[Congressional Record Volume 142, Number 29 (Wednesday, March 6, 1996)]
[House]
[Page H1722]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        HOW TO AFFORD TO GIVE TAX RELIEF TO MIDDLE-INCOME PEOPLE

  (Mr. DUNCAN asked and was given permission to address the House for 1 
minute.)
  Mr. DUNCAN. Mr. Speaker, a few weeks ago it was announced that AT&T 
was laying off 40,000 employees.
  Then, several days ago, it was reported that Robert Allen, the head 
of AT&T, had made over $16 million last year.
  Mr. Speaker, this is almost obscene. There is no way that Mr. Allen 
could really have earned $16 million for 1 year of work.
  And to take this much money at the same time that thousands in his 
company are losing their jobs is really too cruel for words.
  This excessive and exorbitant compensation was criticized even a 
columnist in yesterday's Wall Street Journal.
  Also yesterday, most publications reported that average compensation 
for CEO's at 35 of our largest corporations averaged $4.3 million and 
had gone up 23 percent since the year before.
  I have said many times that the average person pays almost half of 
his or her income in taxes, counting taxes of all types, Federal, 
State, and local.
  I do not favor higher taxes, but we need to give tax relief to 
middle-income people, and one way to help pay for it would be to raise 
the taxes on all these CEO's and athletes and others making over $1 
million a year.

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