Rush Limbaugh Compares Trump’s Tax Plan To That of Ronald Reagan

Radio talkshow personality, Rush Limbaugh, evaluated Donald Trumps tax plan on Monday, stating that it’s similar to that of Ronald Reagan, whose plan actually didn’t benefit wealthy Americans at all.

Now, I went back, I mentioned to you that you can find, in the 1980s, you can find evidence of Ronald Reagan with similar tax proposals to what I have seen of the Trumpster’s.  If you go back to May of 1985, after the first Reagan tax cuts, he proposed even more tax reform.  He made a speech, and in the speech announcing his new proposals, which included slashing taxes for families, as Trump has done today, in that same speech Reagan said the following:  “Under our new tax proposal the oil and gas industry will be asked to pick up a larger share of the national tax burden. The old oil depletion allowance will be dropped from the tax code except for wells producing less than 10 barrels a day. By eliminating this special preference, we’ll go a long way toward ensuring that those that earn their wealth in the oil industry will be subject to the same taxes as the rest of us.

“This is only fair. To continue our drive for energy independence, the current treatment of the costs of exploring and drilling for new oil will be maintained. We’re determined to cut back on special preferences that have too long favored some industries at the expense of others. We would repeal the investment tax credit and reform the depreciation system. Incentives for research and experimentation, however, would be preserved. There is one group of losers in our tax plan,” Reagan said in May of 1985.  “– those individuals and corporations who are not paying their fair share or, for that matter, any share. These abuses cannot be tolerated. From now on, they shall pay a minimum tax. The free rides are over.”

Now, some of this may come as a surprise to some of you because the impression of Reagan and taxes is that it was slash, slash, slash, cut, cut, cut, and of course by the time the left gets through with what Reagan did, the rich weren’t paying anything.  I don’t know how many of you, because that has been part of the left’s history revisionism since the 1980s, I don’t know how many of you think that Reagan got rid of taxes on the rich.  But it’s just the exact opposite, folks.  The rich ended up paying more after Reagan’s tax reform.  And the way it was made to happen was not by raising their rates, it was by lowering their rates and getting rid of all these silly brackets where income could be sheltered for crazy, wacko investments.  Deductions, they were called.

Those who don’t like Trump or his tax plan are no doubt going to make it look like Obama’s or the Clinton’s, but to liberals, it’s not about paying more or less it’s about punishing people. Anybody who actually goes over the numbers will find that it’s actually a pretty solid plan.

Source: allenbwest.com