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Obama: Maybe We Could Call it the “Reagan Rule”

President Obama today invoked the greatest hero of the conservative movement in calling for Congress to pass his tax-raising “Buffett Rule,” saying that the measure could be renamed the “Reagan Rule.”

Obama, who spoke this morning at the White House, taunted conservatives as extremists who have strayed even from Ronald Reagan in opposing the Buffett Rule, which puts a floor under millionaires’ taxers and was inspired by Buffett’s comment that he had paid a lower tax rate than his secretary.

Obama noted that Reagan had once expressed outrage over a millionaire paying a lower rate than a bus driver. Obama said:

That wild eyed, socialist, tax-hiking class warrior was Ronald Reagan . . . 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.

But Reagan at the time was calling for Congress to close tax loopholes and was campaigning for passage of the 1986 tax reform act, which was designed to be revenue neutral. In exchange for taking away the loopholes, the law, which Reagan ended up signing, lowered the top federal income tax rate for the wealthiest from 50 percent to 28 percent.

By contrast, Obama’s Buffett Rule would raise taxes, mandating that millionaires pay a minimum tax rate of 30 percent. This would raise taxes for some, especially those whose earnings are largely derived from investments taxed a lower rate than income.

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24 Responses to Obama: Maybe We Could Call it the “Reagan Rule”

  1. Except for you, Keith, why doesn’t anyone call him out on this crap? Seems like he’s just out and out lying these days about everything…and the MSM just lets him get away with it.

    • Mark Levin has begun to use the word “LIE” regarding statments Obama has been and is making. It takes some doing to use such a strong word regarding a POTUS

      • It doen’t take much to show the POTUS up to be a “liar”.

        If he says something that is proven to be false, like Obama’s statement on Obamacare making insurance rates decrease by “3000%”, or that his claim that stimulus would “keep UE rates below 8%”, neither of which came true, then Obama is a LIAR, its that simple.

  2. If I were advising Congress, I’d tell them to pass the dang thing. Then we’ll see how many of Obama high-end celebrity fundraisers cancel.
    They can always change the law after the election.

  3. This disgusting Marxist isn’t worthy enough to carry Ronald Reagan’s jock strap. Call it what you want Mr. Hugo Chavez wannabe, nobody with half a functioning brain synapse is listening to you.

    • I listened to a small bit of his speech today(as much as I could stomach). He goes on about “millionares” paying 30%,then in the next breath says no one making under $250,000 would pay more taxes. Only in Obamaland is $250,000 a million! I would venture to guess that alot of small businesses fall in the $250,000 to $500,000. Talk about killing business and entrepenours!!
      I pray to God,Romney has the stones to call him out in a debate on the lies the media ignores.

      • The Buffett rule will generate about $4 billion in increased tax revenue per year. This federal government spends that much in one day. The middle class is where the real money is and these people are chomping at the bit to get their hands on it. I’m praying with you blondie.

  4. Obama noted that Reagan had once expressed outrage over a millionaire paying a lower rate than a bus driver.

    So Reagan lowered the tax rate for the bus driver.

  5. Obama doesn’t have a let to stand on. He’s yapping away about millionaires ‘like himself’ not paying enough – what about his own Cabiinet picks who didn’t pay anything? Turbo Tax Timmy and Labor Secretary Hilda Solis! Solis and her husband had 16 years of tax liens from their
    auto body shop in L.A. …and the Secretary of the Treasury is a tax cheat! And then there is the Jobs Czar, Jeff Immelt, whose company hasn’t paid taxes in years!

    Hypocrisy – thy name is Obama!

  6. but see Keith, what you’re giving us here are only “facts.” Obama and his fans don’t care about those. they prefer “sound bites.” so all my liberal colleagues tomorrow will be crowing about how that clever Obama sure showed those dumb hypocrite Republicans!

  7. The comment by Obama of . . .

    “That wild eyed, socialist, tax-hiking class warrior was Ronald Reagan . . . 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.”

    . . . is merely another scam to duck his own failed record and continuing string of BAD ideas from this POTUS. The key in this statement is the phrase, “If it will help convince folks in Congress to make the right choice,”

    Obama is not interested in doing what is right, or in saving the U.S. from any danger, he s only interested convincing others to allow him to carry on his warped agenda unimpeded, and if that takes fabrication of falsehoods to be leveled against past Presidents, he’s OK with that.

    • Contrary to Obamas fallacious rant, Ronald Reagen never said that he was a class warrior, he did want higher taxes in the initial stages of his administration, but he wanted higher taxes on everyone to pay off the mess that was created by Carter. After reagans actions rescued the nation from Carters ineptitude, Reagan lowered taxes to some of the lowest in history and sparked the longest period of economic growth in contemproary U.S. History.