[Congressional Record Volume 144, Number 84 (Wednesday, June 24, 1998)]
[House]
[Page H5069]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      REDUCING CAPITAL GAINS TAXES

  (Mr. KINGSTON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KINGSTON. Mr. Speaker, today Speaker Newt Gingrich introduces one 
of the most important jobs bills that this Congress will consider 
during this term, and I am talking about the bill to reduce the capital 
gains tax from 20 percent to 15 percent.
  When this has been done in the past, starting in 1978, revenues went 
up $23 billion. When the capital gains taxes were cut again in 1981, 
revenues went up $9 billion. And in 1986, when capital gains tax rates 
were raised and not lowered, revenue loss was about $180 billion.
  If we give Americans the opportunity to sell goods at a lower price, 
they are going to do it. And in doing so, they are going to create more 
jobs. This would be great for entrepreneurs, for small businesses, for 
seniors and over one-half of American consumers who right now are 
savers.
  This is a very important jobs bill, and it is a bill that I am 
looking forward to a good debate on. I think that this Congress would 
be remiss in its duties if we did not act on it before the end of the 
session.

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