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Trump's tax hike proposal is 'déjà vu' of George H. W. Bush's 'read my lips' moment, experts say

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Trump's tax hike proposal is 'déjà vu' of George H. W. Bush's 'read my lips' moment, experts say

Americans lambasted President George H. W. Bush for infamously vowing on stage at the 1988 Republican National Convention not to raise taxes on Americans, then supporting a tax hike as president two years later. 

History could repeat itself as President Donald Trump this week signaled his support for congressional Republicans raising taxes to accomplish the ambitious goals of his “big, beautiful bill,” according to experts.

“My opponent won’t rule out raising taxes, but I will. And the Congress will push me to raise taxes, and I’ll say no. And they’ll push and I’ll say no. And they’ll push again, and I’ll say to them: ‘Read my lips: no new taxes,’” then-Vice President Bush vowed at the 1988 convention, before raising taxes two years later with the Omnibus Budget Reconciliation Act of 1990. 

While acknowledging the political backlash his fellow Republican faced, Trump signaled in a Truth Social post on Friday his own willingness to raise taxes on Americans, following reports confirmed by Fox News Digital that the president is considering raising the tax rate on individuals making $2.5 million or more by 2.6%, from 37% to 39.6%.

TRUMP CONSIDERS TAX HIKE ON AMERICANS MAKING $2.5 MILLION OR MORE PER YEAR

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Political experts compared President Donald Trump, right, to President George H. W. Bush after Trump signaled his support for a small tax hike.  (Pool/Getty Images)

“The problem with even a ‘TINY’ tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers, is that the Radical Left Democrat Lunatics would go around screaming, ‘Read my lips,’ the fabled Quote by George Bush the Elder that is said to have cost him the Election. NO, Ross Perot cost him the Election! In any event, Republicans should probably not do it, but I’m OK if they do!!!” Trump said. 

WHITE HOUSE QUIETLY FLOATS MILLIONAIRE TAX HIKE PROPOSAL IN CONGRESS AS GOP LEADERS SIGNAL OPPOSITION

Ross Perot, the late billionaire Texas businessman and philanthropist, ran an independent campaign as a third-party candidate in the 1992 presidential election, winning an historic 19% of the popular vote.

As Trump suggested, the political fallout of raising taxes contributed to Bush losing re-election to President Bill Clinton in 1992. Democrats slammed Bush in campaign ads for walking back his word as conservative Republicans criticized the president for being out of step with the party’s traditional tax policies. 

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Former House Speaker Newt Gingrich led Republican criticism of Bush’s tax hike proposal, and Gingrich has urged Trump to stand down on raising taxes since rumors the administration was floating a small tax hike first swirled. 

TRUMP’S FIRST VICE PRESIDENT URGES HIS OLD BOSS AGAINST RAISING TAXES ON WEALTHY AMERICANS

Gingrich recently told Larry Kudlow on FOX Business that Trump is a Ronald Reagan Republican, not a Bush Republican, and raising taxes would be an “act of destruction.”

“It would absolutely shatter his coalition,” Gingrich said. “It would mean the entire conservative movement would rise in rebellion, and it would mean every small business in the country would start recalculating who they are going to lay off, if they are even going to stay in business. It would make no sense at all.”

House Speaker Mike Johnson, R-La., is leading ongoing budget negotiations for Trump’s “big, beautiful bill.” (Kent Nishimura/Getty Images)

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Negotiations are ongoing among House Republicans to finalize Trump’s “big, beautiful bill,” which is expected to include an extension of Trump’s 2017 tax cuts and fulfill campaign promises, including no tax on tips, overtime or Social Security. 

Republican politicians and pundits have joined Gingrich’s critique of Trump’s potential tax hike, arguing Trump is repeating the same mistakes as Bush. 

“[House] Speaker [Mike] Johnson and Republican members of Congress must have experienced collective déjà vu when President Trump urged Congress to raise taxes,” New England College President Wayne Lesperance, a veteran political scientist and political historian, told Fox News Digital.           

“Harkening back to the infamous ‘Read my lips’ pledge made by George H. W. Bush at the 1988 GOP Convention, today’s Republicans must be nervous at the president’s change on what is a sacrosanct issue for the party — tax cuts. Interestingly, George H. W. Bush’s decision to break his pledge was surrounded by notably different circumstances,” Lesperance added. 

In this Feb. 11, 1991, file photo, President George H. W. Bush talks to reporters in the Rose Garden of the White House in Washington, D.C., after meeting with top military advisors to discuss the Persian Gulf War.  (AP Photo/Ron Edmonds, File)

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But Lesperance reminded Republicans, who currently control the House and Senate, that Democrats could gain an edge in the 2026 midterms if tax hikes prove to be as unpopular among Republicans as they were in 1992. 

