About this recording
905-010a
- President Richard M. Nixon
- George P. Shultz
- John D. Ehrlichman
- Stephen B. Bull
April 26, 1973
Conversation No. 905-10
Date: April 26, 1973
Time: 10:24 am - 11:20 am
Location: Oval Office
The President met with George P. Shultz and John D. Ehrlichman.
Greetings
Shultz’s memo
Fiscal policy
-President’s position
-Congressional action
-“Top tax rates”
-Administration’s position
-Congress
-Effect on capital gains
-Individual income
-Earned income
-Interest and dividend
-Effect on capital gains
-7-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Tax shelters
-Reduction proposals
-Administration’s position
-Congress
-Capital gains tax
-Internal Revenue Service [IRS] [?]
-Compromise
-Increase
-Congress
-1969 tax bill
-Estate taxes
-Charitable deductions
-President’s position
-“Big government” advocates
-Wilbur D. Mills [?]
-“Egalitarian sophistry”
-Great Britain
-Congress’s role
-Administrations’ position
-Leaks
-1969 tax bill
-Treasury Department
-House Ways and Means Committee
-President’s position
-Opposition to estate, capital gains reform
-Bill signing
-Treasury Department’s role
-Dealmaking
-Executive sessions with Committee
-Shultz, William E. Simon
-Simplification
-Lee H. Henkel, Jr.
-Forms
-Elimination of dividend exclusion
-Reaction of New York Stock Exchange
-Impact on small investor stock purchases
-Compared to other deductions
-8-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Gas tax
-Retirement income credit
-Government revenue
-Social security
-Reasons
-Eliminate earnings deduction
-Eligibility
-Retirement age
-Cost increases
-Social security
-President’s schedule
-Yawning
-Coffee
-Forms
-Retirement income credit
-Cost
-Social Security
-Beneficiaries
-Federal employers
-Municipal government employers
-Estate and gift taxes
-Administration’s position
-Testimony
-Proposals
-Congress’s role
-Consolidation
-Controversy
-Wealth management
-Compared to capital gains
-Wealth management
-Transition rules
-Lon Scaife
-Unification of rates
-Marital deduction
-Liberalization
-Generation skipping trusts
-Proposal
-9-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Controversy
-Rejection
-Capital gains at death [?]
-American Bankers Association
-Proposal
-Congressional relations
-Shultz’s role
-House Ways and Means Committee
-Mills
-Administration’s position
-Opposition
-Transition
-Issues
-Capital gains at death
-Rates
-Marital deduction
-Unification of rates
-Generation skipping trusts
-Bipartisan Congressional leadership meeting
-Purpose
Stephen B. Bull entered at an unknown time after 10:24 am.
President’s schedule
-Bipartisan leadership meeting
-Topics
-Taxes compared to foreign aid
Bull left at an unknown time before 11:20 am.
Fiscal policy
-Taxes
-House Ways and Means Committee
-Hearings on taxes
-Mills’s calendar
-Administration’s position
-Timing
-10-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Executive session
-Administration’s position
-Support for elderly, parochial schools, minimum tax
-Simplification
-Christmas tree metaphor
-Compared to 1969 tax rates
-Shultz
-Mills
-“Open rule” issue
-Estate and gift taxes
Phase III wage and price controls
-Congress
-Meeting
-John T. Dunlop, Troika
-Arthur F. Burns
Fiscal policy
-Tax on interest and dividends paid to foreigners
-Mills’s proposal
-Possible effects
-Capital investment
-Tax treaty negotiations
-Foreign tax shelters
-Switzerland
-Accountability
-Disparity
-Administration’s position
-Mills’s leadership
-Tax receipts
-Fiscal years 1973 and 1974 increases over budget estimates
-Public knowledge
-Bonkers, underwriters
-Re-estimate of receipts
-Methods of publicizing
-Shultz’s testimony
-President’s statement
-11-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Economic Stabilization Act [Phase III]
-Congressional action
-Bill-signing statement
-Support for program
-Voluntary support of business, labor
-Budget deficit
-Tax receipts
-Shultz’s testimony
-Separate stories
-Effect on Congress
-Questions about receipts
US trade balance
-Deficit
-Council of Economic Advisor’s [CEA] skepticism
President’s oil import program’s effects
-New refineries
-Effect on jobs, supplies, prices
US economy
-Production
-New orders
Investment tax credit
-Schultz’s testimony before Congress
-President’s view
-Herbert Stein’s statement
-Burns’s proposal
-Mills’s opposition
-Stein’s statement
-Effect on financial markets
-Schultz’s testimony
-Pierre Rinfret’s call to Ehrlichman
-Shultz’s testimony
Economic Stabilization Act
-12-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Congressional action
-Administration’s position
-Phase III implementation
-Freeze and price rollback
-Public support
-Labor
-Price freeze
-Business
-Wage freeze
-Cost of living freeze
-Dale DeWitt, Rinfret, and John B. Connally
-Rollback compared to freeze
-Burns
-Publicity
-President’s action
-Public relations [PR]
-Troika meeting
-President’s Advisory Committee on Labor-Management Policy meeting
-Ehrlichman’s view
-William Baroody, Jr.
