Ronald Reagan also spoke out about tax loopholes for the rich, saying that in theory such loopholes might sound great, but in practice it was unacceptable for a millionaire to pay fewer taxes than a bus driver. In today's debate, so often the closing of loopholes is advertised as a tax increase. However, what it is not is a tax rate increase. It is a closing of loopholes, and in this video we can see that Ronald Reagan and Barrack Obama would have agreed in this matter.