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April 11, 2012

President Obama cites Ronald Reagan in support of the Buffett Rule

President Barack Obama invoked Republican icon Ronald Reagan Wednesday in a bid to gain support for his Buffett Rule, saying he'd change the name to the "Reagan Rule" if it meant gaining GOP support.

Obama argued that Reagan would've supported the Buffett Rule to ensure the wealthiest are paying their share of taxes. Without naming Reagan, he noted one of his predecessors "traveled across the country, pushing for the same concept.

"This president gave another speech where he said it was 'crazy' to have tax loopholes that made it possible for multimillionaires to pay nothing, while bus drivers were paying 10 percent of their salary," Obama said. "That wild-eyed, Socialist, tax hiking class warrior was Ronald Reagan.

"He thought that in America, the wealthiest should pay their fair share and said so," Obama said. "I know that position might disqualify him from the Republican primaries these days, but what Ronald Reagan was calling for then is the same thing we're calling for now. A return to basic fairness and responsiblity. Everyone doing their part."

Obama was joined on the stage by millionaires and their assistants whom the White House said support the Buffett Rule. They included Abigail Disney, president of the Daphne Foundation, Celine Justice, Assistant to Abigail Disney, Whitney Tilson, Managing Partner of T2 Partners LLC, Kelli Alires, Assistant to Whitney Tilson, Frank Jernigan, a Google retiree, Teresa Gardiner, his assistant, Lawrence Benenson, Partner of Benenson Capital and his assistant, Carmen Peterson.

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