Obama gets top conservative backing for ‘Buffett rule’
“We’re going to close the unproductive tax loopholes that have allowed some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy. [...] Do you think the millionaire ought to pay more in taxes than the bus driver, or less?”
By the way, President Reagan made the above remarks in a June 6, 1985 speech at Atlanta’s Northside High School, while campaigning for a broad tax-reform proposal that ended up passing in 1986.
A few weeks later, in Chicago Heights, Illinois, Reagan expounded on his belief that tax reform was needed because it was wrong to let millionaires and corporations pay taxes at lower rates than working people. He also tells a story about a letter from a business executive that may sound familiar:
“The result is that workers sometimes find themselves paying higher taxes than the giant corporations they work for, and hardworking families have to struggle under a growing tax burden while the special interests get a free ride. Now, we’re not against big corporations—they provide many of the jobs, goods, and services that keep America strong. It’s the system that’s unfair, and that’s what we’re going to change.
Just a few moments ago, I told some people inside the building here of a letter that I just received the day before yesterday. It’s a letter from a man out here in the country, an executive who’s earning in six figures—well above $100,000 a year. He wrote me in support of the tax plan because he said, “I am legally able to take advantage of the present tax code—nothing dishonest, doing what the law prescribes—and wind up paying a smaller salary than my secretary gets — or I mean, paying a smaller – I’m sorry, paying a smaller tax than my secretary pays.” And he wrote me the letter to tell me he’d like to come to Washington and testify before Congress as to how that’s possible for him to do and why it is wrong. So, this is the kind of spirit that is going on throughout the country.”
One more point about that Illinois speech. Reagan complained about the fact that “the lobbyists are out in force again; they’ve dug in around the Capitol building in Washington, trying to keep the special interests in and the people’s interests out.”
“But they’ve forgotten one thing—this time they’re going to have to contend with the allied forces of the President and Chicago’s own Dan Rostenkowski, (Democratic) chairman of the House Ways and Means Committee. And if they think that things have been hot so far, Ron and Rosty have got news for them— [laughter] —you ain’t seen nothin’ yet.
Now, this issue goes beyond Democrat or Republican—it’s simply a matter of doing what’s right for America. And if we work together with good faith and determination, the people can win this time, and they will win.”
Once more, history offers compelling evidence of just how fanatical and extreme the conservative movement has become in this country. They have moved so far beyond what Reagan himself advocated that they threaten to turn “the Gipper” into a RINO if not an outright liberal. As his son, right-wing talk-show host Michael Reagan, conceded on Fox recently, Reagan today would be attacked as a moderate and “he would have trouble getting his own nomination.”
– Jay Bookman
(h/t to Think Progress)
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777 comments Add your comment
Jm
October 3rd, 2011
11:26 am
Whatever
The personal cap gains and dividends rates are too low
But the corporate tax is too high
It’s a wash
But the blind can only understand 1/2 the equation
Reagan also increased the “regressive” SS tax to fix SS
Libs won’t do anything to fix anything now
The “do nothing” party begins with a “D”
poison pen
October 3rd, 2011
11:26 am
I have stated that several times also, close the loopholes, and a lot of the subsidies for oil companies & farmers.
USMC
October 3rd, 2011
11:26 am
“Once more, history offers compelling evidence of just how fanatical and extreme the conservative movement has become in this country….”
Says the High Priest of Socialism, JAY BOOKMAN.
Extreme??? What about your comrades at the “Occupy Wall Street” protest, Jay???
They are the true example of EXTREME: Liberals/Progressives/Socialists are..
getalife
October 3rd, 2011
11:27 am
The radical con movement will be flushed in 12.
poison pen
October 3rd, 2011
11:28 am
” Once more, history offers compelling evidence of just how fanatical and extreme the conservative movement has become in this country ”
Yesiree Bob! The cons are just terrible, and the dems are saints, Puke!
TaxPayer
October 3rd, 2011
11:29 am
Republicans are the party of no unless there’s money and power in it for them. Pass the jobs bill NOW.
Soothsayer
October 3rd, 2011
11:29 am
Gosh! I think I’m getting a little misty-eyed seeing Saint Ronnie lookin’ so young and all. Where the all the years go? Come to think of it: where did all the jobs go?
USMC
October 3rd, 2011
11:29 am
I guess if we want to play JAY’S game today we can show how EXTREME and socialistic the Liberal movement in the U.S. has become…
JFK on TAXES:
http://www.youtube.com/watch?v=_AAEp0J_hzU
Adam
October 3rd, 2011
11:30 am
You know, it’s looking more and more like Obama is doing what Reagan did with his time in office. Except for the health care thing. Which is very very odd to me. Does this mean I’m actually a Reagan supporter?
poison pen
October 3rd, 2011
11:30 am
Jay’s last two poor blogs didn’t get the hysteria that he was hoping for so now he hopes this one will get the juices flowing, and he wonders why there is so much discord in our country.
