John Kasich: “I yield myself as much time as I can consume here to respond because it is very interesting what the chairman has said.…”

“I yield myself as much time as I can consume here to respond because it is very interesting what the chairman has said. First of all, Mr. Chairman, it is interesting to note that they no longer can criticize our budget fundamentally on the basis of the 5 years. Now they have got to reach beyond the 5 years in order to talk about how there is this great loss of revenue. First of all, every time we have been asked to pay for programs, we have done it. We met the Clinton challenge when he said, ``If you don't like our taxes, give us your specifics,'' and every time we give those folks the specifics, Mr. Chairman, they reject them in favor of more taxes. Now we also do not believe in the static system, making industry in America more competitive. As my colleagues know, it is the administration that is bashing the Japanese right now, and to some degree with good reason, but do my colleagues know what the capital gains tax is in Japan right now? It is zero I am told by the distinguished ranking member of the Joint Economic Committee, the gentleman from Texas [Mr. Armey], and what we are trying to do is to say that people should be protected against inflation. Mr. Chairman, if a senior citizen sells their home, they bought their home at $50,000, they sell it at $100,000, and there is $30,000 worth of inflation, they should not pay taxes on inflation.”