[Congressional Record Volume 141, Number 142 (Wednesday, September 13, 1995)]
[House]
[Page H8814]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        GOP TAX CUTS: SOME FACTS

  (Mr. KNOLLENBERG asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. KNOLLENBERG. Mr. Speaker, for months House Democrats have 
bantered about tax cuts for the rich. They have distorted our plan to 
balance the budget and increase the take-home pay of working families 
as a mean-spirited attempt to provide a boondoggle to wealthy Americans 
and corporations.
  Here are the facts: 74 percent of the largest tax cut in our budget, 
the $500 per child tax credit goes to families earning less than 
$75,000. This profamily tax break will remove 4.7 million families at 
the lowest income levels from the Federal income tax rolls.
  Furthermore, 70 percent of the benefits of lower capital gains taxes 
go to families and individuals with incomes of less than $50,000. And 
we must keep in mind that cutting capital gains taxes provides 
incentives for investment in new businesses and high paying jobs that 
benefit all Americans.
  Mr. Speaker, I do not know about you, but working parents earning 
between $50,000 and $75,000 a year in my district do not consider 
themselves rich. We must start telling the truth about the GOP tax 
cuts. They are good for families and the economy. Allowing families to 
keep more of what they earn and laying the foundation for long-term 
economic growth is not mean-spirited. It is exactly what the American 
people voted for last November.


                          ____________________