Reminder: President George H. W. Bush Regretted Raising Taxes

Posted by Paul Blair on Friday, July 13th, 2012, 1:58 PM PERMALINK

In 1990, President George H. W. Bush was promised two dollars in spending cuts for every one dollar in tax hikes. He fell for the bait and violated his Pledge to not raise taxes. After a $137 billion tax hike, spending actually rose by $22 billion.

As a reminder, he regretted breaking his Pledge to oppose higher taxes after he realized he got tricked into letting it happen.

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