What Reagan Said About Closing Tax Loopholes for Millionaires and Billionaires….

Our conservative friends in OC and the national conserverati from Fox News and hard core right wingers in Congress have all railed against President Obama’s plan to close loopholes to make sure millionaires and billionaires are taxed at the same rate of working class Americans.  You have to be surprised that those who worship at the alter of all things Reagan would be surprised at what President Reagan said on the same issue (see the You Tube video here).

Imagine, President Reagan as a weak-livered liberal on the subject of one paying a fair share of taxes mind you!

From the Democratic Underground blog:

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”:

We’re 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 that’s crazy. Do you think the millionaire ought to pay more in taxes than the bus driver or less?

Another reason the Tea Party would throw Reagan under the bus today.

 

  4 comments for “What Reagan Said About Closing Tax Loopholes for Millionaires and Billionaires….

  1. junior
    October 3, 2011 at 3:06 pm

    I think that Reagan, in hind-sight, would throw himself under the bus for a lot of things – including his 1986 illegal immigrant amnesty.

  2. junior
    October 3, 2011 at 4:52 pm

    A bipartisan deal was ultimately struck with Reagan agreeing to close existing tax loopholes if the Democrats would agree to lower marginal rates for individuals and families.

  3. October 3, 2011 at 8:37 pm

    2012 US Budget estimate $3.5 to 3.7 Trillion.
    “The Obama administration’s original budget request contained $2.627 trillion in revenues and $3.729 trillion in outlays for 2012 (30% borrowing).[21] The April 2011 Republican plan contained $2.533 trillion in revenues and $3.529 trillion in outlays (28% borrowing).[22]”
    http://en.wikipedia.org/wiki/2012_United_States_federal_budget

    US Budget Deficit expected to drop to $1.1 Trillion in 2012.

    US 2010 Gross Domestic Product (GDP) $14.5 Trillion
    World GDP $63 Trillion
    http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29

    US National Debt
    1971 $414 Billion grew to $14 Trillion today
    http://goldcoinblogger.com/?gclid=CJ2D7LfqzasCFQx3gwodS3WaTg

    AND NOW FOR THE SERIOUS MONEY

    $251 Trillion in US Banks derivatives debts
    $333 Trillion in top 25 Holding Companies derivatives debts
    $584 Trillion total (Glass-Steagall 1933-1999 would have prevented this)
    http://www.larouchepac.com/node/19686

    Global Derivatives $1.4 Quadrillion (One Quadrillion = 1,000 Trillion)
    http://www.istockanalyst.com/article/viewarticle/articleid/2432853

    CRIMMINALLY INSANE

    The Republican /Democrat Party are both criminally insane to be debating taxes and/or budget cuts. The world needs LaRouche.
    The Seven Necessary Steps towards Global Economic Recovery
    http://www.larouchepac.com/node/19186
    7:29 minute video

    Full 40:36 minute version The Seven Necessary Steps
    http://www.larouchepac.com/node/19282

  4. October 5, 2011 at 11:22 am

    Dan,

    I yearn for Reagan…not the Reagan of “Fox News”..but the true Reagan that at least had the courage to tell it like it was..he had the courage to raise taxes…he shook hands with the evil empire….I vehemently opposed him..but still at least he understood to do the right thing…

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