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Reagan asserted that he had no plans to raise taxes in his second term, and Bush quickly argued that he had been misunderstood. Bush's statements led some conservatives to begin doubting Bush's dedication to tax cuts. [3]: 23 As the competition to succeed Reagan began in 1986, it was clear that taxes would be a central issue.
Over the course of the prior year, President George H. W. Bush negotiated with Congressional leaders on a deficit reduction plan. At the time, Congress was controlled by Democrats. In June, Bush announced support for tax increases to break a stall in the negotiations, abandoning his campaign promise of "read my lips: no new taxes".
By Elizabeth Barber BOSTON (Reuters) - Former U.S. President George H.W. Bush showed courage in breaking his "read my lips: no new taxes" campaign pledge to broker a 1990 budget compromise that ...
On July 25, 2012, the Democratic-controlled U.S. Senate voted 51–48 to pass a bill supporting the President's tax proposal which extended the Bush tax cuts for 98% of taxpayers, while allowing them to lapse for the top 2%. The Senate also rejected the Republican proposal of extending the tax cuts for all by 45–54. [66]
The new chairman of the House committee responsible for writing U.S. tax legislation predicts the Bush era tax cuts will expire for the wealthiest Americans, but that tax cuts for middle income ...
Treasury Secretary Tim Geithner is the Obama administration's point man for selling the idea that letting tax rates for the wealthy return to where they were under President Clinton will be good ...
The Act increased individual income tax rates. The top statutory tax rate increased from 28% to 31%, and the individual alternative minimum tax rate increased from 21% to 24%. The capital gains rate was capped at 28%. The value of high income itemized deductions was limited: reduced by 3% times the extent to which AGI exceeds $100,000.
George Bush's 2001 tax cut was controversial almost from its inception. Many economists and analysts opposed the tax cut because they felt it wasn't necessary, given that the U.S. economy was ...