Here is the full Reagan speech...
http://www.reagan.utexas.edu/archives/speeches/1982/81182a.htm
The context:
Now, about half the total in the bill is correcting unintended tax advantages which have resulted from sloppiness in some legislation. One example is a technical flaw in a bill passed several years ago which resulted in some corporations getting a 60-percent tax reduction simply because of that technicality which had never been intended in the passing of the bill. It was totally uncalled for that they should continue to get that.
And finally we come to what is new taxes in the bill -- less than $1 out of 5 in the 99 billion tax package is a new tax -- 17 to 18 billion dollars in all. Our tax cuts, with the 10-percent income tax cut that you will get next July, will save you over those same 3 years $406 [$402 -- White House correction] billion that will stay in your pockets and not go to Washington.
Now, this tax program is part of the entire budget process, and it was essential in getting support for further reductions in spending. In order to get $280 billion in reduced outlays over the next 3 years against those deficits, we had to agree to the added revenues of 99 billion. The ratio of reduced spending outlays to revenues is 3 to 1.
The bottom line is this: Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment? And I think I know your answer.
