New York Views  Stephen Kagann How Clinton Can Help New York
Summer 1993  Imagine a congressman from Texas voting against tax
breaks for the oil industry on the grounds that they benefit
wealthy special interests. It simply would not happen: a smart
politician, regardless of his ideological bent, knows better
than to oppose the interests of his own constituents.  Yet in
1989, 10 of New York City’s 13 representatives voted against a
bill that would have particularly benefited the city’s most
important industry, financial services. Only two local members
of Congress supported the proposal to cut the capital gains tax
to 15 percent. (One member did not vote.)  Cutting the capital
gains tax is the single best thing the Federal Government could
do to help New York City out of its severe and continuing
recession. A capital gains tax cut would not only stimulate the
national economy, but also encourage a higher volume of trading
in New York’s financial markets, creating thousands of new jobs
in the city.  Currently,