[Congressional Record Volume 141, Number 183 (Friday, November 17, 1995)]
[House]
[Pages H13281-H13282]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            FACTS AND NUMBERS OF THE REPUBLICAN BUDGET BILL

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from California [Mr. Kim] is recognized for 5 minutes.
  Mr. KIM. Mr. Speaker, we have been hearing this argument about huge 
tax cuts, huge tax breaks to super-rich people at the expenses of the 
poor. I would like to present to you, I would like to give this chart 
to the people in California. They all know me. I was an engineer prior 
to becoming a Congressman. I know how to deal with the facts and 
numbers, because numbers do not lie. You will be shocked to find out 
what I am about to say tonight.
  Let us take a look at this. Rich people are not paying their share. 
Let us take a look at this. The top 50 percent of income earners of the 
American people have paid more than 95 percent of the entire national 
income tax. The bottom 50 percent only pay 4.8 percent, hardly 
anything.
  Look at the share of income. The income share is only 85 percent, but 
their tax burden is much higher. Here, it is the exact opposite. The 
bottom 50 percent do not pay any tax at all, practically, no taxes. 
Only the top 50 percent are paying taxes. Do not tell me that people 
are not paying their fair share.
  Who is rich? Here it is. Here are people that are all rich. In the 
definition of our liberal friends, rich is anybody who makes more than 
$21,000 a year, is considered rich. Anybody who has a job is considered 
rich. Is this shocking to you?
  Let me go to the next one. Let us take a look at what happened in the 
last 10 years. Back 10 years ago, the top 50 percent, they only paid 
that much. Look at what happens now. Their tax share has gone up every 
year for the last 10 years. Look at the bottom 50 percent. Their tax 
share has actually declined.
  In other words, these folks are paying less and less taxes each year, 
and the top 50 percent are paying more and more tax each year. If this 
trend continues, then what is going to happen? Right now it is almost a 
2 to 1 ratio.
  Let us take a look at these folks down here. These people have truly 
needed some help. I understand that. 

[[Page H 13282]]
But I cannot believe that half of the population of this country really 
need some help. I cannot believe that half of the population in this 
country really need some government help. It is hard for me to believe.
  Who are these folks up here? They are the ones having children, 
trying to send their kids to school, support their families, having a 
little house and condominium, plus they have to pay for all this 
national defense, 2\1/2\ million fellow employees, all this, plus they 
have to support one more family down here. You have to support your 
family plus one more family down here. Do you think that is fair?
  Mr. Speaker, right now it is almost a 1 point ratio, and the bottom 
is growing, growing, each year. Now, let us take a look at this. They 
are talking about a huge tax credit. What is it? A $500 tax credit per 
child. That is what we are talking about, a huge tax credit to the 
super rich. Let me tell you who they are. The $500 tax credit stops at 
incomes of $75,000. If you make more than $75,000 a year, you do not 
even get a $500 tax credit for your child. Your child is not worth 
$500. The only folks who get the $500 credit will be right here, these 
folks.
  Our liberal friends are screaming it is unfair, it is a huge tax 
credit to the rich people, because they are forgetting what is a tax 
credit. A tax credit means you have to pay a tax to get a credit. These 
people do not pay any taxes. Therefore, we cannot give them a tax 
credit. Do you think we should pay them $500 in cash instead?
  Second, as I mentioned earlier, the super rich. If you make $75,000 a 
year you are super rich. I have been hearing this time after time, that 
we give a huge tax break to those folks who do not need the money. You 
mean they do not need the money? Why are we doing this $500 tax credit? 
Because by doing it, by doing this, it can save money; by doing this, 
the billionaires can borrow money, create more jobs, so these folks can 
go up. That is the idea of the $500 credit.
  We cannot go on with this. The last 30 years, it does not work. We 
have to create more jobs to help these folks, so these people can go up 
to being the taxpaying group, instead of the tax-consuming group.

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