In 1988, George Bush was elected on a promise not to raise taxes and to cut the capital gains tax to 15% from 28% and index it against inflation. In 1989, he tried to get the Democratic Congress to give him the capital gains cut, but was thwarted in the Senate that autumn. In 1990, he tried again, with a package of spending cuts and tax increases -- breaking his no-tax cut pledge. Again, he caved in to the Democratic argument against capital gains and wound up with a tax increase on income instead, the top rate rising to 33% from 28%.

So what do you suppose happened to the Bush presidency over the progress of a few years?

The lower classes thought it was good that Bush raised taxes on the rich.

The rich were angry but not enough to hurt his presidency.

Because Bush conceded to the Democratic Senate and raised taxes he lost the second term election to Bill Clinton.

The Middle Classes thought it was great that Bush had raised taxes and that he had hurt the rich.