Final answer:
Bush's tax hikes and broken promise of 'no new taxes' hurt his chances of reelection in 1992.
Explanation:
Bush's tax hikes, which violated his campaign promise of 'no new taxes,' significantly damaged his reelection hopes. These tax increases were prompted by the mounting debt of the Reagan years and a minor recession. This move alienated many voters and contributed to his defeat in the 1992 election.
Learn more about Bush's tax hikes impact on his reelection hopes here:
https://brainly.com/question/42304482
