[Congressional Record Volume 143, Number 67 (Tuesday, May 20, 1997)]
[House]
[Page H2935]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              CAPITAL GAINS TAX CUT BENEFITS MIDDLE CLASS

  (Mr. WELDON of Florida asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. WELDON of Florida. Mr. Speaker, I have a question for those on 
the other side who constantly talk about tax cuts for the wealthy. 
Perhaps those on the other side are simply not aware of how important 
tax cuts on capital gains are to the middle class. Then again, maybe 
for liberal Democrats, the rich whom they despise so much, the wealthy 
whom they rail against so often, are simply code words for the middle 
class.
  Although those who produce the most, who work the hardest, or even 
those who are simply fortunate, are considered the enemy by liberal 
Democrats, their opposition to capital gains tax cuts is flat out 
contrary to the interests of the middle class.
  Mr. Speaker, are those on the other side aware that middle class 
Americans are pouring money into mutual funds as never before? In 1995, 
net assets for equity funds totaled $1.27 trillion, for bond funds, 
$798 billion. The typical mutual fund holder has a family income of 
less than $60,000 a year.
  Listen to this: Of all of the shareholders, two-thirds have less than 
$75,000 family income.
  The bottom line, a cut in the capital gains rate is a tax cut for the 
middle class.

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