To renege on an agreement. While this phrase is derived from the stereotype of the shrewd Jewish businessperson, it is used more broadly to describe the behavior of anyone who engages in artifice. This phrase is considered inappropriate for polite company because of its divisive origin.
Quoting from Quentin Tarantino's film Kill Bill vol. 2: "I don't dodge guilt, and I don't Jew out of paying my comeuppance."