Union
October 3rd, 2011
11:31 am
i am all for closing the loopholes.. funny thing is i see people expounding the fact that ge pays very little income tax as a company… actually.. they pay billions.. just in another country where the tax rate is less.
poison pen
October 3rd, 2011
11:31 am
” Does this mean I’m actually a Reagan supporter?”
Nah, I’d say a Jay supporter.
getalife
October 3rd, 2011
11:32 am
Truth hurt much cons?
carlosgvv
October 3rd, 2011
11:32 am
The Republicans are totally owned by Big Business today in a way they never were in Regan’s time. Keeping the special interests in and the people’s out is what they are paid to do and they do it well.
Normal
October 3rd, 2011
11:33 am
“Once more, history offers compelling evidence of just how fanatical and extreme the conservative movement has become in this country.”
True, so true. Anyone who thinks that the GOP has not been hijacked by the religious right should read Frank Schaeffer. The American Taliban is alive and getting stronger every day. Mullah’s Boehner and McConnell are helping things right along. A theocratic America, all white, all Christian, and with no rights for women. Turbans anyone?
USMC
October 3rd, 2011
11:33 am
How many Liberals/Progressives/Socialists are preaching this Democrats famous line???
John F Kennedy ‘Ask not’
http://www.youtube.com/watch?v=JLdA1ikkoEc
Yes Jay, it you Socialists who are the EXTREME ones and tearing down this great country.
ty webb
October 3rd, 2011
11:33 am
Ah yes…Jay’s daily “shout out” to “Think Progress”… I hope your comrades all compensating you well, Jay.
Matt
October 3rd, 2011
11:33 am
Oh my God… if you guys are going to think like that, you have to quit praising Reagan too. He was not one of you.
Union
October 3rd, 2011
11:36 am
cons.. dems.. what’s it all really matter? biggest issue is that we have someone in the wh that is floundering around with no idea of what to do.. until that is resolved.. nothing is going to go well..
Don't Tread
October 3rd, 2011
11:36 am
Here we go again…tax the evil rich
(yawn)
md
October 3rd, 2011
11:37 am
Still doesn’t justify the blatant game being played when comparing apples to oranges as this admin is doing.
Even Buffet is calling them out on that one………it is very telling when they have to compare one type of tax with another to stir the masses………and it is done intentionally.
Adam
October 3rd, 2011
11:37 am
Don’t Tread: Please find me anywhere that someone who supports this proposal said “evil rich” when referring to the rich.
Normal
October 3rd, 2011
11:38 am
Ask not what your country can do for you, but ask what you can do for your country…Pay a little more in taxes, maybe?
But USMC,
you really need to read the whole quote. The last lines of a beautiful speech…
“And so, my fellow Americans, ask not what your country can do for you; ask what you can do for your country. My fellow citizens of the world, ask not what America will do for you, but what, together, we can do for the freedom of man.
Finally, whether you are citizens of America or citizens of the world, ask of us here the same high standards of strength and sacrifice which we ask of you. With a good conscience our only sure reward, with history the final judge of our deeds, let us go forth to lead the land we love, asking His blessing and His help, but knowing that here on earth, God’s work must truly be our own.”
Puts a better light on things, I think.
poison pen
October 3rd, 2011
11:38 am
Union
” i am all for closing the loopholes.. funny thing is i see people expounding the fact that ge pays very little income tax as a company… actually.. they pay billions.. just in another country where the tax rate is less.”
So Union, do you want the companies in our country to pay less in taxes? GE is a prime example of what’s wrong with our tax loopholes.
Then there is people like Warren Buffoon who is old and made his Billions and now feels guilty that he used every loophole in the world and want’s others to pay more.
He should be railing against all the loopholes that made him filthy rich.
Jay
October 3rd, 2011
11:39 am
USMC, Kennedy cut the top marginal rate from 91 percent to 70 percent.
Today the top rate is 35 percent. I’d say that’s a very different landscape, wouldn’t you?
On the other hand, if you insist that Kennedy had it right, I suppose we could move the top rate back up to 70 percent. It’s not something I’d recommend, but again, if you think Kennedy had it right, maybe I should reconsider.
Adam
October 3rd, 2011
11:39 am
Jm: But the blind can only understand 1/2 the equation
Seems a little dishonest to say the only two parts of the equation are tax RATES, doesn’t it?
Soothsayer
October 3rd, 2011
11:39 am
“funny thing is i see people expounding the fact that ge pays very little income tax as a company… actually.. they pay billions.. just in another country where the tax rate is less.”
Not to mention the fact that wages are $0.50 an hour.
This is a common theme among posters on the Right that somehow if we lower corporate taxes rates to zero that all those nice corporations will close up shop in China, India, Malaysia, Vietnam and Mexico and move those jobs back to the United States. After about the 100th time hearing it, it has worn a little thin.
Swami Dave
October 3rd, 2011
11:39 am
Well……
“…sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary…”.
