Richard K. Armey: “the White House says that the President's original explanation of the First Lady's dealings in the futures market are no…”

“the White House says that the President's original explanation of the First Lady's dealings in the futures market are no longer operative. On April 15 Americans will learn that the administration has no more credibility on retroactive taxes than it does on cattle futures. The White House says that Democrats raised taxes only on 1 percent of the population. But the facts do not support this spin. No. 1, senior citizens with incomes over $34,000 will face a 70- percent income tax increase on their benefits. They, of course, are not rich, but, as Republicans warn, this President defines rich as anyone who owns a wallet. No. 2, new taxes on motor fuel will disproportionately miss the rich, as this chart shows. Those with incomes below $30,000 will bear 29 percent of the burden, and those with incomes between $30,000 and $75,000 will bear a staggering 46 percent of the burden; 75 percent of the burden of this tax falls on people with incomes under $75,000. Mr. Speaker, the Democrat Party line is that they only raise taxes on the rich, but the middle class knows that the statement is no longer operative, and the middle class also knows that the Democrats cannot be trusted with either words or numbers.”