Is Buffett Rule Actually 'Reagan Rule'? Reagan Says 'No Tax Loopholes for Millionaires' in 1985 [VIDEO]

Republicans, take note: Barack Obama is following in the footsteps of none other than Ronald Reagan.

While the Obama administration's proposed millionaire's surcharge, known as the Buffett Rule has been derided as class warfare by leading members of the GOP, in 1985 the party's own knight in shining armor also advocating ending tax loopholes that allow the truly wealthy to avoid paying their fair share.

In a speech at Northside High School in Atlanta, Georgia, Reagan said tax loopholes that allowed a millionaire to pay lower taxes than a bus driver were crazy. Moreover, in a remark that foreshadowed one of the often-cited inspirations for the Buffet Rule itself, Reagan said he had been contacted by an Illinois man who said these same loopholes allowed him to pay a lower tax rate than ... his secretary.

He wrote me the letter to tell me he'd like to come to Washington and testify before Congress as to how that's possible for him to do and why it is wrong, Reagan said.

With the Buffett Rule, Obama is simply calling for a return to basic fairness, as advocated by Reagan himself, according to the Center for American Progress. The organization suggested that, given the history, the administration may want to call it the Reagan Rule instead.