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But Gephardt and fit.
Today -- on top of an over the top rewrite of history and we simply couldn't let this go and just as we had every single time this comes up.
Time to once again slap this nonsense down hopefully once it.
Welcome everybody I'm Neil Cavuto on the White House today continuing its -- striking taxes on the rich and lately using Ronald Reagan to make the case.
About the first.
President to call for this idea -- has got to do their fair shares we could call of the regularly and so the -- -- Slower than you would -- -- Ronald Reagan Ronald Reagan.
As -- -- -- is not they're accused of being tax and spend socialist.
If congress would pass -- we would renaming the Reagan rule.
Did they don't call me -- -- for nothing I remember this well I'd covered this at the time.
I know my financial history is the White House taking the -- -- -- contacts.
We play you decide.
We wanna cut taxes not opportunity.
As you can see the percentage of income tax -- would come down.
The way down for those earning less than 151000 dollars.
Down for earnings between fifteen and 30000 dollars.
Down for earnings between thirty and 50000.
And down for those earning more than 50000 dollars try lowering everyone's tax rates all the way up the income scale.
Each of us will have a greater incentive to climb higher to excel to help America grow.
By lowering everybody's taxes so is this president taking liberties quoting that president.
Today's fact checking wants you to post seems to think so.
Awarding President Obama to a Nokia -- indicating significant omissions and or exaggerations -- quoting.
On a superficial level Obama is that going Reagan's anecdotes when he speaks.
Of the Buffett rule -- tax fairness but it is misleading for Obama to suggest that Reagan was pushing for the same concept.
And the label the Buffett rule the Reagan rule when the former president actually.
Barnstorm the country to argue.
On behalf of a broad based tax cut.
That reduce taxes for the wealthy the middle class and the poor while greatly simplifying the tax system.
First -- I want to be very very.
Clear here that is a quote from the Washington Post this is an issue of which I'm very familiar because.
As a young enterprising reporter for public television -- a nightly business report.
I follow that president around the country as he was doing that barnstorming.
So this is not a right or left issue intraday.
This is a right or wrong issue for me and the president is simply wall.
To even in plot that President Reagan was for hiking taxes on the rich so that they could pay more what Ronald Reagan was abdicating was getting rid.
Of all -- silly loopholes in the credits on the special tax breaks.
That prevented so many for not paying any taxes at -- Ronald Reagan said time and again skin in the game everyone's skin in the game.
Big difference big deal and the constitutional scholar and former Reagan staffer bestselling author mark -- and it's something else it's a big -- Mark what do you make of us.
-- being a tirade from now Ronald Reagan never did and never would raise taxes in the middle of the recession.
Slash personal income taxes.
Including the top rate to 28%.
Obama wants to raise -- almost forty.
He's slash corporate income taxes which of the highest in the world under Obama he's slash capital gains taxes which.
Obama wants the double under this -- Buffett rule which I call the eighty world.
Now this -- rule if I may is named after a man.
-- where it's 45 billion dollars and he intends to build a populist argument program that second richest man.
In the United States -- the IRS claims those so about.
-- -- Of that club 500 billion billion dollar 500 million dollars in taxes and penalties for one of those companies but here's the thing.
The buffet rule would raise about five billion dollars a year -- -- author explained that it would take 3000 years then at five billion dollars a year to cover the debt.
Obama blows five billion dollars a year at times -- on Tony between jobs and -- -- Butler companies.
And this isn't about fairness because.
Let's be clear about what Obama does people in the private sector the -- six -- -- whomever they are.
Under this president -- second class citizen.
Apparently the only noble that is and is a bureaucrat a politician put somebody on the -- all the rest of us.
Are are stealing our ripping people off.
-- too rich.
And so Obama's anti growth anti jobs anti wealth.
Mammograms -- more quickness more than what a lot of miles this they did because I as I said on Fox's resident nerd.
I covered this sort of stuff I did cover Ronald Reagan in the tax revolution close I guess that -- -- of my age and minority -- how long track it is.
But I what is it I cannot stress enough to folks is this is not a writer leftists -- to me this is a right or wrong.
Issue that Ronald Reagan was trying to address the idea.
That every one have skin in the game then that if you were either.
Very poor and tried to dodge taxes or you were very rich and tried to dodge taxes.
There's should be nothing in our tax code that would allow that to happen and that's what he wanted to eradicate -- 1985 to nineteen.
86 now I think it is worth pointing out.
That this president has not pointed out that talking about putting more skin in the game half.
The filers in this country aren't filing at all because they don't owe any federal income taxes at all that's not to dismiss what they're -- Social security and Medicare related taxes I'm not minimizing may -- the vast majority of being.
Wonderful Americans I am saying that half.
The eligible filers in this country are not paying any federal income taxes in this country yet the president has twisted this around.
To make it like a modern day Ronald Reagan insult and that's what's insults.
Well that's all correct and the reason he's doing all this.
In fiesta throughout a thousand -- the issues out there in order to take attention off his record unemployment is a disaster not coming down.
110 of 1% meaningless.
Despite all the spending the debt is completely out of control and it's going to be out of control for the next two decades if this president's -- elected.
