Decision Points, by Pres. George W. Bush: on Tax Reform

George W. Bush: 1989: temporary sales tax increase for new Rangers stadium

When I took over, the Rangers had finished with a losing record seven of the previous nine years. The club had posted a winning record four of our first five seasons.

I realized the best way to increase the long-term value of the franchise was to upgrade our stadium. The Rangers were a major league team playing in a minor league ballpark. We designed a public-private financing system to fund the construction of a new stadium. I had no objection to a temporary sales tax increase to pay for the park, so long as local citizens had a chance to vote on it. They passed it by a margin of nearly two to one.

Paul O`Neill: 2002: Belittled Bush tax cuts to financial community

My treasury secretary did not share enthusiasm for tax cuts. Paul O'Neill's strong resume included success at the Office of Management and Budget and as the CEO of a Fortune 100 company. I felt that his practical business experience would command respect on Wall Street and Capitol Hill.

Unfortunately, things started going wrong from the start. Paul belittled the tax cuts. He and I met regularly, but never clicked. He didn't gain my confidence, nor credibility with the financial community or Congress. I was hoping for a strong treasury secretary who would advance my economic policies in speeches and on TV. By late 2002, nearly two million Americans had los jobs in the past year, and Paul wasn't conveying our determination to get them back to work. Instead, he used his meetings in the Oval Office to talk about tangential topics, like his plan to improve workplace safety at the US Mint.