[Congressional Record Volume 141, Number 62 (Tuesday, April 4, 1995)]
[House]
[Page H4119]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                      MORE AND BETTER JOBS NEEDED

  (Mr. SMITH of Michigan asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Michigan. Mr. Speaker, what I think we need to talk 
about is what do we do to expand more and better jobs in this country? 
I think we need to realize that almost every piece of legislation is a 
transfer of wealth, and especially appropriation bills and taxes. We 
have increased taxes and regulations so much on business that they are 
now looking to other countries for more favorable ways to raise money.
  I brought this chart out just to show what has been happening in our 
discouragement of business expansion in this country.

                              {time}  1215

  Maximum capital gains tax rate; in the United States, it is 28 
percent; France, 18 percent, exempt in Germany; Canada, 23 percent; 
Japan, 20 percent; the U.K. is 40 percent, but they exempt the first 
5,500 pounds.
  Now, with that kind of tax, we are discouraging businesses from 
buying the machinery and equipment and facilities that are going to 
increase our productivity. Our productivity is not increasing at the 
rate of other countries.
  Mr. Speaker, I think it is important we support this tax bill.
  

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