But Reagan did no such thing. He came into office with a plan he signed into law that cut federal income tax rates across the board for every income bracket -- a policy that lifted the economy out of a steep recession.
In his second term, Reagan got rid of a number of tax exemptions, loopholes and corporate welfare, and lowered tax rates further -- cutting the top tax rate to 28 percent.
And he did it, by the way, with the help of Democrats in the House and Senate, including then-Sen. Bill Bradley of New Jersey and then-Rep. Dick Gephardt of Missouri.
In the fourth year of Obama's presidency, the economy is still weak (growing by about 2 percent), unemployment is high, and he's still trying to raise the top federal tax rate to nearly 40 percent.
Obama boasts about creating 122,000 jobs in March, but in September, 1983, a year after the Reagan recovery began, he created 1.1 million jobs in a single month. In the second year of the Reagan recovery, the economy grew by 6.8 percent.
The Washington Post's fact checker, Glenn Kessler, gave Obama two long nosed Pinocchios for dishonesty. "It is misleading for Obama to suggest Reagan was pushing for the same concept," Kessler said.
Obama was falsely labeling "the Buffet Rule the 'Reagan Rule' when the former president actually barnstormed the country to argue on behalf of a broad based tax cut that reduced taxes for the wealthy, the middle class and the poor while greatly simplifying the tax system," he said.
But such efforts to revise history have permeated the Obama presidency. In March 2009, the White House was caught "editing President Bush's biography to soften his listed accomplishments. They quickly reversed course," Cooper reminds us.
More recently, he reports, Obama's campaign team "released a Nixonian enemies list [April 20] of Republican donors on their Truth Team website."
"This wasn't about transparency, but intimidation. After each donor name, the Obama team highlighted why they felt the person was 'less than reputable.' These donors had been successful in businesses "that was counter to the president's worldview (i.e. oil production) or they made business decisions like outsourcing," Cooper said.
But if his high level team of advisers is relentless in its zeal to exaggerate the president's record, so is Obama.
Earlier this month, he told ABC News' Robin Roberts, "When I think about -- those soldiers or airmen or marines or -- sailors who are out there fighting on my behalf..." My behalf?
When asked recently on The View program why the American people are sharply divided over his presidency, Obama delivered this remarkable response that suggests it is not because of his policies but because of his name:
"When your name is Barack Obama, it's always going to be tight. Barack Hussein Obama."
The White House's latest effort at historical revisionism came last week when press secretary Jay Carney berated reporters for not realizing that the rate of spending under Obama was lower than any previous president since the 1950s.
In fact, spending has climbed from $2.98 trillion to $3.72 trillion under Obama's four year term -- rising from 20.3 percent of GDP in 2008 to 24.3 percent of GDP in 2012.
Kessler gave Carney three big Pinocchios on that one, saying he "should do a better job of checking his facts before accusing reporters of failing to do so."
White House Confirms James Foley Execution as First ISIS Attack on The United States | Katie Pavlich
Inside The Bomb Shelters: A Look at The Reality of Israeli Civilian Life Under Terrorist Rocket Fire | Katie Pavlich