[Congressional Record Volume 141, Number 63 (Wednesday, April 5, 1995)]
[House]
[Page H4191]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              A BETTER CAPITAL GAINS DEAL FOR THE WEALTHY

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DeFAZIO. Mr. Speaker, the reason we are still doing 1-minutes is 
because the Republican leadership is twisting the arms of their caucus 
to try to get the votes for this tax giveaway, the same arms that they 
did not twist last week when term limits was on the floor.
  There was a shameful time in this country in the mid-1980's when the 
largest, most profitable corporations in the land paid no income taxes, 
and we are about to turn back the clock. This bill repeals a modest 
income tax on the largest, most profitable corporations in this 
country, so they can go back to paying zero.
  People who earn over $200,000 a year, they can get capital gains at 
14 percent. That is half of the tax bracket for middle income 
Americans. Is it not a great country when people, Members of Congress 
earning $133,000 a year, can vote themselves a wonderful juicy tax 
break, because they are in a big enough tax bracket to take advantage 
of it?
  When the dust settles, average Americans are going to get it stuck to 
them again, and the rich are going to be drinking champagne and eating 
caviar.


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