Appearing on the CBS News program 60 Minutes on Sunday night, House Majority Leader Eric Cantor (R-VA) was challenged to admit that his hero, President Ronald Reagan, did in fact raise taxes 12 times.
Interviewer Lesley Stahl, mentioned to Cantor how his “idol” Reagan compromised his principles by raising taxes during his presidency. Cantor tried to deflect the focus by mentioning that Reagan cut taxes, but Stahl reiterated her point.
Upset at the reporter, Cantor’s press secretary yelled off camera, “That’s not true, and I don’t want to let that stand.”
No matter if Cantor, his staff or conservatives at-large want to deny that Reagan raised taxes, what Stahl said is completely true.
After his huge tax cut in 1981 slashed all tax rates to 23 percent, sparking a budget crisis, Reagan realized he’d also have to raise taxes in the years that followed. He raised taxes four times between 1982 to 1984, increasing the payroll tax, broadening the base of Social Security payees, applying the income tax to higher earners and rolling back corporate and individual tax breaks.
Reagan’s historic tax cuts for the wealthiest Americans, whose rate went from 70 percent to 28 percent during his administration, ultimately forced the president to raise taxes on more people than any other U.S. president during a time of peace, according to New York Times columnist Paul Krugman.
In total, Reagan raised taxes 12 times during his two terms in office.
(Source: CBS News and RawStory.com)