Public Papers - 1989 - September

Statement on the House of Representatives Approval of Capital Gains Tax Legislation

1989-09-28

I am pleased by the bipartisan House vote which represents a step forward for economic growth, new jobs, and American competitiveness. A lower capital gains rate will reduce the cost of capital and create incentives for investment in the long-term productive capacity of American industry. This is what we need to make us more successful in the increasingly competitive international marketplace, creating more jobs and better living standards for Americans.

I look forward to working cooperatively with the Senate to give swift attention to this tax cut. I want to thank the Republican leadership in the House and those Democrats and Republicans who made this achievement possible.