Obama: Quoting Reagan out of context
...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....
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