=+h. Defenders of the Obama proposal point out the following: After President Ronald Reagan’s 1986 Tax Reform, the top marginal income tax rate was 28%, implying that it would cost high earners 72 cents for every dollar they contribute to charity, just as it would under the Obama proposal. If that was good enough under Reagan, it should be good enough now. In what sense is the comparison right, and in what sense is it misleading?