[Congressional Record Volume 143, Number 86 (Thursday, June 19, 1997)]
[House]
[Page H3932]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  GOP PLAN REWARDS THE RICH WHILE DEMOCRAT ALTERNATIVE HELPS WORKING 
                                FAMILIES

  (Mr. PALLONE asked and was given permission to address the House for 
1 minute.)
  Mr. PALLONE. Mr. Speaker, I follow up on my colleague from the other 
side of the aisle and say do, in fact, look at the details and my 
colleagues will find that the GOP tax plan rewards the rich and the 
Democratic alternative helps working families.
  Let us look at the capital gains tax. Basically the GOP plan would 
essentially cut the capital gains tax across the board. It would say 
that for the sale of stocks, bonds or other assets the rate would drop 
to 20 percent, where it is now at 28 percent. What the Democrats are 
saying is why benefit Wall Street? Why benefit wealthy people who have 
these large portfolios of bonds and stocks? Let us help the homeowner.
  The capital gains tax cut is a good idea, but it should be targeted 
for homeowners because that is where most middle-class working people 
have to pay a capital gains tax cut. Reduce it for the person selling 
the home, not the person with the large stock portfolio.
  And the same with the estate tax break. Right now only 1.5 percent of 
families currently pay any estate tax, but the Republicans are saying 
that they want to increase the amount up to a million dollars. That is 
for the rich, not for the working person.

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