President Obama has the GOP actually calling President Reagan a Marxist, Communist,class warrior, and they are just too ideologically driven to oppose this President to see it.
Back in 1986 President Reagan revamped the entire tax code. This was the last time the American tax code got a much needed cleansing. It is well over due, since the special interests have blown and drilled more holes into the code than anyone knows what to do with.
President Reagan lowered the highest marginal tax rate to 28%, closed loopholes, minimized the tax brackets and taxed capital gains at the same rate as regular income in the Tax Reform Act of 1986.
This is exactly what President Obama is trying to do with the Buffett rule. According to the Whitehouse website President Obama wants to cut rates, like Reagan did, close loopholes, like Reagan did, and increase capital gains rates to what the average worker pays.
Did President Reagan assert class warfare? Obviously not according to his disciples.
This is just further proof that the right wing, conservative Republicans are even further to the right of the man they seek to idolize, President Reagan. President Reagan, in all that I disagree with him on, is looking more and more liberal than the current crop of conservatives that are running the House of Representatives.
If President Reagan thought raising capital gains to equal the top marginal income tax rate of 28% was a good idea. Why would raising capital gains to equal the average middle income earner’s tax rate under President Obama be a bad thing, which is right around 28%.
Did this oppressive capital gains tax rate of 20% and 28% under Reagan deter investment? Did it deter investment under Clinton? NO!, This simply, the Republican Party declaring class warfare when they have absolutely nothing to offer the American people. They are even fighting against their own party’s past principles and ideas.