The value of the dollar was inflation starting to pick up now on the dollar value the -- anybody goes overseas I'm not one of them but anybody does.
Can can attest to that.
Housing prices are still flat -- not going down gasoline prices are going up food prices are going up you know what's supposed to go up is going down what's supposed to go down -- going up.
And -- wants us to believe these Ronald -- it.
Well here's I want to hear it go back to the passage you know better than than than I did and you were put a guy and you -- -- that are very well.
If this sounds like Barack Obama.
To you today listen to what Ronald Reagan was saying.
Again close to thirty years ago this is from Ronald Reagan.
When taxes are -- economic growth.
Economic growth is good for just about -- no wonder just about no one's saying.
We don't raise.
Actually I think.
-- in the years.
But now we have a president was saying that there's another thing Reagan has that Obama doesn't have and that's -- -- humor and other things -- -- -- on your program but in any event.
The idea didn't.
That -- most the left wing president in my lifetime that wants to fundamentally transform America for all the wrong reasons.
Invokes Ronald Reagan I mean it's how stupid but there's does the president think we are I have -- -- we're not that's.
-- much I don't know though I because no one's calling on an up -- I'm trying to do when this first started happening I would raise it on that's fine.
Network and on Fox Business was -- if you don't get you really should demand I don't get it excellent.
And and one thing that admit tonight I've heard you talk about it extensively on your show of course you've written -- so many great books on this same subject.
The the issue is that we hear it and the mainstream media isn't even challenging -- taken up on.
Again this is not a -- of the liberal point would mean this is.
A nerdy let's be right on the money about this kind of point and I think when you can tell a little -- You are more prone to tell bigger ones you to have an already that's my -- Well you're quite right look the bottom line is -- Obama wants to massively increase taxes Reagan wanted to massively cut taxes it's even more than that if you look at oil and gas breaking comes an office.
The first thing he does is deregulate oil and first thing he does.
Obama is regulating that -- less -- He's being anti Reagan using anti capitalist if you will.
Obama has no intention to cutting anybody's taxes period -- the middle class but the lower classified any class we can't -- He's got a -- much as the private collectors possible -- causes me to return to my first point.
He used people in the private sector whatever they aren't whomever they are whether there women or men as second class citizen.
People who feed off the federal government most of the people he wants but he does that people you're concerned about Reagan won -- -- so those people.
He had to -- congress sometimes he wants sometimes he lost but he's the anti -- there's no question about that.
But here's what -- -- worry and I wanted to bring this to your attention mark of course you've been following -- markets that are the most anyway but look we had a big run up in the doubted there about a 182 points.
Closing in back on thirteen thousand.
Largely fueled by growing optimism.
Europe's gonna get some help and other words there's going to be there another bailout it is going to be a lot of support.
And it's this twisted philosophy of ballots and help Boeing the bastion of capitalism that's what it takes to -- These markets moving I think would have Ronald Reagan rolling in his -- -- -- -- I did that.
That do what would these markets tend to responded more often than not is -- it's times get tough well hopefully.
This is the government's going to be there is a backstop either here or abroad.
Sit sit -- -- out I think that's just the the wrong signal.
And you know you're quite right -- remember when Reagan came in office.
We have massive inflation double digit inflation double digit unemployment.
And he's put fiscal policy and poker through monetary policy decided they needed to wring inflation out of the system they were gonna bite the bullet.
Because that's selection consequences.
A few years later.
That's exactly what they did they did whip inflation massive economic growth the private sector was -- lead with fiscal and monetary policy.
The exact opposite is happening now.
The president has his foot on the throat of free enterprise he's constantly demeaning it.
The bad I don't know what the Fed is -- the Fed is printing money left and right that money will return home one day it'll be worth a hell of a lot less.
Instead this president are going in exactly the opposite direction is right in debt rating had 25 years of economic growth after that pouring -- after he left office.
We can't even get.
Serious economic growth but he GDP for one quarter under the.
It's -- will mark thank you very very much it's always great having it it's a great pleasure my -- excellent writer great thinker great -- -- -- -- -- Up again and I'd love story that sees as I just want you to be aware I had no agenda here and OP voters say on an -- I had an agenda with President Bush if you wanna say that going with these rescues and balance.
I was against and then I was against.
Is not putting the Iraq and Afghanistan wars.
On budget I've -- -- the wars and when he was trying to do but again it's not keeping to have -- how they were being paid for.
So I'm a nerd about this and I apologize -- -- there.
But I take.
No exception here to anyone who -- will lead then -- does history.
-- let's assume either -- political environment or an agenda.
The fact of the matter is Ronald Reagan was in for simplifying our tax not complicating it.
He was in for everyone being in the game everyone paying taxes no matter where you were in the economic strategy you were paying and so when he was trying to get rid of those loopholes and special tax credits he was doing it to address any one of any income level.
From trying to dodge paying any money at all he found that egregious he found that offensive he found that sinful.
That was Ronald Reagan that is what he said and did.
I can tell you as a reporter who followed him around the country on this revolutionary story when I was a lot thinner enabled.
Is what happens.
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