The Reagan Reverie (a.k.a. “Revolution?”) ends: Republican (fascist/socialist) President George Herbert  Walker Bush overtly abandons his “Read my lips, no new taxes pledge,” by signing the Omnibus Budget Reconciliation of 1990:

• Increasing the number of individual income tax brackets from two to three;
• Increasing the highest rate on amounts earned over 49,300 “dollars” from 28% to 31%; and
• Increasing the individual alternative minimum tax rate from 21% to 24%.

The act imposed a 30% excise tax on the amount of price over $30,000 for autos, $100,000 for boats, $250,000 for airplanes, and $10,000 for furs. It also increased motor fuels taxes by 5 cents per gallon, and increased taxes on tobacco and alcoholic beverages: by 8 cents per pack of cigarettes, by $1.00 per proof gallon of liquor; by 19 cents per six-pack of beer; and by 18 cents per bottle of table wine. It extends airport and airway trust fund taxes, increasing them by 25%, and permanently extends the 3% federal telephone excise tax on telephone service

       NOTE: This is the further realization of plank number two of the “Communist Manifesto” by Karl Marx.

       [restored 1/31/2023]