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April 14, 1999 CONGRESSIONAL RECORD Ð Extensions of Remarks E635 EXTENSIONS OF REMARKS CAPITAL GAINS TAX and real estate investment trusts would no Cattlemen's Association. Additionally, Preston SIMPLIFICATION ACT OF 1999 longer have to fill out even a simplified capital has recently received honors from the Pueblo gain schedule. Rather than filling in 35 sepa- County Farm Bureau. HON. WILLIAM J. COYNE rate lines of information and making a number After 281¤2 years of service to The Pueblo OF PENNSYLVANIA of confusing, error-prone calculationsÐas re- Chieftain, City of Pueblo, and the surrounding IN THE HOUSE OF REPRESENTATIVES quired under current lawÐthey would simply areas, Dean Preston begins down a new ave- total up their capital gains distributions, figure nue in life. Few have displayed the dedication Wednesday, April 14, 1999 out what 62 percent of that total would be, and and genuine interest that Dean Preston is Mr. COYNE. Mr. Speaker, today I am re- then write that amount on the appropriate line being honored for, thus I wish him well in his introducing the ``Capital Gains tax Simplifica- of their tax return form. well-deserved retirement. tion Act.'' As with similar legislation I intro- This bill would simplify income tax prepara- f duced last year, this bill would simplify the tion for millions of Americans, and I believe computation of capital gains taxes for all indi- that it would do so at no cost to the U.S. IN HONOR OF THE SCHOOL OF THE vidual taxpayers and provide modest capital Treasury. While the Joint Committee on Tax- FUTURE AND THE CENTER FOR gains tax reductions for millions of Americans. ation (JCT) has not yet determined the rev- ETHICS AND TECHNOLOGY As recent articles in The Wall Street Journal enue impact of the bill I am introducing today, and Money magazine have observed, the JCT estimated last year that nearly identical HON. CAROLYN B. MALONEY 1040 Form's Schedule D has become very legislation would actually have raised revenue OF NEW YORK burdensome for ordinary taxpayers as they at- over a ten-year period. IN THE HOUSE OF REPRESENTATIVES tempt to comply with the current capital gains Congress should act this year to make the Wednesday, April 14, 1999 tax law. Filling out Schedule D is dispropor- tax code less complexÐand less burden- tionately burdensome for low- and moderate- someÐfor the American taxpayer. The Capital Mrs. MALONEY of New York. Mr. Speaker, income taxpayers whose only capital gains Gains Tax Simplification Act would go a long I rise today to pay a special tribute to The come from investments in mutual funds and way toward achieving that goal. School of the Future as it celebrates the open- real estate investment trusts. It has been esti- Several of my colleagues on the Ways and ing of the new Center for Ethics and Tech- mated that nearly half of all U.S. households Means CommitteeÐincluding Representatives nology. now own mutual funds. RANGEL, MATSUI, MCDERMOTT, LEWIS, and This innovative educational facility, located The IRS estimates that a typical taxpayer NEALÐhave joined me in introducing this leg- in the heart of my district, is aptly named: it with a capital gain will spend 6 hours and 41 islation. I urge all of my House colleagues to does a remarkable job in preparing our city's minutes filling out his or her 54-line Schedule join us in cosponsoring this important tax sim- children for the future. An astounding 98 per- D form. That is over 3 hours more than in plification bill cent of the School's graduates were accepted 1994. In addition to the amount of time in- f to colleges and major universities in 1998. volved, the chances of making an error in fill- The School places an emphasis on pro- ing out this form have increased with its in- A TRIBUTE TO DEAN PRESTON viding students with a strong liberal arts edu- creased complexity. Elimination of the 18- cation. It aims to produce students who are month holding period last year did little or HON. SCOTT McINNIS not only culturally literate, but who have well- nothing to eliminate the complexity of Sched- OF COLORADO developed analytical skills. Students are ule D. If nothing is done to change the tax IN THE HOUSE OF REPRESENTATIVES trained to examine evidence, explore alternate code, the complexity of Schedule D will get points of view, consider significance, under- Wednesday, April 14, 1999 even worse in 2001 and again in 2006, when stand point of view and seek connections in all additional capital gains tax rate categories will Mr. MCINNIS. Mr. Speaker, I would like to of their learnings. take effect; these future changes