[Congressional Record Volume 141, Number 26 (Thursday, February 9, 1995)]
[House]
[Pages H1467-H1468]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                 OMISSIONS FROM THE PRESIDENT'S BUDGET

  (Ms. MOLINARI asked and was given permission to address the House for 
1 minute.)
    
    
  Ms. MOLINARI. Mr. Speaker, rock-a-bye baby in the tree tops, thanks 
to the President's budget, your cradle you all going to have to hock.
  It appears that the White House left out an important section of 
their 1996 budget, the section called generational accounting detailing 
how much future generations must cough up in taxes to pay for his 
budget priorities.
  [[Page H1468]] It's no wonder he forgot it. It seems, Mr. Speaker, 
that the budget plan submitted by the White House this week would force 
taxpayers born after 1993 to bear an 84-percent average lifetime tax 
rate.
  If that is not bad enough, the real reason why this figure was not 
included in the President's budget is because this year, despite 
administration promises, this tax rate is 2-percent higher than it was 
last year. The tax rate rises along with the deficit.
  No wonder they chose to forget it. Perhaps they were troubled by what 
one of their own economists said: ``Levying such high net taxes on 
future Americans is not only unconscionable, it's also economically 
unfeasible.''
  Mr. Speaker, the President's budget will rob future generations of 
their hard earned money, not to mention their cradle and all.

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