-Campaign
-Slogans
US economy
-Price increases
-President’s view
-Wholesale
-Annual rate
-Consumer Price Index [CPI]
-Decline
-Meat
-Phase III
-Publicity
-Price controls
-Effect on consumers
-Labor negotiations
-Troika bargaining
-13-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Rubber industry settlement
-Phase III
-Public relations
-President’s letter to editors
-Radio, television [TV]
-Shultz, Stein
-Barody
-“Merchandizing Manager”
-Advertising Council
-Phase III enforcement
-Economic Stabilization Act
-President’s signing statement
-Cost of Living Council [COLC]
-Treasury Department
-Congress’s rejection
-Administration’s response
-Price increases
-Rollback
-Voluntary control program
-Business, labor
-Inflation, budget
-COLC
-Funding
-Dunlop
Harry S. Truman
-Action on rail strike
-Robert A. Taft, Sr.’s reaction
-Duration
Economic Stabilization Act
-Congress’s rejection
-President’s response
-Public speech
-Forum
-Chamber of Commerce
-Voluntary control program
-14-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Collective bargaining
-Political positioning with regard to Congress
Wage and price controls
-Termination
-Possible effects
-Election cycle
President’s schedule
-Troika meeting
-Economic Stabilization Act
-PR planning
Request for Dr. [First name unknown] Brennan [?]
Shultz and Ehrlichman left at 11:20 am.
Date: April 26, 1973
Time: 10:24 am - 11:20 am
Location: Oval Office
The President met with George P. Shultz and John D. Ehrlichman.
Greetings
Shultz’s memo
Fiscal policy
-President’s position
-Congressional action
-“Top tax rates”
-Administration’s position
-Congress
-Effect on capital gains
-Individual income
-Earned income
-Interest and dividend
-Effect on capital gains
-7-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Tax shelters
-Reduction proposals
-Administration’s position
-Congress
-Capital gains tax
-Internal Revenue Service [IRS] [?]
-Compromise
-Increase
-Congress
-1969 tax bill
-Estate taxes
-Charitable deductions
-President’s position
-“Big government” advocates
-Wilbur D. Mills [?]
-“Egalitarian sophistry”
-Great Britain
-Congress’s role
-Administrations’ position
-Leaks
-1969 tax bill
-Treasury Department
-House Ways and Means Committee
-President’s position
-Opposition to estate, capital gains reform
-Bill signing
-Treasury Department’s role
-Dealmaking
-Executive sessions with Committee
-Shultz, William E. Simon
-Simplification
-Lee H. Henkel, Jr.
-Forms
-Elimination of dividend exclusion
-Reaction of New York Stock Exchange
-Impact on small investor stock purchases
-Compared to other deductions
-8-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Gas tax
-Retirement income credit
-Government revenue
-Social security
-Reasons
-Eliminate earnings deduction
-Eligibility
-Retirement age
-Cost increases
-Social security
-President’s schedule
-Yawning
-Coffee
-Forms
-Retirement income credit
-Cost
-Social Security
-Beneficiaries
-Federal employers
-Municipal government employers
-Estate and gift taxes
-Administration’s position
-Testimony
-Proposals
-Congress’s role
-Consolidation
-Controversy
-Wealth management
-Compared to capital gains
-Wealth management
-Transition rules
-Lon Scaife
-Unification of rates
-Marital deduction
-Liberalization
-Generation skipping trusts
-Proposal
-9-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Controversy
-Rejection
-Capital gains at death [?]
