I think this is what Bush meant.
Tax breaks for wealthy go into effectWASHINGTON - They call them the PEP and Pease provisions of tax law and they are on their way out. If you are wealthy, this should make you smile. You could be a little richer.
PEP and Pease refer to two tax increases adopted in 1990 when President George H.W. Bush broke his "read my lips" promise against boosting taxes in order to cut the deficit, angering many in the Republican Party. But on Sunday, thanks to a law quietly passed in 2001 when his son, George W. Bush, was in the White House, the PEP and Pease provisions - essentially limitations on tax exemptions - began a five-year phaseout at a cost of $27 billion.
According to the Center on Budget and Policy Priorities, a liberal think tank here, some 53.5 percent of this money will go to households earning more than $1 million. Another 43.2 percent will go to those with incomes between $200,000 and $1 million. The rest will go to those earning between $100,000 and $200,000.