[Congressional Record Volume 143, Number 96 (Wednesday, July 9, 1997)]
[House]
[Pages H4920-H4921]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           WHO REALLY BENEFITS FROM A CAPITAL GAINS TAX CUT?

  (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, who owns stock and who 
will benefit from the capital gains tax relief that the Republicans are 
attempting to provide? Well, it is time

[[Page H4921]]

for some surprising news, and this news flatly refutes the Democrat 
catch phrase: Tax cuts for the wealthy.
  According to a recent stock market survey, stock ownership doubled 
over the past 7 years to 43 percent of the adult population. Forty-
seven percent of all investors are women. Fifty-five percent are under 
the age of 50. Fifty percent are not college graduates.
  So let us think about that and compare it to the absurd stereotypes 
perpetuated by the liberals. Almost half of all American adults own at 
least one share of stock. Slightly under half of all shareholders are 
women. More than half of all investors are not yet 50, and half of all 
those with a stake in investments are not college graduates.
  Are the liberals really against helping these people? Are they sure 
that cutting taxes on savings and investments only helps the rich? 
Maybe it is about time the liberals updated their stereotypes.

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