David Weldon: “I have a question for those on the other side who constantly talk about tax cuts for the wealthy. Perhaps those on the…”

“I have a question for those on the other side who constantly talk about tax cuts for the wealthy. Perhaps those on the other side are simply not aware of how important tax cuts on capital gains are to the middle class. Then again, maybe for liberal Democrats, the rich whom they despise so much, the wealthy whom they rail against so often, are simply code words for the middle class. Although those who produce the most, who work the hardest, or even those who are simply fortunate, are considered the enemy by liberal Democrats, their opposition to capital gains tax cuts is flat out contrary to the interests of the middle class. Mr. Speaker, are those on the other side aware that middle class Americans are pouring money into mutual funds as never before? In 1995, net assets for equity funds totaled $1.27 trillion, for bond funds, $798 billion. The typical mutual fund holder has a family income of less than $60,000 a year. Listen to this: Of all of the shareholders, two-thirds have less than $75,000 family income. The bottom line, a cut in the capital gains rate is a tax cut for the middle class.”