Reagan’s Tax Increases Have Democrats Recalling Republican Hero
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Democrats are claiming an unlikely ally in this year’s fight over the debt limit: Ronald Reagan.
Reagan, renowned by Republicans as a tax-cutter, also increased revenue about a dozen times when confronted with surging deficits. The Treasury Department has estimated those measures would be the equivalent of $300 billion annually today -- more than what many Democrats are now seeking as part of a deal to raise the U.S. debt ceiling.