Former President George Hiram Walker Bush (Bush-41) is being given a Profile In Courage Award by the JFK Presidential Library Foundation for his capitulation to the Democrats in the 1990 Congress, in which he agreed to raising tax rates as a part of that year’s budget deal. There are at least two things about this that are of note:
- The first is the irony of being given an award for raising taxes by the Presidential Library Foundation of the President that urged onto Congress the largest reduction in marginal income tax rates in the last half-century.
- The second is that Bush-41’s son George W. Bush, who became President in his own right (Bush-43) has acknowledged his opinion, to many of his friends in private, that the single biggest factor in the failure of his father to win re-election against Bill Clinton in 1992 was his father’s betrayal of his “read my lips, no new taxes” pledge during the 1988 campaign, in which he won over Democratic candidate Michael Dukakis.
The full story, from USA-Today, is HERE.