Jack Kingston: “today Speaker Newt Gingrich introduces one of the most important jobs bills that this Congress will consider during this…”

“today Speaker Newt Gingrich introduces one of the most important jobs bills that this Congress will consider during this term, and I am talking about the bill to reduce the capital gains tax from 20 percent to 15 percent. When this has been done in the past, starting in 1978, revenues went up $23 billion. When the capital gains taxes were cut again in 1981, revenues went up $9 billion. And in 1986, when capital gains tax rates were raised and not lowered, revenue loss was about $180 billion. If we give Americans the opportunity to sell goods at a lower price, they are going to do it. And in doing so, they are going to create more jobs. This would be great for entrepreneurs, for small businesses, for seniors and over one-half of American consumers who right now are savers. This is a very important jobs bill, and it is a bill that I am looking forward to a good debate on. I think that this Congress would be remiss in its duties if we did not act on it before the end of the session.”