President Barack Obama said the White House proposed “Buffet Rule” could be named the “Reagan Rule,” referring to former Republican President Ronald Reagan as a “wild-eyed, Socialist, tax hiking class warrior.”
“This president gave another speech where he said it was ‘crazy’ — that’s a quote — that certain tax loopholes make it possible for multimillionaires to pay nothing, while a bus driver was paying 10 percent of his salary,” Obama said at the Eisenhower Executive Office Building Wednesday. “That wild-eyed, socialist, tax-hiking class warrior was Ronald Reagan.”
Obama floated the idea of renaming the “Buffet Rule,” which would require individuals making over $1 million annually to pay at least 30 percent in federal income taxes.
“If it’ll help convince folks in Congress to make the right choice, we could call it the ‘Reagan Rule’ instead of the ‘Buffett Rule,’” Obama said.