[Congressional Record Volume 143, Number 92 (Thursday, June 26, 1997)]
[House]
[Page H4650]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   TAX CUTS: A WINDFALL FOR THE RICH

  (Mr. PALLONE asked and was given permission to address the House for 
1 minute.)
  Mr. PALLONE. Mr. Speaker, the word is getting out to most Americans 
that the Republican bill being considered today provides tax cuts to 
the rich and not for the working middle class. But today I read in the 
New York Times that there is another huge tax break for the wealthy 
that most of us did not know about.
  Buried in the estate tax section of the big tax cut bill is an 
obscure provision that would cost the Government $9 million a year in 
lost revenue and give a bonanza worth thousands of dollars to about a 
thousand wealthy taxpayers.
  A tax lawyer in New York, who spoke on the condition that his name 
may not be used, said his client, who he would not identify, stood to 
save at least $100,000 in taxes if this provision in question became 
law.
  Who knows what other tax breaks for rich individuals or corporations 
are in the Republican bill we will consider today? I urge my colleagues 
to vote ``no'' on this windfall for the rich at the expense of working 
Americans.

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