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The Buffett Rule: A Reagan Initiative

Apr 12, 2012

When Republicans in Washington claim that the "Buffett Rule" constitutes "class warfare," they conveniently forget that one of the fathers of fairness in the tax code is a Republican icon.  As President Obama recently noted, "that wild-eyed...class warrior was Ronald Reagan."

The Buffett Rule Could be Called the Reagan Rule

  • President Reagan Followed Through, Reforming the Tax Code to Ensure the Very Wealthy and Corporations Were Paying Their Fair Share. President Reagan stood by this principle in the face of special interest pressure in his landmark 1986 tax reform, which reduced and eliminated loopholes, while raising tax rates on the wealthiest Americans. Reagan called it "a sweeping victory for fairness" where "vanishing loopholes and a minimum tax will mean that everybody and every corporation pay their fair share."