[Congressional Record Volume 140, Number 40 (Thursday, April 14, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: April 14, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
               MORE THAN THE RICH PAYING INCREASED TAXES

  (Mr. COX asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. COX. Mr. Speaker, as April 15 approaches, the President, the 
administration, and the Democrats in Congress are going to try and 
convince us anew that they have only raised taxes on the rich. Well, 
today we have seen the professional staff of the Joint Economic 
Committee release a report that shows us in hard figures that that is a 
lie.
  It is a lie because 6 million senior citizens with incomes as low as 
$34,000 will face an income tax increase of 70 percent on their Social 
Security benefits.
  Who is going to bear the brunt of this new income tax? Take a look at 
this chart. The largest share of this huge new income tax is going to 
be borne by individual senior citizens with incomes between $30,000 and 
$75,000, 44 percent of the total.
  How much will the rich pay? Everyone making over $100,000 will pay 
only 22.6 percent of that tax. Another big reason that the Clinton 
taxes are going to soak the middle class more than anyone also is the 
$33 billion in energy taxes, 70 percent of which are going to be borne 
by middle class income taxpayers.
  The Clinton administration and its tax hungry hordes in Congress are 
going to tell us once again only the rich are paying these taxes. As 
you hear this refrain, keep in mind that when they talk about soaking 
the rich, it is time for ordinary folks to get their rain gear.

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