In the latest attempt to sell President Obama’s surtax on millionaires, liberal group Think Progress has released a video of Ronald Reagan, which it claims shows him “supporting the principle behind the Buffett Rule.” It’s a nice try at resurrecting the conservative icon to suggest he would be in agreement with Obama, but the broader context tells a different story.

Yes, it’s true that on June 28, 1985, Reagan gave a speech to Bloom High School in Chicago Heights, Illinois about problems with the tax code in which he told an anecdote about an executive who was paying a lower tax rate than his secretary. But if you read the whole speech, it’s clear that Reagan was telling the story as part of his pitch for tax reform.