[Congressional Record Volume 143, Number 17 (Tuesday, February 11, 1997)]
[House]
[Page H412]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          CAPITAL GAINS TAXES

  (Mr. PAPPAS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PAPPAS. Mr. Speaker, on my first day as a Member of Congress, I 
kept a pledge to the people of my district to introduce legislation 
that would improve the quality of their lives. My legislation reduces 
the capital gains tax by 50 percent and seeks to eventually eliminate 
it.
  All over central New Jersey, I have been told that overtaxation is a 
huge problem. I have had people tell me that they are not going to sell 
their homes or businesses until Congress acts.
  People and businesses create jobs, not the government. Lower capital 
gains taxes leave more capital in the hands of businesses, 
entrepreneurs and individuals who create and expand businesses and 
jobs.
  A New Jersey painting contractor was quoted in an article in the 
Washington Post as saying:

       You're looking at a poor man who thinks the capital gains 
     tax is the best thing that could happen to this country, 
     because that's when the work will come back. People say 
     capital gains are for the rich, but I've never been hired by 
     a poor man.

  The growth of our Nation's economy can be vibrant and grow if we are 
only willing to allow it to happen. Pass capital gains tax reform.

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