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CONGRESSIONAL RECORD—HOUSE April 9, 1997 H1352 CONGRESSIONAL RECORD Ð HOUSE April 9, 1997 votes in favor of their bill in a few min- revenues to the Treasury, going all the on on the floor of this House, trying to utes, have as big a stake as anybody way back to President Warren G. Har- cover up what could be potentially a else in seeing this system cleaned up. ding, who, in 1921, under his Treasury national security problem brought on It is time for this Congress to act. We Secretary, Andrew Mellon, cut the top by breaking the campaign finance laws waited in the last Gingrich Congress rate on capital. The flow of revenues to that were reformed by this majority, 11¤2 years out of that 2 years before we the Treasury increased. by the majority Democrat party back ever even got a chance to vote on the In 1961, when President Kennedy did in the 1970's, and trying to cover it up issue of campaign finance reform. That it, the same thing happened; and then by talking about campaign finance re- is why we are going to keep raising when Ronald Reagan did it with the form here, and they do not even have this issue day after day, because we Economic Recovery Tax Act of 1981, we their own bill. cannot wait another 11¤2 years for ac- saw that increase. Mr. DREIER. Mr. Speaker, will the tion, and at that time it was some con- Unfortunately, when we increase the gentleman yield? voluted position that even the Repub- tax on capital, we decrease the flow of Mr. DELAY. I am delighted to yield licans could not support. It is time for revenues to the Treasury. In 1978, when to the distinguished gentleman from action and action by voting down this the capital gains tax rate was reduced, California. rule. we saw, from 1979 to 1987, a 500-percent Mr. DREIER. I thank my friend. Mr. DREIER. Mr. Speaker, I yield increase in the flow of revenues to the The gentleman makes a very impor- myself such time as I may consume to Treasury from $9 billion to $50 billion, tant point, that being, we are simply say that it is very interesting to listen and it began to drop after the 1986 Tax calling for compliance with the present to this debate as it proceeds on cam- Reform Act went in place. law that exists. And those on the other paign finance reform. We are actually So it seems to me we have a very im- side of the aisle are saying, well, let us offering a rule here that would allow us portant issue that I hope we can ad- change the law, let us reform campaign to consider suspensions today and to- dress here. finances, and that will address this hue morrow to deal with veterans, Amer- Mr. Speaker, I yield such time as he and cry that we are hearing out there ican Samoa, assisted suicide, and yet may consume to the gentleman from from the American people; all they the campaign debate here, the debate Texas [Mr. DELAY], my dear friend. want us to do is, the American people has proceeded on the issue of campaign Mr. DELAY. Mr. Speaker, I thank the want us to comply with the laws that finance reform. gentleman for yielding me this time. exist today. Since that has happened, I want to And he is so right about the real im- Mr. DELAY. Mr. Speaker, reclaiming take a moment before I yield to my portant things that we intend to do in my time, I would also say that they friend from Texas, the majority whip, this 105th Congress, rather than play want us to do it before we look at to talk about legislation I mentioned these games that are being played whether laws have actually been bro- during the 1-minute period that I hope around here. ken. And we all know the reason for we will be able to have considered here. It is amazing to me, the lack of that; it is strictly politics, to cover up If we could get the President on board shame that is expressed on this floor, the fact that the national security of on it, it would be very helpful, and, that the minority party, that used to this country may have been com- frankly, it is much more important to be the grand majority party for so promised. the people whom I am honored to rep- many years, particularly since the last f resent here and others from around the major campaign finance reform was country than campaign finance reform. passed back in the late 1970's, I think ANNOUNCEMENT BY THE SPEAKER It happens to be the single most im- 1976 or so, had the majority of this PRO TEMPORE portant family tax cut that we could House and the majority of the Senate The SPEAKER pro tempore. (Mr. offer, and that is a reduction of the top GUTKNECHT). The Chair would remind rate on capital gains from 28 percent to and yet did not bring any bills down. In all Members the matter before the 14 percent. As of right now, we have 118 fact, if they just passed this bill, they House is House Resolution Number 107. cosponsors. Democrats and Repub- could probably bring their campaign fi- Ms. SLAUGHTER. Mr. Speaker, I licans have joined, cosponsoring this. nance reform to the floor under suspen- I call it the most important family sion. yield myself such time as I may tax cut because it clearly will increase Oh, I forgot; they do not have a cam- consume to just comment on the ma- the take-home wages of working Amer- paign finance reform bill. They are cry- jority whip's remarks about campaign icans, on average, by $1,500. Unlike ing for campaign finance reform to finance reform and lack of action on many of the family tax cuts, which are come to the floor, but they do not even the Democrat majority's part when we temporary, some of those that the have a bill. were in charge, and remind him that President has proposed, this capital What is happening here is something we passed it twice out of the House. gains tax rate reduction would be per- that is really serious, because we want The first time, it was passed again manent, creating that boost for work- to hold hearings to look into what is through the Senate, vetoed by a Repub- ing Americans. I hope very much that serious. We have the potential of hav- lican President; the second time, it was we are going to be able to proceed with ing had in the last campaign our na- filibustered to death in the Senate. that measure, which also is critically tional security compromised by foreign And, by the way, I think I did mention, important to our quest of a balanced money being pushed into this country I do have a campaign finance reform budget. and trying to manipulate our cam- bill. We want to bring about a reduction paigns, and they are trying to change Mr. Speaker, I yield 4 minutes to the in the national debt and get us on that the subject so that the American peo- gentleman from California [Mr. MIL- glidepath toward a balanced budget. ple will not focus on what is really hap- LER]. We know that unleashing the 7 to 8 pening and what really happened in the (Mr. MILLER of California asked and trillion dollars that is locked in today, campaign last year by this President was given permission to revise and ex- people who do not want to sell their and by the Democratic National Com- tend his remarks.) family farm, their small business, their mittee. That is what is going on here. Mr. MILLER of California. Mr. home or other appreciated asset be- I just came back from 2 weeks in my Speaker, not only will the Republicans cause of the fact that that capital district and holding town meetings and not bring campaign finance reform to gains tax rate is so high, that capital meeting with my people. I did not trav- the floor, but their rhetoric today tells would be unleashed, if we could reduce el anywhere. I worked my district dur- us how far away they are from what is that rate from 28 to 14 percent, and ing the district work period, and I had happening in America. would go a long way toward increasing one person ask one question on cam- They want to suggest that the exist- the flow of revenues to the Treasury, paign finance reform. ing system is just fine, that it is a as it has done every single time Now, the American people out there transgression simply of the White throughout this century. know exactly what is going on here on House that we should only be con- Every shred of empirical evidence we the floor of the House, and, frankly, cerned about. And we should be very have is that it will increase the flow of they are ashamed as to what is going concerned about those. April 9, 1997 CONGRESSIONAL RECORD Ð HOUSE H1353 They would argue that it is OK, as The Chair would, however, admonish It is very embarrassing on the biparti- they did under the existing system, to all Members that it is a violation of san basis. But we have got to clear the have Haley Barbour say that he can set the House rules to address the people air.
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