Presidential candidate Michele Bachmann, now in sixth place in the latest NBC/Wall Street Journal poll, told a Fox News audience Thursday that she wants to reinstitute the Reagan tax plan.
"For my tax plan, I take a page out of one of my great economists that I admire, Ronald Reagan. And under my tax plan I want to adopt the Reagan tax plan. It brought the economic miracle of the 1980s. Why not go with what works? You can't argue with success. I want to reinstitute the Reagan tax model from the 1980s."
Bachmann's offered her vision as an alternative to the much-discussed "9-9-9" plan put out by former Godfather's Pizza CEO Herman Cain, the current poll leader in the GOP nomination battle.
Bachmann faults the 9-9-9 plan for creating a national 9-percent sales tax that would represent a new revenue stream that government could increase.
One potential problem for Bachmann is that tax rates under Reagan were generally higher than they are today (until the last year of his presidency), and, like President Obama, he acknowledged that wealthy Americans sometimes avoided paying "their fair share" of taxes.
