President Obama in recent days has been speaking about his so called proposed Buffet rule. This is a result of Warren Buffet commenting that he paid less percentage of taxes than his secretary. Obama has been making an effort to sell his plan making a very valid point that with capital gains taxes being low and hedge fund income being taxed as investment income that Buffet is right, that a minimum tax needs to be in place for the richest Americans.
It is always funny, or would be if it were not some mix of sad and disgusting, to see Republicans twist themselves into stating why millionaries should not have any tax increase.
So yesterday I saw a fascinating clip of the great Conservative Icon Ronald Reagan. Ronald Reagan who lowered the top tax rate more than half. Ronald Reagan the great tax cutter who stated that he wanted to remove loopholes because he wanted to make sure that the top executives on Wall Street did not pay a lower percentage than the bus driver and postman.
And yet our Republican friends who revere President Reagan still try to let us believe that any tax rate increase on millionaries will bring the economy to a screeching halt.
Ridiculous when your icon does not agree with you.
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