[Congressional Record Volume 149, Number 26 (Wednesday, February 12, 2003)]
[House]
[Page H397]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        ELIMINATE THE UNFAIR DOUBLE TAXATION ON DIVIDEND INCOME

  (Mr. WILSON of South Carolina asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. WILSON of South Carolina. Mr. Speaker, I rise today to call for 
an end to the unfair double taxation on dividend income. President Bush 
has made it known that it is fundamentally wrong to tax any income 
twice.
  Many would like to play class warfare politics with this issue, but 
that argument simply does not stand up. Since 1990, stock ownership in 
the United States has doubled. Today in America more than half of all 
households own stock and half of all dividend income is owned by 
seniors. Economists anticipate that the stock market will rise between 
10 and 20 percent once this unfair double taxation is eliminated. This 
creates more capital for spending and investment which leads to job 
creation.
  I thank President Bush and Federal Reserve Chairman Greenspan for 
their leadership on this issue. Also, I want to commend Grover 
Norquist, president of Americans for Tax Reform, for his outspoken 
advancement of a more fair tax system. That is why I have introduced 
H.R. 225, the Double Taxation Elimination Act of 2003. I ask my 
colleagues to join me in stopping this unfair double taxation on 
dividend income.

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