-American Bankers Association
-Proposal
-Congressional relations
-Shultz’s role
-House Ways and Means Committee
-Mills
-Administration’s position
-Opposition
-Transition
-Issues
-Capital gains at death
-Rates
-Marital deduction
-Unification of rates
-Generation skipping trusts
-Bipartisan Congressional leadership meeting
-Purpose
Stephen B. Bull entered at an unknown time after 10:24 am.
President’s schedule
-Bipartisan leadership meeting
-Topics
-Taxes compared to foreign aid
Bull left at an unknown time before 11:20 am.
Fiscal policy
-Taxes
-House Ways and Means Committee
-Hearings on taxes
-Mills’s calendar
-Administration’s position
-Timing
-10-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Executive session
-Administration’s position
-Support for elderly, parochial schools, minimum tax
-Simplification
-Christmas tree metaphor
-Compared to 1969 tax rates
-Shultz
-Mills
-“Open rule” issue
-Estate and gift taxes
Phase III wage and price controls
-Congress
-Meeting
-John T. Dunlop, Troika
-Arthur F. Burns
Fiscal policy
-Tax on interest and dividends paid to foreigners
-Mills’s proposal
-Possible effects
-Capital investment
-Tax treaty negotiations
-Foreign tax shelters
-Switzerland
-Accountability
-Disparity
-Administration’s position
-Mills’s leadership
-Tax receipts
-Fiscal years 1973 and 1974 increases over budget estimates
-Public knowledge
-Bonkers, underwriters
-Re-estimate of receipts
-Methods of publicizing
-Shultz’s testimony
-President’s statement
-11-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Economic Stabilization Act [Phase III]
-Congressional action
-Bill-signing statement
-Support for program
-Voluntary support of business, labor
-Budget deficit
-Tax receipts
-Shultz’s testimony
-Separate stories
-Effect on Congress
-Questions about receipts
US trade balance
-Deficit
-Council of Economic Advisor’s [CEA] skepticism
President’s oil import program’s effects
-New refineries
-Effect on jobs, supplies, prices
US economy
-Production
-New orders
Investment tax credit
-Schultz’s testimony before Congress
-President’s view
-Herbert Stein’s statement
-Burns’s proposal
-Mills’s opposition
-Stein’s statement
-Effect on financial markets
-Schultz’s testimony
-Pierre Rinfret’s call to Ehrlichman
-Shultz’s testimony
Economic Stabilization Act
-12-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Congressional action
-Administration’s position
-Phase III implementation
-Freeze and price rollback
-Public support
-Labor
-Price freeze
-Business
-Wage freeze
-Cost of living freeze
-Dale DeWitt, Rinfret, and John B. Connally
-Rollback compared to freeze
-Burns
-Publicity
-President’s action
-Public relations [PR]
-Troika meeting
-President’s Advisory Committee on Labor-Management Policy meeting
-Ehrlichman’s view
-William Baroody, Jr.
-Campaign
-Slogans
US economy
-Price increases
-President’s view
-Wholesale
-Annual rate
-Consumer Price Index [CPI]
-Decline
-Meat
-Phase III
-Publicity
-Price controls
-Effect on consumers
-Labor negotiations
-Troika bargaining
-13-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Rubber industry settlement
-Phase III
-Public relations
-President’s letter to editors
-Radio, television [TV]
-Shultz, Stein
-Barody
-“Merchandizing Manager”
-Advertising Council
-Phase III enforcement
-Economic Stabilization Act
-President’s signing statement
-Cost of Living Council [COLC]
-Treasury Department
-Congress’s rejection
-Administration’s response
-Price increases
-Rollback
-Voluntary control program
-Business, labor
-Inflation, budget
-COLC
-Funding
-Dunlop
Harry S. Truman
-Action on rail strike
-Robert A. Taft, Sr.’s reaction
-Duration
Economic Stabilization Act
-Congress’s rejection
-President’s response
-Public speech
-Forum
-Chamber of Commerce
-Voluntary control program
-14-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. September-2011)
Conversation No. 905-10 (cont’d)
-Collective bargaining
-Political positioning with regard to Congress
Wage and price controls
-Termination
-Possible effects
-Election cycle
President’s schedule
-Troika meeting
-Economic Stabilization Act
-PR planning
Request for Dr. [First name unknown] Brennan [?]
Shultz and Ehrlichman left at 11:20 am.