I would contest the claim that Ronald Reagan was not explicitly racist by citing his "Welfare Queen" campaign which was very strongly racially coded - in fact, the original alleged "welfare queen" the slogan was based on just so happened to be a Black single mother!
I wouldn't consider that to be explicit racism, though, since it's "coded," as you say.
What he did not do was adocate segregationism, but that may well be because a) he was from California, which had never been segregated officially, and b) that was no longer a viable policy to advocate in the political climate of the late 1970s. Going by his politics before his presidential campaign, he sounds to me like he was very much the kind of far-right maverick that people have styled Donald Trump to be, and was arguably even worse as an actual US president, as unlike Trump he had the political wherewithal to turn many of his horrible ideas into actual policy.
Their rhetoric was constructed in such a way as to give them plausible deniability. The right-wing would claim that it's all about the free market, skills, work ethic, etc. - the idea that anyone can succeed if they put their mind to it. They would claim that they don't judge anyone by race - that it's all about skills, education, work ethic, and character. To some extent, I think there is some truth to this, if only because the capitalist ruling class has put profit and money-making ahead of all other political objectives.
In response, liberals have tried to attack this as a kind of "stealth" racist agenda and often point to "racially coded" language, as you pointed to above. This leads to absurd rhetorical games analogous to whack-a-mole, where liberals try to spot and out racists wherever they think they see them - even if it's not the explicit, overt racism we might have seen in previous eras. Even if someone denies that they're racist, some liberals will still maintain that they are. Regardless of anything else, it distracts from the overall issues of race and racism in the United States, and instead turns into an irrelevant and pointless personal dispute over what someone thinks someone else is. It's a dead-end argument which solves nothing.
I mean, not any set of ideals - one thing that I find interesting about modern Western democracy is that due to extensive corporate influence and self-censorship, many radical leftist proposals are literally unthinkable in the modern political landscape, and political movements championing even such tepid social democratic talking points as universal healthcare were effectively strangled in their cribs.
Even in Europe, ostensibly more "leftist" in its politics than the US, many leftist movements of the recent years (e.g. SYRIZA, PODEMOS, Corbyn's labour movement) were effectively destroyed by an alliance of corporate interests, a hostile media establishment, and conservative EU politics before they could even dream of implementing any of their ideas.
I've often considered capitalists to be just like politicians in many ways, and as such, they are aware of the politics in their country and are inclined to support that which they believe is politically expedient. Yet, they still want to make as much money as possible, so they dress up their agenda in such a way as to make it appear palatable to the masses. It's just like how a car salesman knows he is selling you a lemon, yet tries to present it in such a way and create the illusion that you're getting a really great deal.