822–8

Conversation No. 822-8

Date: December 13, 1972
Time: 3:48 pm – 4:13 pm
Location: Oval Office

The President met with George P. Shultz, Edwin S. Cohen and Lewis A. Engman.

Greetings
-Shultz’s birthday

Department of the Treasury
-Personnel
-Ages
-Staff meeting
-Cohen and Shultz
-Support for Cohen
 -16-

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

Tape Subject Log
(rev. June-08)

Conversation No. 822-8 (cont’d)

-John H. Alexander’s and Randolph Hobson Guthrie conversation with
the President in New York
-Cohen’s career
-Teaching
-Tax bar
-Special interests
-Respect

Taxes
-Wilbur H. Mills
-1972 campaign
-Mills
-Demagoguery
-Property
-Private school aid
-Mills
-Ways and Means Committee
-Constituents
-Democratic Study Group
-Control
-Mills’s possible position as Speaker of the House
-Sam M. Gibbons of Florida

Advisory Commission on Intergovernmental Relations [ACIR]
-Referral of questions
-Timing
-Draft report
-Property taxes
-Private school aid
-Recommendation Four
-The President’s statements
-Recommendation Two
-Household income
-Federal income tax credit
-Compared to Federal grants to states
-“Circuit breaker” plans
-1972 election
-Governors’ and mayors’ view
-Internal Revenue Service [IRS]
-Cost
 -17-

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

Tape Subject Log
(rev. June-08)

Conversation No. 822-8 (cont’d)

-Compared to Federal grants to states
-Matching grants
-Governors, mayors
-Political considerations
-Meeting with John B. Connally
-Radicals
-Simplification of tax code
-Options
-Budget
-Congressional relations
-Committees
-Mills
-Value-added tax [VAT]
-Recommendations Five and Six
-Proposal
-1972
-Alternative A
-Recommendation Four
-Intrastate disparities
-Recommendation Five
-Recommendation Six
-Shultz’s schedule
-Meetings with Mills and Russell B. Long
-William E. Simon
-Tax policy
-Trade
-1972 election
-Congressional relations
-Democrats
-Private school aid
-Property taxes
-Elderly
-Federal-state credit
-1972 election
-Income floor
-Northeastern poor and retired families
-Cohen’s property in Denmark, Maine
-Helen (Herz) Cohen
-Girls’ camp
-Congressional relations
 -18-

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

Tape Subject Log
(rev. June-08)

Conversation No. 822-8 (cont’d)

-The President’s meeting
-1972 election

Tax issues
-Investment tax credit
-Accelerated depreciation
-Revenue estimates
-Asset Depreciation Range [ADR]
-Companies election to take
-Savings
-Forthcoming meetings
-Ehrlichman, Simon
-Broad options
-Simplification of tax code
-Minimum taxes
-Increase
-1972 election
-Individuals
-Capital gains
-Compared to depletion of farming, accelerated depression
-Companies
-Oil
-Timber
-Capital gains
-Increase
-Elderly
-Schools
-Necessity
-Congressional relations
-Senate bill
-Alternative
-Finance Committee

White House gifts
-Ash trays

Cohen’s age
-Retirement

Milton Friedman
 -19-

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

Tape Subject Log
(rev. June-08)

Conversation No. 822-8 (cont’d)

-Conversation with Shultz
-Health

Return of memoranda to Shultz
-Approval
-Mistakes

The President’s schedule
-Meeting with Henry M. (“Scoop”) Jackson

Shultz, