Last fall, when President Obama debuted the Buffett Rule — the simple idea that millionaires and billionaires should pay at least the same tax rate as middle class workers — we climbed into the wayback machine and found a video of President Ronald Reagan decrying “crazy” tax loopholes (originally stated on June 6, 1985) that allowed a millionaire to pay a lower tax rate than a bus driver.
With the Senate set to vote one week from today on a Buffett Rule bill that would make sure millionaires and billionaires pay a minimum tax rate of 30 percent, we now present another video of former President Reagan supporting the principle behind the Buffett Rule (originally stated on June 28, 1985). In today’s video, President Reagan describes a letter he received from an executive who wanted to come to Washington and tell Congress why it’s “wrong” that he was able to “take advantage of the present tax code” to pay a lower tax rate than his secretary. Watch it:
Sounds pretty familiar.
We need to build an economy that works for everyone, not just the privileged few. We can start by passing the Buffett Rule to make sure millionaires and billionaires can no longer take advantage of unfair tax loopholes to pay a lower tax rate than millions of middle class workers.