[Congressional Record Volume 143, Number 104 (Tuesday, July 22, 1997)]
[House]
[Page H5499]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   LET US GIVE THE PEOPLE OF THIS COUNTRY THE TAX RELIEF THEY DESERVE

  (Mr. GIBBONS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. GIBBONS. Mr. Speaker, our liberal colleagues have used every 
trick in the book to avoid giving the American people a tax break. 
After failed attempts at scaring welfare recipients and working 
taxpayers, now they are trying the same on senior citizens. Well, the 
truth is the Republican Taxpayer Relief Act will greatly benefit 
seniors in their retirement years because we believe that those who 
have worked hard, played by the rules, and saved for retirement should 
be rewarded, not threatened and not penalized.
  Opponents of the capital gains tax relief say, ``You're rich if you 
put money into mutual funds or contributed to a company retirement plan 
or built a small business with your own sweat and labor.'' But more 
than half of all taxpayers claiming capital gains have incomes less 
than $50,000, and many are seniors who are able live a better life by 
converting their lifelong investments. In fact nearly 80 percent of 
assets other than homes are owned by the elderly and seniors.
  No more excuses, my colleagues on the left. For the first time in 16 
years, let us give the people of this country a tax break they deserve.

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