On the recordApril 4, 1995
I would like to point out what the gentleman from Florida mentioned here just a few minutes ago is demonstrated on this chart. He said that most of the people who benefit from capital gains on an annual year-to-year basis earn less than $50,000 a year. And that is absolutely correct. If you take out the one year when they have gotten the benefit of the capital gain and average all of their other years out, as a matter of fact, 38.4 percent of the people on a year-to-year basis actually earn less than $50,000 a year and 22.4 percent, for a total of almost 60 percent of the people, earn less than $100,000 a year who benefit from the capital gains tax cut that we are suggesting. So, when our friends from the other side of the aisle suggest that it is the rich folks that benefit, this chart tells a different tale.
Said by
Jim Saxton
Source
govinfo.gov