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  • Obama Is Claiming Reagan, Again

    Yesterday President Obama tried to sell the “Buffett Rule” under a new moniker:

    What Ronald Reagan was calling for then is the same thing that we’re calling for now: a return to basic fairness and responsibility; everybody doing their part. And if it will help convince folks in Congress to make the right choice, we could call it the Reagan Rule instead of the Buffett Rule.

    Securing Ronald Reagan’s economic blessing is a new trend among liberals. And no wonder: Ronald Reagan is one of the most popular presidents in modern times.

    But what did Reagan really say about the tax rates of the millionaire and the bus driver? Reagan proposed: “We’re going to close the unproductive tax loopholes that have allowed some of the truly wealthy to avoid paying their fair share, the loopholes” that “sometimes make it possible for millionaires to pay nothing.”

    Reagan closed tax loopholes; President Obama wants to raise taxes.

    President Obama does not acknowledge the profound difference between the “fair-share” solution Reagan sought in 1986 and the redistributionist tax hike he is proposing today. The 1986 law revolutionized the tax code by eliminating dozens of loopholes to make all incomes taxable (Like the Paul Ryan [R­–WI] tax reform plan). Reagan aimed to close tax loopholes, including the infamous three-martini lunch, but he never intended to take money from the small business owners who create the vast majority of American jobs.

    It was Ronald Reagan who proposed the Economic Reform Tax Act [ERTA] of 1981, which cut marginal tax cuts by 25 percent across the board and reduced the highest marginal tax rate from 70 percent to 50 percent. Two years after ERTA was signed into law, America began almost two decades of robust economic growth.

    Ronald Reagan knew from personal experience that if you raise taxes, you erect barriers to innovation and job creation. As a film star in the late ’40s and ’50s, Reagan was taxed at 91 percent, which caused him to remark: “Why should I have done [another] picture, even if it was Gone with the Wind?…What good would it have done me?” Reagan would’ve made only 9 cents on the dollar.

    His rationale for cutting taxes across the board was based on more than just personal experience. Reagan believed—and was proven correct—that, “taken together, tax cuts and budget cuts…will put us back on the road to a sound economy, with lower inflation, more growth, and a government that lives within its means. Our goal is a very simple one: to rebuild this Nation so that individual Americans can once again be the masters of their own destiny.”

    Obama is not honoring Reagan’s economic legacy. The President may see the same “Buffett” problem that Reagan saw, but he is proposing a radically different solution—one that will not work. Obama may not like it, but the real Reagan rule is that when you close loopholes and cut taxes for everyone—from the top to the bottom—everyone benefits.

    Posted in Featured [slideshow_deploy]

    12 Responses to Obama Is Claiming Reagan, Again

    1. Stirling says:

      Lies and Arogance by a failed administration.. This bad choice of words is going to make everyone who respected Reagan stand up (and give them more reason to vote in 2012).. Reagan spoke on the perills of Socialism/Communism which this Administration preaches.. Those who do political adds can have fun putting down this dis-information from the liar in chief.

    2. Bobbie says:

      I mean, who could use the name of a straight forward, honest man of good will to promote a man that lies, distorts, fabricates, spins, miscommunicates, misleads and has no respect or comprehension of the American peoples' constitution? Mr. O will use a good man's name to raise taxes??? but distorts the truth by making it no difference seen between loopholes and Mr. O's focus on exploiting tax increasing on the rich thAT WILL Be trickled down, while Reagan left open the opportunity to gain wealth! The man won't respect Americans enough to give us the whole truth and we won't BE FOOLED by him enough to give him our vote! He made his bed!!
      LONG LIVE REAGAN!

    3. the tongue should rot off from Liberals who misuse Reagan's name…

    4. Rosemary says:

      Closing loopholes is a great start but what BO proposes is hardly radical, the wealthy paid more under Clinton and we had unprecedented growth.

