Sam Gibbons: “our liberal colleagues have used every trick in the book to avoid giving the American people a tax break. After failed…”

“our liberal colleagues have used every trick in the book to avoid giving the American people a tax break. After failed attempts at scaring welfare recipients and working taxpayers, now they are trying the same on senior citizens. Well, the truth is the Republican Taxpayer Relief Act will greatly benefit seniors in their retirement years because we believe that those who have worked hard, played by the rules, and saved for retirement should be rewarded, not threatened and not penalized. Opponents of the capital gains tax relief say, ``You're rich if you put money into mutual funds or contributed to a company retirement plan or built a small business with your own sweat and labor.'' But more than half of all taxpayers claiming capital gains have incomes less than $50,000, and many are seniors who are able live a better life by converting their lifelong investments. In fact nearly 80 percent of assets other than homes are owned by the elderly and seniors. No more excuses, my colleagues on the left. For the first time in 16 years, let us give the people of this country a tax break they deserve.”