[Congressional Record Volume 143, Number 86 (Thursday, June 19, 1997)]
[House]
[Page H3930]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          REPUBLICAN TAX PLAN

  (Mr. LEVIN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. LEVIN. Mr. Speaker, let me talk about facts, not labels. The 
gentleman from Arizona, a colleague on the committee, has cited the 
canard of the Republicans: Fully 71 percent of the tax relief provided 
will be for people making between $20,000 and $75,000 a year. Let me 
tell my colleagues why that is simply inaccurate.
  First of all, that stops at the 5th year. It does not take into 
account years 6 through 10 of the budget agreement that relates to 10 
years. So the impact of the capital gains and the IRA's are not taken 
into account.
  Second, that miscalculation does not include the impact of the 
corporate tax or the estate tax.
  Third, it counts as taxes paid, amounts paid by taxpayers to take 
advantage of the IRA provisions and the capital gains provisions that 
are going to save them taxes in the long run. It is a phony figure. The 
Treasury Department has it right.

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