If Reagan were in charge now (and still alive), he would raise taxes, which is exactly what he did when he was president. As Politico points out, Obama’s proposed increases in revenues are smaller than the ones that Reagan proposed, and Republicans approved, in order to decrease deficits.
And contrary to what the reality-challenged Republicans say, most Americans are in favor of raising at least some taxes.
UPDATE: Ezra Klein points out that Republicans are not only rejecting what Reagan would have done, but they are rejecting their own deficit reduction proposal from March 2011. The GOP plan for reducing the deficit included around $400 billion in revenue increases. But when the Obama administration agreed to that, the Republicans suddenly changed their tune and insisted that there be absolutely no revenue increases. It sure looks like they are just jerking us around and have absolutely no interest in fixing the deficit.
And this isn’t the first time they have blocked what used to be their own proposals, just to jerk us around. Nor the second time, or third, or fourth.