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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".
[131] Groups like the AARP strongly opposed the plan, as did moderate Democrats like Max Baucus, who had supported the Bush tax cuts. Ultimately, Bush failed to win the backing of a single congressional Democrat for his plan, and even moderate Republicans like Olympia Snowe and Lincoln Chafee refused to back privatization. In the face of ...
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 Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA (often pronounced "egg-tra" or "egg-terra"), and is often referred to as one of the two "Bush tax cuts".
Therefore, policies that reduce income tax rates, such as the Bush tax cuts, dis-proportionally benefit the rich, as they pay the lion's share of the taxes. [24] During President Bush's terms, income inequality grew, a trend since 1980. CBO reported that the share of after-tax income received by the top 1% rose from 12.3% in 2001 to a peak of ...
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In September 1990, Bush and congressional Democrats announced a compromise to cut funding for mandatory and discretionary programs while also raising revenue, partly through a higher gas tax. [40] The compromise included a "pay as you go" provision that required that new programs be paid for at the time of implementation. [41]