[Congressional Record Volume 143, Number 64 (Thursday, May 15, 1997)]
[House]
[Page H2685]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        WHO REALLY BENEFITS FROM REDUCTION IN CAPITAL GAINS TAX?

  (Mr. HEFLEY asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. HEFLEY. Mr. Speaker, why do Republicans and most economists want 
to reduce the taxes on capital gains? Because it is so important to the 
economy of this country.
  Mr. Speaker, this is vitally important to all Americans, even those 
who do not own a single piece of stock, who do not own their own home, 
who do not participate in any pension plan, and who do not have a dime 
in any mutual funds. In fact, I would even argue that this issue may be 
even more important to those Americans than to those who actually own 
capital.
  How can this be? Our economy depends on investment capital to create 
jobs. The lower the tax on investment capital, the more the economy 
will grow and the more jobs created, jobs that people in my district 
need. And it is often those with no capital of their own who are most 
in need of an expanding economy and more job opportunities.
  We need to pass a balanced budget that cuts the tax on capital gains. 
Job seekers everywhere around the country are counting on it.

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