Radio icon Rush Limbaugh told his audience Monday that he looked at Trump’s tax plan and had flashbacks to the Reagan administration.
Limbaugh was reacting to the plan revealed Monday, which would eliminate the Alternative Minimum Tax and would not tax married couples earning under $50,000 or singles earning under $25,000. Under Trump’s plan, this would be paid for by ending loopholes for hedge fund managers and others who pay very little tax right now.
“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,” Limbaugh said, using his name for the GOP front-runner.
“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,” Limbaugh said.
” 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,” he explained.
“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.”
“Nobody cut taxes more or better than Reagan did. Yet in order to flatten tax rates and increase deductions of certain kinds — which was intended to spur growth and assist families — he insisted on closing some loopholes in exchange for lowering the rates,” Limbaugh said.
“That seems like the exactly what Trump is doing.
Read about Trump’s plan here.