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Reagan Called For An End To Crazy Tax Loopholes That Let Millionaires Pay Less Than Bus

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cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-03-11 06:19 AM
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Reagan Called For An End To Crazy Tax Loopholes That Let Millionaires Pay Less Than Bus Drivers /

When President Obama released his plan for the Buffett rule, which involves closing tax loopholes and ensuring that millionaires pay their fair share in taxes, he explained that middle-class families shouldnt be paying higher taxes than millionaires and billionaires. Warren Buffetts secretary shouldnt pay a higher tax rate than Warren Buffett, he said.

Ever since, Republicans have been attacking Obama for inciting class warfare. It looks like the President wants to move down the class warfare path, said House Budget Committee Chairman Paul Ryan (R-WI). I dont think I would describe class warfare as leadership, agreed Speaker of the House John Boehner (R-OH).

However, if calling for an end to millionaires having lower tax rates than their secretaries is class warfare, Obama is only the latest class warrior to occupy the Oval Office. In a June 6, 1985 speech at Northside High School in Atlanta, Georgia, then President Ronald Reagan explained that tax loopholes allowing a millionaire to pay lower taxes that a bus driver were crazy, because they allowed the truly wealthy to avoid paying their fair share:

Were going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and thats crazy. Do you think the millionaire ought to pay more in taxes than the bus driver or less?

Watch Obama and Reagans remarks, side by side:
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