      • Rancher Bill says:

        Not until the Republican's took control of the House and the Senate and cut those taxes back to reason. You must remember the "Contract for America". You must also remember Al Gore's statement, when asked why people making $250,000 were taxed "RETROACTIVELY" at the "millionaires rate"? His response was: "Well, they will make a million dollars over four years!" So would people making $50,000/yr IN 20 years!!! What an idiot! That is how these Socialists think! The truth was they had to go down to the $250,000 earners to really make a difference. Today with the $16 TRILLION DEBT, they will have to tax the non-working 98 week Unemployeed at the Millionaires rates to make a difference!

    5. Dean says:

      It's funny you never hear a consevative cite words of wisdom from Jimmy Carter.

    6. Sam says:

      Ronald Reagan, "Their you go again".

    7. Lloyd Scallan says:

      Do we not yet realize Obama will use any one or anything to continue to deceive and lie to the American people to get his socialist agenda passed. How many more time must we watch and listen to this imposter rewrite history before we understand that Obama is a plant that was invented to end the Western way of life. Now we are starting to understand how he and his ilk have rigged the November elections in his favor. Everyone should look into a company based in Spain, that will now tabulate our votes, without any means to recheck the actual local count. Oh, by the way, this company's CEO is one of Obama's biggest supporters and a fromer head of Global.net.

    8. Maile says:

      His "Ragging on Reagan" has been kept under the radar, with one exception that should have gone viral at the time…
      In a revealing passage in his book, Obama wrote,“When classmates in college asked me just what it was that a community organizer did, I couldn’t answer them directly.”

      Instead, he said,“I’d pronounce on the need for change. Change in the White House, where Reagan and his minions were carrying on their dirty deeds. Change in the congress, compliant and corrupt. Change in the mood of the country, manic and self-absorbed. Change won’t come from the top, I would say. Change will come from a mobilized grass roots.”

      Thus, Obama admitted that he accomplished little but that he was able to cover that up with fancy talk about change.

    9. RIpete says:

      They want fairness? Just tax at a flat rate for everyone, no deductions, no exemptions just a fair percentage.

    10. Blair Franconia, NH says:

      Well, I'm rolling over in my grave. I never advocated redistribution of wealth. I cut taxes. Obama wants to raise them. Since I've been dead for the past seven years, I guess he'll have to raise them over my dead body.

    11. Critical Thinker says:

      Do you deliberately omit the 11 tax increases under Reagan? Legislated Tax Changes by Ronald Reagan as of 1988

      Tax Cuts
      Billions of Dollars
      Economic Recovery Tax Act of 1981
      -264.4
      Interest and Dividends Tax Compliance Act of 1983
      -1.8
      Federal Employees’ Retirement System Act of 1986
      -0.2
      Tax Reform Act of 1986
      -8.9
      Total cumulative tax cuts
      -275.3

      Tax Increases
      Billions of Dollars
      Tax Equity and Fiscal Responsibility Act of 1982
      +57.3
      Highway Revenue Act of 1982
      +4.9
      Social Security Amendments of 1983
      +24.6
      Railroad Retirement Revenue Act of 1983
      +1.2
      Deficit Reduction Act of 1984
      +25.4
      Consolidated Omnibus Budget Reconciliation Act of 1985
      +2.9
      Omnibus Budget Reconciliation Act of 1985
      +2.4
      Superfund Amendments and Reauthorization Act of 1986
      +0.6
      Continuing Resolution for 1987
      +2.8
      Omnibus Budget Reconciliation Act of 1987
      +8.6
      Continuing Resolution for 1988
      +2.0
      Total cumulative tax increases
      +132.7
      Source: Office of Management and Budget, Budget of the United States Government, Fiscal Year 1990 (Washington: U.S. Government Printing Office, 1989), p. 4-4.

      Please note, this report was published by the GHW Bush Administration. By some later accounting, the net effect of Reagan's tax increases resulted in more in the way of tax increases than in tax cuts.

      The misinformation on this subject is breathtaking. I encourage all the search original sources and beware of those that attempt to manipulate your opinion by either distorting or omitting facts, or simply by the force of their own opinion.

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