“Facing a Democratically controlled Congress, Bush reneged on his pledge as a compromise to reduce the deficit and pass the 1990 budget agreement. Bush’s decision to compromise on taxes is widely credited with costing him his bid for re-election. As Speaker Johnson and Republican members of Congress look ahead to midterm elections, there must be collective worry that President Trump’s shifting position on taxes will cost them at the polls,” Lesperance said. 

Longtime Republican consultant David Carney, a veteran of numerous GOP presidential campaigns, said the move by Bush “was probably the single most detrimental thing to his re-election.”

Then-Republican presidential candidate Donald Trump speaks during a campaign rally at Madison Square Garden in New York on Oct. 27, 2024. (Angela Weiss/AFP via Getty Images)

Carney, who served in the elder Bush’s White House and worked on his presidential campaigns, told Fox News “the deal he cut was excellent. He cut spending, balanced out the taxes.”

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But Carney emphasized “all that’s inside baseball and the reality is it was a great opportunity for people from the right and the left to make hay out of it, and it was absolutely hurtful.”

However, fiscal conservatives remain optimistic that Trump won’t raise taxes, despite the president softening to the idea on social media on Friday morning. 

“President Trump campaigned on not raising taxes, and we are confident that’s exactly what he’ll do,” Club for Growth President David McIntosh told Fox News Digital. 

When reached for comment about the Bush comparison, the White House pointed to press secretary Karoline Leavitt’s comments during the White House briefing on Friday. 

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“The president wants tax cuts, the largest tax cuts in history,” Leavitt said. “He wants to extend his historic tax cuts from 2017, and he wants to see all the other tax priorities,” including no tax on tips, overtime or Social Security. 

“The president has said he himself personally would not mind paying a little bit more to help the poor and the middle class and the working class in this country. I think, frankly, that’s a very honorable position. But again, these negotiations are ongoing on Capitol Hill, and the president will weigh in when he feels necessary,” she added. 

Fox News Digital’s Elizabeth Elkind contributed to this report. 

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Former state Controller Betty Yee drops out of the governor’s race

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Former state Controller Betty Yee drops out of the governor’s race

Former state Controller Betty Yee dropped out of the governor’s race on Monday, citing low levels of support from voters and donors.

Yee, a Democrat, was part of a sprawling field of politicians vying to replace termed-out Gov. Gavin Newsom. But despite the bevy of prominent candidates running to lead the nation’s most populous state and the world’s fourth-largest economy, this year’s governor’s race has lacked a clear front-runner well known by the electorate.

“It was becoming clear that the donors were not going to be there. Even some of my former supporters just felt like they needed to move on as well,” Yee said in a virtual news conference Monday morning, adding that her internal polling showed voters did not prioritize “competence and experience … and that’s really been my wheelhouse in terms of how we grounded this campaign.”

The former two-term state controller did not immediately endorse another candidate and said she would take a few days to assess the field before making an announcement.

The race was upended this month when then-Rep. Eric Swalwell, among the leading Democrats in the contest, was accused of sexual assault and other misconduct. The East Bay Area Democrat, who is facing multiple criminal investigations, promptly ended his gubernatorial bid and resigned from Congress.

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Yee said the contest would probably go down as “one of the most unusual, unpredictable and unsettling races in modern California history.”

“I certainly could not have imagined the twists and the disturbing turns that this race has taken,” she said. “But through it all, my values and my vision for California has never wavered.”

“Voters are scared right now, and I think they really are placing a lot of prominence on a fighter in chief against this Trump administration,” she said.

Though she was prepared to be a governor that would push back against the Trump administration, Yee said her calm demeanor did not help her grab attention.

“We are living in like a reality TV era, where to get traction, you have to either be the loudest, you have to have gimmicks. You’ve got to do what you’ve got to do to get attention. I got no gimmicks. I have no scandals,” she said before calling herself “Boring Betty.”

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Yee, 68, was well regarded by Democrats during her tenure in Sacramento.

But she never had the financial resources to aggressively compete in a state with many of the most expensive media markets in the nation.

Yee reported raising nearly $583,000 in 2025 for her gubernatorial bid, according to campaign fundraising reports filed with the California secretary of state’s office. Yee’s announcement that she is dropping out of the race came days before the latest financial disclosures will be publicly reported.

Despite being elected to the state Board of Equalization twice and as state controller twice, Yee was not widely known by most Californians. She never cracked double digits in gubernatorial polls.

Her name will still appear on the ballot. She was among the candidates who rebuffed state Democratic Party leaders’ request this year to reconsider their viability amid fears that the party could be shut out of the November general election because of the state’s unique primary system. The top two vote-getters in the June primary will move on to the November general election, regardless of party affiliation.

