Nancy Pelosi: “the gift horse of the gentleman from Texas [Mr. Archer], his tax cut plan, looks good now, but in the long-term only the…”

“the gift horse of the gentleman from Texas [Mr. Archer], his tax cut plan, looks good now, but in the long-term only the rich will benefit. Those are not my words, but the words of the Philadelphia Inquirer, which pointed out the bogus nature of the Republican tax plan. As this chart clearly points out, 57.9 percent of the benefits of the Republican plan will go to the top 5 percent, those making over $247,000 a year. Average Americans would be the biggest winners, the gentleman from Texas [Mr. Archer] says. I do not think so. Again, sounds nice, but it is bogus. What the Republicans unveiled this week ought to be called Tax Relief for the Monied Class Act. Its focus on people trying to make ends meet lasts only for a few years. Over the long term, most of the tax savings flow to taxpayers whose incomes are much higher than the national average. If the Republican Party wants to stand or fall on that ground, waxing eloquent about a tax code that rewards risk taking, so be it. The elections in 1998 and 2000 could be a referendum on tax efficiency and fairness. Mr. Speaker, I urge our colleagues to look carefully at who benefits from this tax proposal. Let us have tax fairness. Support the Democratic alternative.”