Obama: Quoting Reagan out of contextBreaking News
...President Obama cited two specific Reagan speeches — one (June 28, 1985) in which Reagan quoted from a letter he had received from a wealthy executive and another (June 6, 1985) in which he said it was “crazy” for some multimillionaires to pay zero in taxes.
Why did Reagan give those speeches? Contrary to Obama’s suggestion that he was specifically arguing for a new tax provision aimed at the superwealthy, Reagan was barnstorming the country in an effort to reduce taxes for all Americans, mainly by cutting rates, simplifying the tax system and eliminating tax shelters that allowed some people to avoid paying any taxes at all.
In other words, Reagan was pushing for a tax cut for everyone, not just an increase on a few. (The highest tax bracket at the time was 50 percent.) He even wanted to cut the tax rate on capital gains from 20 percent to 17.5 percent....
comments powered by Disqus
- Fake News and Fervent Nationalism Got a Senator Tarred as a Traitor During WWI
- Debunking Viral Story, Art Historian Says ‘Allah’ Does Not Appear on Ancient Viking Garment
- Will Trump Be Remembered as the Worst President in History? Almost Half Think So
- Thank This Man For Your Last-Minute Halloween Costume
- Letters from young Obama show a man trying to find his way
- Thomas Childers says we’ve got the Nazis wrong in 5 different ways
- National security expert Tom Nichols: “Hey, I’m unstable” is a bad look for the president
- Fake news? It’s nothing new, says Trinity College Dublin historian
- Historian discovers early Reformation writings “hiding in plain sight”
- Victor Davis Hanson says we shouldn’t be rushing to war with North Korea