Wealthiest Americans still pay far less in taxes than under Regan or Nixon

Republicans are distorting the facts, and we need to set the record straight: Obama's budget asks far less of the rich than President Reagan or Nixon did.

The media has been obsessing about President Obama's plan to roll back the Bush tax cuts for the wealthiest Americans—from 35% to 39.6%—even asking if that makes him a socialist.¹

But do you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan's first term? 50%.

Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!

The budget cuts taxes for 95% of working Americans who are struggling to make ends meet. And to pay for the investments we desperately need to get our economy moving again, it closes tax loopholes for big corporations and rolls back the Bush tax cuts for the wealthiest Americans