P.M. BRIEFING : Plan to Cut Capital Gains Tax Blasted
Consumer, labor and government watchdog groups announced today their opposition to President Bush’s plan to cut the capital gains tax, saying it would be a windfall for high-income taxpayers.
“Capital gains proponents are asking Americans to ignore the unjustified financial windfall this tax break will provide to individuals who need it the least,” said Fred Wertheimer, president of Common Cause, a self-styled citizens lobby involved in government ethics issues.
“Congress is once again hearing the claim that there is nothing wrong with the economy that a tax cut for people with incomes over $200,000 won’t cure,” said Joan Claybrook, president of Public Citizen, a Ralph Nader organization.
“The vote is a critical test of whether the Congress is truly a representative body--or whether it is a captive of big money lobbyists and the wealthy,” she said. That vote could come as early as Wednesday.
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