Hon. George W. Gekas said "In 1986 many of us voted against the then tax reform bill because it swept away, with one bill, capital gains and some other attractive features of that code. One of them has been restored in this bill, and it makes my farmers and other colleagues' farmers rejoice. Earned income averaging, which was a part of the 1986, but swept away, is now restored. This means our farmers, who experience a drought in 1 year and have minimal profits can balance that loss against a bumper crop that might happen the next year. This was an excellent feature on which our farmers relied prior to 1986. Now we can be happy to report that it has been restored in the current tax bill." @ PoliticalQuotes.com

On the recordJuly 31, 1997

In 1986 many of us voted against the then tax reform bill because it swept away, with one bill, capital gains and some other attractive features of that code. One of them has been restored in this bill, and it makes my farmers and other colleagues' farmers rejoice. Earned income averaging, which was a part of the 1986, but swept away, is now restored. This means our farmers, who experience a drought in 1 year and have minimal profits can balance that loss against a bumper crop that might happen the next year. This was an excellent feature on which our farmers relied prior to 1986. Now we can be happy to report that it has been restored in the current tax bill.

Said by

Hon. George W. Gekas

Pennsylvania

Source

govinfo.gov

Editor's note · Context

Discussing the restoration of earned income averaging in a tax reform bill.

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