On the recordApril 15, 1996
It is exactly the way I read it, and it is the way that Mr. Dreier, who is one of the leaders on the Republican majority, reads it as well. In the Committee on Rules, consideration of this legislation said, well, what a minute, the way this is worded is that if you cut capital gains, and it does as we say that it does, we purport that it will substantially increase revenue in the first couple years, and that is probably true. As far as I am concerned, I think it probably does do that. In the outyears it may be a more problematic situation, but in the initial years people are going to sell their stocks and assets more quickly. It will raise revenue, but that means that you are going to have to get two-thirds of this body and two-thirds of the Senate to approve it because it increases revenue certainly by more than a de minimis amount. Talk about the law of unintended consequences.
Source
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