell them no special tax 
cuts to individuals who are not citizens of this country.


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