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He responded with a tax increase, against the advice of aides, who insisted that he was breaking his campaign promise of a middle class tax cut. [23] Ross Perot capitalized upon disenchantment with Bush and the status quo entering the 1992 race as an Independent candidate, leaving and subsequently re-entering.
The Bush tax cuts (along with some Obama tax cuts) were responsible for just 24 percent. [29] The New York Times stated in an editorial that the full Bush-era tax cuts were the single biggest contributor to the deficit over the past decade, reducing revenues by about $1.8 trillion between 2002 and 2009. [30]
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".
This outcome would follow the example of the American Taxpayer Relief Act of 2012, which made most of the Bush tax cuts permanent, but let the top income tax bracket return to 39.6 percent.
Treasury Secretary Timothy Geithner said the Bush-era tax cuts for the wealthiest Americans should be allowed to expire this year in order to narrow the federal government's deficit. The New York ...
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 ...
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
Despite objections raised by Democrats, and a lengthy delay of the final vote until late Thursday, the House of Representatives has passed an extension of the Bush-era tax cuts, keeping payroll ...