[Congressional Record Volume 144, Number 85 (Thursday, June 25, 1998)]
[Extensions of Remarks]
[Pages E1224-E1225]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      ECONOMIC GROWTH ACT OF 1998

                                 ______
                                 

                            HON. RON PACKARD

                             of california

                    in the house of representatives

                        Wednesday, June 24, 1998

  Mr. PACKARD. Mr. Speaker, I rise in support of House Speaker Newt 
Gingrich's ``Economic Growth Act of 1998.'' As an original cosponsor of 
this legislation, I am proud that it will boost economic growth and 
offer better financial investment resources for all Americans.
  The ``Economic Growth Act of 1998'' will reduce capital gains rates, 
simplify the tax rate by eliminating exemptions and reduce the holding 
period for assets. This bill is a win-win situation for all citizens. 
Critics have claimed that reducing taxes on investment will only 
benefit the wealthy. This is not the case. A 1997 Congressional Budget 
Office study found half of all U.S. families own assets such as stocks, 
bonds, businesses and real estate which encourage savings and 
investment. One-third of all taxpayers who reported gains or losses 
over a 10-year period made less than $50,000 annually. This legislation 
will make investment and planning more manageable for all Americans, 
regardless of their annual income.
  Mr. Speaker, the ``Economic Growth Act of 1998'' will benefit 
Americans, regardless of their stage in life, if they are starting a 
family, sending a child to college or preparing for retirement. For too 
long, the threat of monetary punishment often associated with 
entrepreneurship has loomed over the heads of Americans, discouraging 
them from saving and investing. This legislation will move our economy 
with the changing times and interests of America's families and 
businesses.

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