[Congressional Record Volume 143, Number 63 (Wednesday, May 14, 1997)]
[House]
[Page H2599]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 EFFECT OF CAPITAL GAINS TAX REDUCTION

  (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 comment again, as I have in the 
past, on one of the most important pieces of legislation that has been 
introduced in this Congress. It is H.R. 14, which is designed to take 
the top rate on capital gains from 28 to 14 percent.
  Now, many people have in the past called this a tax cut for the rich, 
but we all know from every bit of empirical evidence that we have that 
it would in fact do more for working families in this country than 
virtually any of the so-called family tax cuts that we have.
  In fact, a study by the Institute for Policy Innovations found we 
could increase the take-home pay for the average family by $1,500 per 
year if we were able to reduce the top rate on capital gains from 28 to 
14 percent.
  The gentleman from Texas, [Mr. Archer], and others on the Committee 
on Ways and Means very much want to do this. I am pleased that the 
President has indicated his support for a broad-based reduction in 
capital gains. It should be zero, but I will accept 14 percent.

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