I think Reagan was talking about the myriad of tax shelters which were huge business up until the 1986 reform. Getting rid of them for a flat tax wasn't a bad idea, though because he didn't really get a flat tax, we have crept back towards the status quo.
I haven't head Obama talk about closing income tax loopholes, I have just heard him whine about capital gains being taxed at a lower rate then income. It is dumber than dumb to think about taxing investment (capital gains is tax on invest revenue) when the economy is this broken.
Everything you say is true, but remember in this speech, Reagan was advocating and
LOWERING THE TOP INCOME TAX RATES, exactly the OPPOSITE of what Obama has been proposing since he took office.
So sorry, NO SALE!