Ronald Reagan on March 20, 1981

On this day in 1981 Ronald Reagan addressed the Conservative Political Action Conference (C-PAC) for the first time as president.

Ronald Reagan understood that burdening Americans with heavy taxes stiffled their prosperity which was why he signed the largest tax cut in American history at the Reagan Ranch in 1981.

"I have only one thing to say to the tax increasers ... go ahead, make my day," he said.

He also said, "Those doing all the criticizing had their chance. In the four years before we got to Washington they had it all. They had the whole enchilada ... they virtually had a free hand and all they could think to do with that free hand was stick it in your pocket."

Low taxes, responsible spending ... the principles of Ronald Reagan Republicans.