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Though California’s electorate is overwhelmingly Democratic, the makeup of the gubernatorial field makes it statistically possible for Republicans to win the top two spots if Democratic voters splinter among their party’s candidates. Yee said fear of that scenario playing out “kind of took over” the gubernatorial race.

“Was it possible? Yes. Was it plausible? No, we’re in California. That was not going to happen,” she said, adding that the top-two primary system “has got to go.”

The daughter of Chinese immigrants, Yee said she was disappointed that other Asian American donors and community members did not show up for her as “robustly” as they had in the past.

“We had the opportunity to make history,” she said. “I’m going to want to do a deep dive about … what was it about my campaign that just did not resonate with them.”

Still, Yee was beloved by Democratic Party activists and previously served as the party’s vice chair.

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No Democratic candidate reached the necessary threshold to win the party’s official endorsement at its February convention, but Yee came in second with support from 17% of delegates despite calls for her to drop out of the race.

“Every poll shows that this race is wide open, and I know this party,” she said in an interview at the convention. “Frankly, I’ve been in positions where it’s been a crowded field, and we work hard and candidates emerge.”

Yee became emotional Monday as she thanked her supporters and family, including her husband, siblings and mother. “She’s now 103 years old, and her life and voice and wisdom are my compass,” Yee said.

The gubernatorial primary will take place June 2, though voters will start receiving mail ballots in about two weeks.

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Trump and Iran Face Off in Iran War Negotiations

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Trump and Iran Face Off in Iran War Negotiations

But while that is a new element in the talks, the cultural divide in how to negotiate is not.

That divide was evident 11 years ago, in the gilded halls of the 160-year-old Beau-Rivage Palace Hotel in Lausanne, Switzerland, where Secretary of State John Kerry and his counterparts from five other countries struggled to close a preliminary agreement with Iran. It was, perhaps, the closest analogue to what is unfolding now in Islamabad.

Every day the American delegation would speak about how many centrifuges had to be disassembled and how much uranium needed to be shipped out of country. Yet when Iranian officials — including Abbas Araghchi, now the Iranian foreign minister — stepped out of the elegant, chandeliered rooms to brief reporters, most of the questions about those details were waved away. The Iranians talked about preserving respect for their rights and Iran’s sovereignty.

“I remember we finally got the parameters agreed upon at the hotel,” Wendy Sherman, the chief U.S. negotiator at the time, said on Monday. “And then a few days later the supreme leader came out and said, ‘Actually, some very different terms were required.’”

Ms. Sherman, who went on to become deputy secretary of state in the Biden administration, would go into these negotiations with a large posse. She often had the C.I.A.’s top Iran expert in the room, or nearby. So was the energy secretary, Ernest Moniz, an expert in nuclear weapons design. Proposals floated by the Iranians would be sent back to the U.S. national laboratories, where weapons are designed and tested, for expert analysis of whether the agreements being discussed would keep Iran at least a year away from a bomb.

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But Mr. Trump’s negotiating team travels light, with no entourage of experts and few briefings. Jared Kushner and Steve Witkoff, the president’s son-in-law and the special envoy, learned their negotiating skills in New York real estate and say a deal is a deal. They say they have immersed themselves in the details of the Iran program, and know it well.

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Soros-linked dark money network fuels Virginia redistricting push backed by national Democrats

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Soros-linked dark money network fuels Virginia redistricting push backed by national Democrats

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Virginians for Fair Elections, a main group fighting to get Virginia voters to approve a ballot referendum that will allow the state to redraw its congressional maps, has been pumped with millions in cash from a web of George Soros-backed dark money groups and top Democratic Party officials.

The money the group has garnered ahead of Tuesday’s vote, which is poised to allow Democrats in the House of Representatives to potentially take four seats from Republicans going into the midterms, also comes from leading Democratic Party figures and organizations like Nancy Pelosi and the American Federation of Teachers (AFT).

Other left-wing juggernauts pumping money into the Democratic Party’s redistricting effort in Virginia include the Service Employees International Union (SEIU), Eric Holder’s National Democratic Redistricting Committee, which once championed the adoption of “independent redistricting commissions,” national green energy group the League of Conservation Voters, and the U.S. House of Representatives campaign arm for the Democratic Party, according to a Fox News Digital review of state campaign finance records and records from the Virginia Public Access Project (VPAP), which tracks public spending in Virginia.

VIRGINIA DEMS ACCUSED OF ILLEGALLY ‘STEAMROLLING’ STATE LAW THAT COULD UPEND REDISTRICTING CRUSADE

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“Dark money is flooding into Virginia,” GOP strategist Matt Gorman told Fox News Digital. “Democrats talked all about the cost of living during the campaign, but all they did once in office was raise taxes and rig elections. It’ll be the same elsewhere across the country in 2026 too.”