in Schedule take a moment to recognize the career of one The new Center for Ethics and Technology D will make the 1998 version look simple in of Colorado's esteemed reporters, Dean Pres- strives to create a sense of balance and re- comparison. Finally, increasingly large num- ton (the recently retired agricultural reporter for sponsibility in our increasingly technological bers of taxpayers will have to fill out Schedule The Pueblo Chieftain). In doing so, I would society. Through the use of computer tech- D twiceÐonce for the regular tax and once for like to honor this man who, for many years, nology, the Center will allow participants to ex- the minimum tax. combined hard work and knowledge with his pand their inter-generational dialogue toward The Internal Revenue Service's new na- own special personal touch. An individual with an intercultural, international exchange. tional Taxpayer Advocate, Val Oveson, agrees so much integrity and compassion will be truly Last month, the Center invited senior citi- that capital gains simplification is needed. In missed and difficult to replace. zens, computer scientists, inner city freshman his January report to Congress, he cited the Beginning his career with The Pueblo Chief- and their parents to join the Anti-Defamation capital gains reporting requirements in Sched- tain over 28 years ago, Dean Preston learned League at a forum to explore how our sense ule D as an example of unnecessary com- and experienced various positions before de- of community has evolved in today's high-tech plexity faced by taxpayers with capital gains ciding on a career as an agricultural reporter. world. income from mutual funds. What began as a ``gamble'' by the city editor, This Center would not have been possible if Under the legislation that I am introducing led Preston to an area of reporting very suit- not for the dedicated volunteer work of the today, the current complicated system of dif- able to him. Growing up on a dry land farm in Center's director, Adam Kinory; the school's ferent capital gains tax rates would be re- the Texas Panhandle, Preston had gained an teachers and principal, Kathy Rehfield-Pelles; placed with a simple 38 percent exclusion. understanding of this type of agriculture. Pres- its parent body, and volunteers from The Sol The bill would also change the taxation of col- ton's knowledge of Colorado agriculture was Goldman 14th Street Y of The Educational Al- lectibles so that any gain or loss from the sale second to none, however, I think all would liance, New York Cares, and Pencil. or exchange of a collectible would be treated agree that it was his dedication to the people At a time when our public school enroll- as a short-term capital gain or loss. Consistent that made him so unique. He was known to ments are at record levels and those numbers with the treatment of capital gains under cur- make personal visits to check on crops, re- are expected to climb further, we have an obli- rent law, the tax rates that apply to capital gardless of the time and miles it required to gation to act now to shore up our public edu- gains income for regular tax purposes would get there. cation system. The School of the Future is also apply for alternative minimum tax pur- During the time Dean Preston spent report- leading that journey. poses. ing and editing for The Pueblo Chieftain, he Mr. Speaker, I ask that my colleagues rise Under my bill, low- and moderate-income received several awards, one of which was with me in this tribute to The School of the Fu- taxpayers who invest through mutual funds ``Agriculture Champion'' given by the Colorado ture as it strives to bring our public education · This ``bullet'' symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. E636 CONGRESSIONAL RECORD Ð Extensions of Remarks April 14, 1999 system into the next millennium. The School's music, poetry, and food provided everyone tain. I invite my colleagues to join me in con- important work with New York City's children with what Santa Claritans know to be true, gratulating the students and the coaches on is priceless. It is an honor to have the School that country and western tradition are among their victory in the 1999 Science Olympiad in my district. the very best that our nation has to offer. New York State championship. f Whether it was the special performances at f the Autry Museum of Western Heritage, the TRIBUTE TO COACH ROBERT mansion of silent film star William S. Hart, or HOME EDUCATION ``BOB'' HUGHES the Heritage Junction Historic Park this festival can be called nothing less than an over- HON.

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