Obama: Ronald Reagan Would Have Supported My Tax Hikes On The Rich
President Obama is fond of invoking conservative icon Ronald Reagan as justification for his tax-and-spend agenda. Earlier this year, in an address calling for bigger taxes, President Obama quoted Ronald Reagain speaking in 1982 saying that we should reduce the budget deficit by raising taxes on those who “are not now paying their fair share.” But Reagan was speaking favorably of a deal he struck with the Democrat-controlled Congress where there was to be $3 in spending cuts for every $1 in tax hikes.
Reagan got burned, as America got the tax hikes but not the spending cuts. In fact, spending increased, and by 1983 Reagan was singing a much different tune saying, “I am unalterably opposed to Congress‘ efforts to raise taxes on individuals and businesses…We do not face large deficits because Americans aren’t taxed enough. We face those deficits because the Congress still spends too much.”
Now Obama is invoking Reagan again, saying that the former president would support his tax hikes on the rich.
President Obama: Ronald Reagan Would Want ‘Buffett Rule’ from Colin Sumner on Vimeo.
“Now, some Republicans in Congress, they’re already dusting off the old — their old records. “That’s class warfare.” Let me tell you something, 26 years ago — some of you may have seen this on television, clips have been circulating — 26 years ago, another President said that some of these tax loopholes, and I quote, “made it possible for millionaires to pay nothing while a bus driver was paying 10 percent of his salary, and that’s crazy. It’s time we stopped it.” That was 26 years ago. You know the name of that President? Ronald Reagan.
“So was that class warfare? By the way, taxes are much lower now than they ever were when Ronald Reagan was President. I know a lot of folks have short memories, but I don’t remember Republicans accusing Ronald Reagan of being a socialist — (laughter) — or engaging in class warfare, because he thought that everybody should do their fair share.”
Obama is being more than a little dishonest here. Yes, Reagan wanted to end tax deductions. But it was part of an overall strategy to simplify the tax code, lower tax rates and broaden the tax base. The result was actually less tax burden for most Americans, and increasing tax revenues.
What Obama is proposing is just straight tax hikes with no corresponding rate reductions. This is exactly the sort of thing Reagan would have opposed.
Tags: Barack Obama, ronald reagan, Taxes
