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 threshold on the lowest personal rate of 15% from 19,450 “dollars” to 20,350 “dollars”;
• Increasing the highest personal rate on amounts earned over 19,450 “dollars” from 28% to 31% on amounts earned over 49,300 “dollars”; and
• Increasing the individual alternative minimum tax rate from 21% to 24%.

The act imposes

• 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 increases motor fuels taxes by 5 cents per gallon, and increases taxes on tobacco and alcoholic beverages:

• by 8 “cents” per pack of cigarettes;
• by one “dollar” per 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 long distance telephone service—an attack on Free Speech, in violation of Article I of Amendment.  The act also raises the national debt limit from 3,230,000,000,000 to 4,145,000,000,000 “dollars.”

       NOTES:

• This is the further realization of plank number two of the “Communist Manifesto” by Karl Marx.
• So much for conservative Republicans!

      [updated 9/27/2025]