[Congressional Record (Bound Edition), Volume 147 (2001), Part 12]
[House]
[Page 16699]
[From the U.S. Government Publishing Office, www.gpo.gov]



            AMERICA NEEDS IMMEDIATE CAPITAL GAINS TAX RELIEF

  (Mr. PENCE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PENCE. Mr. Speaker, today the United States is burdened with one 
of the highest capital gains taxes of any industrial nation. The effect 
puts our country's companies and workers at a severe disadvantage.
  On average, the capital of U.S. businesses and farmers is taxed 80 
percent higher than our foreign competitors. The economy needs and 
those who we represent deserve immediate capital gains tax relief.
  The capital gains tax is an assault on the American dream. For many 
low- and moderate-income workers, one of the ways of accumulating 
wealth is through investment in stocks and businesses.
  When the government puts a high tax on capital gains, people who lose 
the most from the high rate are the poorest, the youngest, those in the 
beginning of their careers, those who are further from the sources of 
capital.
  Policies that punish success ultimately kill the seeds that promise 
enterprise and jobs to the poor. Those in our communities are asking 
for our help, Mr. Speaker.
  Their message to us, to the President, and all in this Congress could 
not be clearer: give us the seed capital for inner-city jobs and 
investments. Turn this economy around, cut capital gains and cut 
capital gains taxes now.

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