Summary

Source CONUS Archive
Record ID 337635
Story Slug Jack Kemp / Conservatives (1991)
Location WASHINGTON, DC
Format TVD
Date 11/22/1991
Archive Time 15:09
TRT 6:54
Supers Jack Kemp, Secretary of HUD
Video Description JACK KEMP SPEAKING AT EVENT
Script (SUGGESTED TRANSCRIPT OF AUDIO) 0:58 stint. The United States Congress, at least on the Republican side has announced or will announce shortly this afternoon. A radical, market oriented bold, Unknown Speaker 1:16 not as bold as you and I would like them to but bold given the confines of when within which they are having to work attempt to add to the bailout, or the refinancing or the recapitalisation if you will, of the RTC, a pro growth, Unknown Speaker 1:36 pro jobs, Unknown Speaker 1:38 pro real estate recovery, Pro. Unknown Speaker 1:44 Get America Moving again, tax cut of such proportions that not since the Steiger amendment of 1978. Not since the Kemp Roth Reagan, tax cuts of 1981. Have we had such a bold maneuver at the 11th hour of a crisis. And I want to say on behalf. Unknown Speaker 2:21 As Anything would have to be in a Democratic controlled Congress. But if George Mitchell and Tom Foley Unknown Speaker 2:28 continue to extend unemployment benefits, and I support that, and did when I was in the Congress, but if they continue to extend unemployment benefits and don't do something about reducing the level of unemployment and creating more jobs, they're not doing the job the American people have asked them to do at least for the two years in which this Congress is in session. And secondly, if they continue to allow the value of fixed household assets, Unknown Speaker 3:02 residential real estate and commercial real estate to continue to decline, the bailout of the RTC and the thrifts will be greater next year. Unknown Speaker 3:16 And in subsequent years, you'll have in banking and insurance, similar problems to that of real estate Unknown Speaker 3:24 as measured by the portfolio's of the thrips, which is what the RTC was designed to handle. Unknown Speaker 3:31 Let me make a point that needs to be resolved about but having said that, I am convinced that the President's efforts that had been passed in 1989 would have led to a recovery and real estate would have led to a recovery and fixed assets would have led to a recovery of the residential property of the American family. And I want to say this to you if we taxed the home of the average man and woman and family in the United States of America on capital gains, the way we tax real estate developer developers, investors in stocks and equities and bonds in the United States of America. And the way we've shut out the poor from get even getting access to capital with a capital gain tax of what 28% That is unindexed you'd have a revolt on your hands. It's a wonder that 41 or 42% of American people still support cutting capital gains taxes and listening to George Mitchell and liberal left wing Democrats continue to remind us Unknown Speaker 4:27 that somehow it's a giveaway to the rich. The rich have their capital gains behind them, they don't even care about it. I don't find Donald Trump today. Did you see what Donald Trump said in the morning paper? He wants his taxes raised back to 70%. Unknown Speaker 4:42 In order to give some breaks Unknown Speaker 4:45 to real estate developers, because he said the there's a depression in residential and commercial real estate. He's right about the problem. He's wrong about the solution. The answer is to pass this package to a pass the President's Unknown Speaker 5:00 effort not to give a tax break to the rich, but to help poor people become rich. Unknown Speaker 5:06 capital gain tax is not a tax on rich people, they're already rich. You cannot get rich in America on wages, you've got to be able to get a wage. That means a job, you've got to be able to earn, save, invest, make a profit, and then take it and put it at risk. And there is no one willing to put there can said these inalienable rights belong to all people. But I want to challenge you today Unknown Speaker 5:33 to match the good work of the conservatives who are helping to liberate Eastern Europe, and Russia, and other nations from poverty, and socialism and communism and fascism and Nazism and apartheid ism, have now got to turn some of their attention to not just Eastern Europe, but East Harlem, East St. Louis, East Palo Alto, East LA, the pockets of incredible despair and poverty, that manifests themselves in some of these shows social problems, to which I have eluded so often in my career. We need a rising tide that will lift all boats Unknown Speaker 6:09 and where boats are sunk on the bottom of the harbor, we've got to be the party and the movement that understands how to repair boats. The left wing of the Democratic Party wants to repair boats by making them perpetually dependent on welfare, and public housing and subsidies and food stamps and AFDC. Unknown Speaker 6:26 We need radical Perestroika of welfare to turn it from a consumption based dependent perpetual poverty machine to the type of a Unknown Speaker 6:37 intrapreneurial private property base, capitalist Opportunity Society Unknown Speaker 6:45 which can convert inner city pockets of despair and socialized public housing into pockets of success and opportunity and and
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