[Congressional Record Volume 141, Number 63 (Wednesday, April 5, 1995)]
[House]
[Page H4188]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1230
    IN SUPPORT OF THE TAX FAIRNESS AND DEFICIT REDUCTION ACT OF 1995

  (Mr. RAMSTAD asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. RAMSTAD. Mr. Speaker, I rise in strong support of the Tax 
Fairness and Deficit Reduction Act of 1995.
  Our job-creating tax cuts enhance the progressivity of the Tax Code. 
Middle-income taxpayers will overwhelmingly benefit directly from the 
capital gains tax cut, as the vast majority of taxpayers claiming 
capital gains are middle income
  In fact, 70 percent of all taxpayers reporting capital gains, in a 
recent tax year, had incomes of less than $50,000.
  By comparison, 5 percent of tax returns with capital gains were from 
taxpayers with annual incomes between $100,000 and $200,000. And, fully 
three-quarters of the value of all capital gains went to taxpayers 
earning less than $100,000.
  Most importantly, capital gains tax cuts means more jobs for the 
American people. One leading economist testified in the Ways and Means 
Committee that 285,000 jobs a year--or about 1.4 million over the 5 
year period--will be gained.
  The same economist showed that every $1 billion reduction in annual 
taxes on capital income will lead to a $25 billion increase in the 
Nation's output of goods and services.
  Capital gains relief will facilitate the growth of new business and 
job formation, improve long-term productivity and make the United 
States more competitive.
  Vote for job growth, lower capital costs, increased productivity and 
competitiveness.
  Vote for H.R. 1327.
  

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