President Obama says Reagan would support tax hike plan

This transcript is automatically generated

President Obama are arriving in Cleveland moments ago a look at Air Force One here for you he's expected to speak about the economy.

And push the so called Buffett rule.

At an event in the nearby town of in the -- yeah.

Interestingly he started calling this the Reagan rule in recent days.

Referring to in 1985 speech in which President Reagan called for everyone to pay their fair share.

Is it a fair comparison.

Michael as a political consultant and the chairman of the Reagan groups of the president continues to push this even -- it did not get support in the democratically controlled senate.

But the president continues to maintain that we need more fairness.

In our tax code Michael and he says if you don't want to call it the Buffett rule or buffet he claims pays.

A lower rate in taxes than -- secretary I'll call it the Reagan rule because he came -- said your dad.

Pushed for the exact same thing and argued the wealthy liberal and what they're actually don't you well I understand you're not happy about -- -- -- what -- go.

Why why are you doing now -- I am so tired of Barack Obama lied about my father to try and pass his piece of legislation.

You know he dresses up -- -- knows -- -- close every week he dressed up as Warren Buffett went to the senate they turned down the Buffett rule not addressed himself up.

Has Ronald Reagan and tried to tell the people something about Ronald Reagan did just is not true Ronald Reagan.

Was talking about lowering the effective tax rate on every working American in the United States of America at the same time.

He was talking about closing the loopholes for all those tax deductions that when he was talking about he was talking about raising taxes.

On wealthy he would talk about lowering everybody's taxes -- -- Obama to once again just take this out of context.

And and try to play the wildly Reagan card to try get people to support his positions is just a bold faced lie.

He came up specifically and talked about a speech you dad gave in 1985 this is President Obama -- Saying he gave a speech Torre talked about a letter he received from a wealthy executive who paid lower tax rates than his secretary.

And wanted to come to Washington and tell congress why that was wrong.

So this president meaning your dad gave another speech where he said that was crazy that's a quote.

That certain tax loopholes made it possible for multi millionaires to pay nothing while a bus driver with paying 10% of his salary.

That wild side socialist tax -- in class warrior was Ronald Reagan does that is that not the case.

Dad no that's not the case because -- really taken out of context.

Of the of the dynamic of the speech that he was -- Because what he was taught about was those loopholes -- closed the loopholes let's not -- raise taxes.

On millionaires.

And make them pay an effective -- 30% more.

If indeed they are millionaires or billionaires it was about lowering -- rate -- look at Ronald Reagan's histories -- United States what was he doing.

He was lowering the tax -- 1981.

Largest tax increase in American history and he knew by lowering the tax rate.

Not only on the investment taxes capital gains taxes and of course -- earned income.

He knew that would be -- job creator which exactly what it was that's what he wanted to do.

And that's what he was talking about Barack Obama.

Is talking about what you talk about raising taxes on the wealthy at that that's going to be doing something for the deficit and -- interest to.

He's never mentioned what he do what the money.

And he certainly wouldn't pay down a deficit which he has help aptly balloon out of -- In the last three years -- so -- taken out of context try to make believe that he has in fact Ronald Reagan.

That's is stupid as when he went to Ireland to pretend he was arch.

You know the president came out earlier that this week -- late last week that the president actually pays a lower rates.

Then his own secretary or at least did in 2011.

Do you think people are less inclined to listen to -- when.

He is taking advantage of these very tax laws that he is condemning for the rest of us.

Down isn't that just normal course -- -- talk about giving a look at Joseph Biden -- what one and a half percent to charity last year.

Charges Secret Service for rent on a building their running -- -- -- property that's typically what the liberals will say and what they actually do what really upsets me.

There's the fact.

-- Barack Obama's trying to also go around and tell people what -- would not be supportive of the Paul Ryan plan.

One -- be applauding Paul Ryan for direction he's taking this country and another upsetting thing is that the mainstream media.

Refuses.

To tell the truth about any of this at all that -- with you what Fox News thank god.

Michael Reagan thanks for being here.

Thank you accuse him.

Watch Live

President Obama says Reagan would support tax hike plan

Details

Clips

Latest News

Tea Party group sues IRS for political profiling

Justice Dept. seizes Fox News' phone records

Issa: I was aware of IG IRS findings last year

Okla. Gov. Fallin: We're strong and we'll rebuild

House of Scandals: Where was Obama?

Survivor says 'I just count it as a loss'

Rudy Giuliani says DOJ spying is 'totally unethical'

Degree of devastation: Oklahoma tries to move forward

Jodi Arias jury deliberates death penalty

Hollywood Nation: Chester pulls double duty

Reaction to DOJ targeting FNC's James Rosen

Obama pledges help for Oklahoma twister victims

Transcript

Recommended