President Obama has called for a luxury tax on corporate jets as a means to generate revenue to fight federal deficits. The president’s economic advisers ought to be fired for not telling him that doing so is unwise and counterproductive. They might have already told him so, only to have the president say, “Look, I know you’re right, but I’m exploiting the public’s envy of the rich!”

Let’s look at what happened when one of Obama’s predecessors, George H.W. Bush, signed the Omnibus Budget Reconciliation Act of 1990 and broke his “read my lips” vow not to agree to new taxes.

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