[Congressional Record Volume 143, Number 67 (Tuesday, May 20, 1997)]
[House]
[Page H2937]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  LET US HELP PRESIDENT CLINTON AND PASS THE TAX CUT ON CAPITAL GAINS

  (Mr. BOB SCHAFFER of Colorado asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. BOB SCHAFFER of Colorado. Mr. Speaker, I would like to do 
something extraordinary in politics. I want to pass legislation for 
which President Clinton can claim credit. It gets even stranger. The 
President opposes this legislation, even though he will accept it as 
part of a deal to get more social spending.
  The legislation I am talking about is, of course, a cut in the 
capital gains tax. What will happen to the economy? Well, it is 
obvious. What will happen is exactly the same thing that has happened 
each and every time a tax cut in the capital gains tax has been signed 
into law. The economy will improve.
  In a $7.5 trillion economy a cut in the tax on capital gains has a 
dramatic effect. So when the economy improves, President Clinton will 
surely cite every possible explanation for improved economic growth 
except for the capital gains tax. But job creators know what really 
creates jobs. So, ironically, he will get all the credit for an 
improved economy that is due solely to the change in how we tax capital 
investments, but I can accept that.
  Let us help President Clinton, despite himself, and pass the tax cut 
on capital gains in his balanced budget agreement.

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