[Congressional Record Volume 143, Number 45 (Wednesday, April 16, 1997)]
[House]
[Page H1548]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    REDUCTION OF TOP RATE OF CAPITAL GAINS TAX FROM 28 TO 14 PERCENT

  (Mr. DREIER asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. DREIER. Mr. Speaker, I rise to congratulate my colleagues on both 
sides of the aisle, Democrats and Republicans. I have to do that, after 
having heard the vitriolic attacks that are emerging from the 
Democratic side attacking us for what clearly will be the single most 
important thing that we can do for working families in this country, 
and that is reducing the top rate on capital gains from 28 to 14 
percent.
  I am very gratified that we now have, I think it is 127 Democrats and 
Republicans as cosponsors of this measure. Why? Because Democrats and 
Republicans know that it is going to benefit working families. It is 
going to, based on every shred of empirical evidence we have, increase 
the flow of revenues to the Federal Treasury, as it has always done 
when we unleash that $7 to $8 trillion of locked-in capital that people 
are concerned about selling because of that rate that is so 
extraordinarily high.
  Mr. Speaker, I encourage my colleagues to join as cosponsors of H.R. 
14, Democrats and Republicans.

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