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George H.W. Bush
Former U.S. President Republican - Texas Issue: Tax Policy Before: "And I'm the one who will not raise taxes. My opponent now says he'll raise them as a last resort, or a third resort. But when a politician talks like that, you know that's one resort he'll be checking into. My opponent, my opponent won't rule out raising taxes. But I will. And the Congress will push me to raise taxes and I'll say no. And they'll push, and I'll say no,
and they'll push again, and I'll say, to them, 'Read my lips: no new taxes."
After: In 1990, President Bush signed the Omnibus Budget Reconciliation Act of 1990 into law. The new budget act added a 10% surtax on the top income tax bracket raising the top marginal tax rate to 31% and also included new excise taxes on alcohol and tobacco products, automobiles and luxury yachts. |
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