RIP Senator Cliff Hansen: Capital Gains Champion

Senator Cliff Hansen (R-WY), the quiet hero of the historic Steiger-Hansen 1978 capital gains cut, passed away peacefully this week at the age of 97.


As if it were yesterday, I distinctly remember turning to the modest soft-spoken to ask him to become the lead Senate sponsor of the capital gains effort after Senator Lloyd Bentsen turned us down. Hansen said, "By Gosh, I will do it."

Working only from a handwritten 3 X 5 note card on reasons for cutting the kgs tax, he corralled 20 to 30 Senate sponsors within hours. 
 


We leaked this rare achievement to Washington Post’s Bob Samuelson, but by the time he had already gone to press, Hansen had exceeded a veto-proof 60 co-sponsors.

The rest was history. “Heroic Hansen” was hailed by the Wall Street Journal, capital gains tax rates were lowered and a new era of pro-growth tax policy was born.
 
Senator Hansen who later joined the ACCF board told me it was the highlight of his decades in the US Senate.
 


On behalf of the ACCF, thank you Senator Hansen. Your service and contributions will always be remembered.