[Congressional Record Volume 143, Number 106 (Thursday, July 24, 1997)]
[House]
[Page H5670]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 REPUBLICAN TAX PLAN: HUGE TAX BREAKS FOR THE WEALTHY AND A BALLOONING 
                                DEFICIT

  (Mr. PALLONE asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. PALLONE. Mr. Speaker, we found out this morning that the 
Republicans have come together on a unified budget bill that is far 
worse for the average working American than the previous versions that 
passed the House and Senate. Their unified tax bill is even more unfair 
to working families and deeply skewed to help the wealthy. In 
particular, the Republicans have refused to scale back on one of their 
prize tax breaks for the wealthy, allowing investors to index their 
capital assets to inflation and thereby reducing their taxes.
  Of course, the media and the American people are waking up to this 
Republican proposal. Today in the Washington Post the headline in the 
editorial said ``A Dismal Budget Prospect.'' If I could read from a 
section, it says:

       The tax provisions remain the worst aspect of the 
     legislation. Why? The President has stated two great 
     objections to them: They are tilted hugely toward the very 
     rich, and in the long run, would be a far larger drain on the 
     Treasury than their authors acknowledge. The Republicans 
     today in this unified tax plan have given no ground on either 
     count;

again, huge tax breaks for the wealthy and a ballooning of the deficit.

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