“Republicans in Congress are moving forward with an agenda that will mean better jobs and stronger economic growth in the future,” House Majority Whip Tom DeLay (R-TX) told ACCF supporters at the April 23 session of the Capital Formation Forum. "We have not lost our focus or our vision. The Republican party is the reform party and our vision will bring about an age of opportunity."

Noting that the GOP Contract With America raised public expectations for real progress on a wide array of issues, the Texas congressman reminded ACCF supporters that "Congress kept its promises by passing tax cuts, a balanced budget, and welfare reform, but President Clinton vetoed the legislation." However, he stressed that the 104th Congress has passed a number of important bills which have been signed into law by the President. They include major telecommunications legislation, a far-reaching farm bill, the line-item veto, a higher earnings limit for seniors, and cuts in the federal budget.

Congressman Delay also said that with every continuing resolution passed by Congress during the debate on the FY 1996 federal budget, spending was cut back. "We have achieved some $43 billion in real spending cuts over last year's budget," he said.

As the third-ranking Republican in the House, Mr. DeLay is responsible for making certain the Republican legislative agenda is completed. His role in the process is to "grow the votes" necessary to insure final passage of legislation.

"We're doing a lot, but we're not getting much credit for it," the House Whip said. He noted that the leadership is assessing the legislative outlook at present, adding that Congress will be revisiting tax cuts, the balanced budget, and welfare reform in the months ahead. Responding to a question about how tax cuts might be financed if there is a tax bill this year, Mr. DeLay said that tax cuts would be "paid for" through budget cuts.

At a June 11 session of the ACCF's Capital Formation Forum, Senator Orrin G. Hatch (R-UT) reviewed the prospects for capital gains tax cuts in the remaining weeks of the 104th Congress and outlined other issues the Senate may address before adjournment.

Senator Hatch, who serves as chairman of the Judiciary Committee and is a member of the Finance Committee, also discussed the major provisions of the small business bill which the Finance Committee planned to address at its mark up on June 12.

"The small business bill we have before us moves us in the right direction," the senior senator from Utah noted. "The bill includes some important provisions which we have worked hard to achieve but I am disappointed because the legislation does not go far enough. I would like to offer my capital gains tax cut proposal as an amendment to the small business bill but I have not gotten the support I need to add capital gains cuts to the bill. We must make an even greater effort if we expect to see a broad-based capital gains tax cut enacted into law."

Responding to questions about what pro-capital formation tax changes might be enacted before the end of the session, Senator Hatch said that each tax cut proposal must "pay for" itself. "We need to push for the tax changes we want but we must also come up with reasonable revenue offsets," he said.

"I am intrigued by a new proposal suggested by Jack Kemp and Steve Forbes to simplify the tax code and reduce capital gains taxes across the board," Senator Hatch told ACCF supporters. "We need to keep fighting for capital gains tax cuts and the Kemp-Forbes approach may be a productive direction to take."

"We need to get Republicans and Democrats working together on crucial issues like pro-capital formation tax cuts in order to get this country moving," Senator Hatch concluded. "If we don't get a good capital gains tax cut this year, then we will be back to fight for it again next year."

Symposium Update: Climate Change Policy, Risk Prioritization, and U.S. Economic Growth

The mission of the ACCF Center for Policy Research is to focus the attention of policymakers on Capitol Hill and in the administration and opinion shapers in the media and the private sector on the need for tax, environmental, and regulatory policies that enhance both economic growth and environmental quality. To this end, the ACCF Center for Policy Research will sponsor a blue-ribbon public policy symposium entitled Climate Change Policy, Risk Prioritization, and U.S. Economic Growth on September 11, 1996, at the National Press Club in Washington, D.C. This symposium will be the catalyst for presenting provocative new research on current environmental issues facing Congress, the Clinton administration, and the regulatory agencies.

Symposium Agenda

Keynote Address:

Hon. John D. Dingell (D-MI),
Ranking Democratic Member,
Committee on Commerce,
U.S. House of Representatives

Climate Change Policies, U.S. Living Standards, and Real Wage Growth.

This study will focus on how policies to reduce near-term CO2 emissions would affect the lifestyle of the typical U.S. consumer and the growth in real wages.

Paper:

Dr. Gary Yohe, Professor of Economics, Weslyan University

Response:

Dr. W. David Montgomery, Vice President, Charles River Associates

Dr. Raymond Prince, Senior Economist, Council of Economic Advisors

Dr. Richard Schmalensee, Professor of Economics and Management, Massachusetts Institute of Technology

Designing Research and Development Incentives for Greenhouse Gas Mitigation.

This study will analyze various policy options for encouraging research and development on new energy technologies that emit less CO2 than does current technology.

Paper:

Dr. Jae Edmonds, Technical Leader of Economic Programs, Battelle, Pacific Northwest Laboratories.

Response:

Dr. Kenneth R. Richards, Professor of Economics, Indiana University

Dr. Thomas C. Schelling, Distinguished University Professor, Economics and Public Affairs,
University of Maryland

Risk Prioritization: Moving the Debate Forward

This macroeconomic analysis will assess the impact of increased reliance on risk assessment in measures aimed at reducing hazards to human health, safety, and the natural environment. It will quantify the benefits of risk prioritization in terms of growth in investment, real wages, and GDP using cost-benefit analysis for setting regulatory priorities.

Paper:

Dr. Thomas Hopkins, Professor of Economics, Rochester Institute of Technology

Response:

Mr. Robert W. Hahn, Resident Scholar, American Enterprise Institute

Conference fees: $45.00-Government Employees; $95.00-ACCF or ACCF Center for Policy Research Supporters; $125.00-Nonsupporters.

To receive registration information, call the ACCF Center for Policy Research at 202/293-5811.

New Web Site Makes ACCF Publications Easily Accessible
Site Address: http://www.accf.org

The American Council for Capital Formation and the ACCF Center for Policy Research are pleased to announce the debut of their new World Wide Web site, featuring publications, upcoming events, and Center- and Council-related information.

The purpose of this site is to make the work of the Council and Center more easily accessible to supporters, the media, and the public. Subject listings for tax and environmental policy analyses lead visitors directly to listings of related works, avoiding the time and effort required to search long publication lists. The site announces upcoming events and gives information about the mission of the ACCF and the ACCF Center for Policy Research.

The ACCF Web site remains a work in progress, and suggestions to improve its utility are welcome.

Since new material will be added regularly, visitors are encouraged to add a "bookmark" to the site in their browsers and check back on a periodic basis.