Then President George Bush celebrates his victory during his acceptance speech on November 8, 1988 at the Brown Convention Center in Houston. - 

"Read my lips, no new taxes."

The first president George H.W. Bush raised some taxes despite his famous 1988 quote from the Republican convention. And lost his reelection bid. Ever since then, anti-tax pledges have become more and more common.

Here to talk with us today in our Mid-day Extra is Stan Collender. He's the author of the blog, Capital Gains and Games and gives us a little background on President H.W. Bush's anti-tax pledge. Plus, we take a look at the state of taxes in the last 20 years as a result of these pledges.

Follow Jeremy Hobson at @jeremyhobson