No, Biden's budget is not like 'wacko' Reagan's

President Joe Biden recently released his budget proposal which has become more of a political wish list.

Dan Savickas is the director of Policy at the Taxpayers Protection Alliance. 

Another disingenuous defense of the Biden budget has gained traction – the president’s claim that his corporate tax hike is in line with the policy from the Reagan administration. The president, in rolling out his plan, leaned into the microphone and whispered, "When we talk about corporate tax rate, Ronald Reagan was 28 percent [corporate] tax rate." He continued, sarcastically referring to Reagan as "that wacko liberal guy."

President Biden is indeed correct that the effective corporate tax rate for much of the Reagan presidency was 28 percent. In fact, the statutory rate was even higher than that, hovering around a staggering 50 percent before declining to just under 40 percent right before the end of Reagan’s second term. At first glance, Biden might appear to have a point in that his proposal is not terribly out of line with the historical corporate tax rates in American history.