On the recordApril 5, 1995
I want to reinforce in my brief time the notion and the truth that this is truly a middle-class tax cut that we are undertaking here, not only the $500 portion up for families earning up to $200,000, because nobody knows where the middle class begins, nor it ends, but we know that most of our people fall in that bracket between zero and $200,000. So that is a middle-class tax cut, but wonder against wonder, the capital gains reform that is built into this bill is also a middle-class tax cut. Why do I say that? In the last full year of capital gains reporting in 1985, 75 percent of all the people who earned $50,000 or less had an item of capital gains in their tax returns, and if that is not enough, we also learned that in that same capital gains year people earning $100,000 or less, hundreds of them had a capital gains item in their tax return. Capital gains is good for the middle class.
Source
govinfo.gov
