At the Washington Ideas Forum, sponsored by the Atlantic, Vice President Joe Biden talked about raising taxes on the wealthy and getting rid of tax loopholes.
“Look, we talk about the Buffet rule, I call it the ‘Reagan rule,'” Joe Biden said, reading a quote from Reagan about tax loopholes.
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Yesterday, President Obama used Reagan’s remarks in a similar manner, but as my colleague Joel Gehrke wrote yesterday, Reagan supported simplifying the tax code in favor of wide spread tax cuts, but opposed extra tax rates like the ones that President Obama is trying to create for millionaires.
NBC’s David Gregory reminded Biden that millionaires do pay more taxes than a bus driver.
“The vast majority of millionaires pay more than the bus driver,” Biden admitted, “But on a progressive tax stage, they don’t pay at the rate that they should pay.”
Biden’s comment undercuts President Obama’s claim about the issue this week, when he suggested that “a bus driver pays a higher tax rate than a millionaire because of some loophole in the tax code.”