A woman casts her vote at a polling place in Burke, Fairfax County, Virginia, in 2026. (Graeme Sloan/Bloomberg)

Fox News Digital reported in March that the left-wing group fighting to redraw Virginia’s maps raised more than $38 million, according to VPAP’s donation totals based on state campaign finance records. As of right before the mid-April referendum vote, just a handful of weeks later, that total ballooned to more than $64 million.

In 2026, the largest giver to Virginians for Fair Elections was House Majority Forward, the nonprofit counterpart of House Democrats’ House Majority PAC, which has donated over $38 million, records show.

Meanwhile, entities directly tied to Soros, or that obtained significant funding which can be traced back to the billionaire Democrat megadonor, come in second and third in terms of total giving to the group, per VPAP’s accounting of donation totals.

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One of those groups, the Fund for Policy Reform Inc, was founded by Soros. The other, titled The Fairness Project, has been funded by groups like the Sixteen Thirty Fund, Hopewell Fund and the Tides Foundation, which Soros has given significant funding to.

George Soros pictured on the sidelines of the World Economic Forum in Davos, Switzerland, in January 2020. (Simon Dawson/Bloomberg via Getty Images)

DAVID MARCUS: DESPERATE DEMS TAP OBAMA TO PITCH VIRGINIA GERRYMANDERING LIES

Another one of the top donors to the left’s Virginians for Fair Elections is American Opportunity Action, described as “a pure pass-through entity” by Parker Thayer, a dark money expert from the conservative Capital Research Center. The group is so new that it does not even appear to have any 990s filed with the IRS but is still one of Virginians for Fair Elections’ top donors, according to VPAP and state campaign finance records.

Top Democratic Party members of Congress from outside Virginia, including Reps. Nancy Pelosi, D-Calif., Pete Aguilar, D-Calif., and Katherine Clark, D-Mass., also donated tens-of-thousands of dollars, according to a review of state campaign finance records. Democratic Virginia Sen. Tim Kaine’s leadership PAC donated $100,000 as well, while the Democratic Party of Virginia put up just shy of a million dollars, per VPAP’s accounting.

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Meanwhile, a group founded by Obama wingman Eric Holder, who previously championed “independent redistricting commissions,” provided a more than $10,000 in-kind contribution to the left-wing redistricting group, state election filings show. The League of Conservation Voters, and the Soros-backed MoveOn.org were also among Virginians for Fair Election’s top donors. In terms of labor union support, SEIU gave half-a-million, while AFT gave $100,000.

CBS HOST PRESSES FORMER AG ON DEFENDING PARTISAN REDISTRICTING EFFORTS IN VIRGINIA

Fox News Digital reached out to Soros’ Open Society Foundations and the other top donors pumping thousands or millions into the redistricting battle, but did not receive a response ahead of publication.

“No one wanted to take this action, but in a democracy, we can’t let entire states rig their congressional maps just to bend to the will of one person,” Alexis Magnan-Callaway, a spokesperson for The Fairness Project, told Fox News Digital in March.  

“We have to respond. This amendment is a temporary, one-time exception that gives Virginia voters a voice and meets the needs of the current moment, while ensuring Virginia’s bipartisan redistricting process will resume after the 2030 census,” she continued. “This isn’t about favoring one party over another. This is about restoring fairness across the board by temporarily changing Virginia’s congressional districts.”

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A main group in Virginia opposing the redistricting effort led by Democrats, Virginians For Fair Maps, raised a little over $3 million at the time of Fox News Digital’s late March report. However, the right-wing redistricting group in Virginia appears to have gained some ground since then as well, albeit still far behind the left’s Virginians for Fair Elections funding totals.

As of just before the referendum vote Tuesday, the anti-redistricting referendum group raised its fundraising total to nearly $20 million, with most of that money coming from a group by the same name that is also a significant donor to the Virginia Republican Party. 

Other donations to the group come from a series of several much smaller donors, such as $50,000 from the National Shooting Sports Foundation and $100,000 from a wealthy D.C.-area real-estate investor, who donates primarily to GOP campaigns. That investor is the top individual donor at $100,000 out of just a handful of individual contributions, according to VPAP.

Virginia Gov. Glenn Youngkin speaks during the Faith & Freedom Coalition’s Road to Majority Policy Conference at the Washington Hilton on June 22, 2024 in Washington, DC. (Samuel Corum/Getty Images)

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Former Virginia Gov. Glenn Youngkin, a Republican, has reportedly given more than $500,000 in efforts against the redistricting measure, per reporting from the Virginia Scope. He also has been a leading voice in Virginia holding events to campaign against the measure despite no longer being in office.

Wealthy tech entrepreneur and Republican donor Peter Thiel has reportedly donated to Justice for Democracy PAC, which has been part of the anti-redistricting effort alongside Virginians for Fair Maps as well.

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