In reality, neither today’s millionaires are paying “nothing” and the bus driver is likely getting an earned income tax credit meaning he is net receiving via the tax code! Likewise, the business owner is not paying “a smaller tax” than his secretary.
Net result – Claims that Reagan would be “backing” the Buffet Rule is questionable at best.
-SD
TaxPayer
October 3rd, 2011
11:40 am
The Koch crooks are the Republican’s heros. Republicans do whatever the Koch crooks tell them to do.
Kamchak
October 3rd, 2011
11:41 am
St. Ronnie-of-the-RayGun had wealth envy.
Who knew?
Adam
October 3rd, 2011
11:41 am
Reducing corporate tax to zero = a ploy by the right to get that tax rate down so that it can never be raised again. Will it create jobs? Nope. Those companies that went overseas for labor will stay there.
1811/0311
October 3rd, 2011
11:41 am
Jay:
Times change and we have changed …………….. just like you libs.
Kennedy would be a super-conservative today.
Get used to it.
retired early
October 3rd, 2011
11:42 am
I think Obama has finally found something with enough traction to expose the GOP as the party of the rich. The T Party and the GOP presidential hopefuls both have their feet dug in on this issue. They can’t back down now and it will be their collective undoing in the next election.
Adam
October 3rd, 2011
11:44 am
Scout: I find it laughable that you would say you have “changed.”
poison pen
October 3rd, 2011
11:45 am
Jay, What was the dollar worth in Kennedys time compared to now? Yes 70% would be bad now but back then maybe not.
If out tax rate followed inflation and the value of our dollar, the govt would probably owe all of us money. That was a joke..
Paul
October 3rd, 2011
11:46 am
Big difference? One of the main Democrats, Rostenkowski, was willing to work to pass Pres Reagan’s agenda. Now any Republican taking such a stance would be vilified.
Democrats back then had way more character than Congressional Republicans do today.
Peadawg
October 3rd, 2011
11:46 am
We need to reform a lot of things…not just loopholes for millionaires. Raise Medicare age to ATLEAST 67 would be another good one. Legalizing online poker and taxing the withdrawals would be one more. Oh and don’t forget legalizing ‘ol mary jane and taxing that as well…that would save on having to put so many people in jail for smoking pot.
Strawman
October 3rd, 2011
11:46 am
So, Jay, when did you become a Reagan fan-boy?
Regarding the so-called Buffet rule, there seems to be a difference (judging from Buffet’s own remarks this past week) between what Obama is proposing and what Buffet thinks ought to happen. Do you think the current tax system is fine as it is or would you be amenable to overhauling it?
Adam
October 3rd, 2011
11:46 am
poison pen: If out tax rate followed inflation and the value of our dollar,
….then taxes would have gone up following the recession.
MightyRighty
October 3rd, 2011
11:47 am
Jay, times change. If you want to go back in time you might mention our founders would never have approved a graduated tax rate and JFK would have told the moochers to “ask what you can do for your country?”
Adam
October 3rd, 2011
11:47 am
Peadawg: Raise Medicare age to ATLEAST 67 would be another good one.
Show me life expectancy among the poor has increased by two years, and you’ve got a deal.
getalife
October 3rd, 2011
11:48 am
cons can’t handle the truth.
cons are the radical right and it is time to purge them from politics.
End the tea party and join the new movement.
Kamchak
October 3rd, 2011
11:48 am
St. Ronnie-of-the-RayGun hated the “evil” rich.
Who knew?
Adam
October 3rd, 2011
11:49 am
Strawman: The difference is in your mind. What Obama is proposing and what Buffet is saying are the same. You just think otherwise, so I’d like to see whatever info you are using to make this opinion.
Scooter
October 3rd, 2011
11:49 am
Closed loopholes will be reopened until the people demand the intrinsically transparent FairTax!
Paul
October 3rd, 2011
11:49 am
USMC
Three posts, three diversions.
You are consistent.
Kinda reminds me of a recon unit spotting an enemy formation and the USMC commander directs an attack – five miles to the east.
Jm
October 3rd, 2011
11:50 am
When liberals call for raising taxes on those making under $100k and increasing the retirement age, then they can criticize conservatives
Until then, it’s all a bunch of BS
Jimmy62
October 3rd, 2011
11:50 am
The Buffet thing isn’t true, though. He doesn’t pay less than his secretary, and never did.
The best thing we can do for our economy is to get China to follow the economic policies Obama advocates for us. Within 3 years we’ll be destroying China in every economic arena.
Kamchak
October 3rd, 2011
11:50 am
St. Ronnie-of-the-RayGun wanted to steal what rightfully belong to someone else.
Who knew?
Adam
October 3rd, 2011
11:52 am
Jm: When liberals call for raising taxes on those making under $100k and increasing the retirement age, then they can criticize conservatives
Until then, it’s all a bunch of BS
That makes no sense. That’s what conservatives advocate for. So are you saying that any time a liberal says something a conservative disagrees with, he must then also advocate for the conservative’s position or else he is not allowed to criticize the conservative for that position?