[Congressional Record Volume 142, Number 92 (Thursday, June 20, 1996)]
[House]
[Page H6632]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     INCOME DISPARITY BETWEEN RICH AND POOR IS STEADILY INCREASING

  (Mr. WISE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. WISE. Mr. Speaker, the New York Times today, and other 
newspapers, point out that the income disparity, that is, the gap 
between the wealthiest, the poorest, and the middle class, is steadily 
growing; no secret to many working middle-class Americans. From 1968 to 
1994, the rich were indeed getting richer, the poor poorer, and a lot 
of folks just are not moving anywhere.
  So what has been the response in the Gingrich-Dole budget that has 
passed this House and actually passed the Congress? First was to cut 
back the earned income tax credit for working families earning under 
$28,000. That means thousands of West Virginia working families will 
actually see a tax increase, not a tax cut. Oh, yes, I know about the 
$500 tax credit that is proposed. However, that will mean that one-
third of low-income children will not see a benefit from that, and it 
will not offset the tax increase that many of our working families will 
see.
  Another response has been to cut Medicare for those who need it the 
most to pay for a tax break, many of the benefits of which will go to 
the wealthiest. That does not make much sense.
  Finally, for those trying to be upwardly mobile and get an education, 
the Gingrich-Dole budget would also rein in student loans. They are 
trying to cut the rungs off the very ladder people are trying to climb 
up.

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