[Congressional Record (Bound Edition), Volume 150 (2004), Part 16]
[House]
[Page 22093]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    JOHN KERRY'S HANDOUT TO THE RICH

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, despite what he says, under John Kerry's tax 
plan, a multi-billionaire could get away without paying 1 penny more in 
taxes. The problem is Mr. Kerry does not distinguish between wealth and 
taxable income. Many truly wealthy do not receive a lot of taxable 
income. They put their money in tax-sheltered investments. If Mr. Kerry 
were truly serious about taxing the wealth, he would propose 
eliminating these tax shelters and penalize wealth directly.
  Instead, Mr. Kerry would raise taxes on small business owners, 
ranchers and family farmers. They all work hard, but many are asset 
rich in land and equipment and cash poor. They are not wealthy. Many 
borrow money to start or grow businesses and often have high expenses. 
But if Mr. Kerry gets his way, these hard-working families would see 
more of their dwindling resources go to Uncle Sam while the truly 
wealthy get richer. Mr. Kerry's plan might sound good, but it is just a 
back-door tax hike on working families while giving the truly wealthy a 
pass.

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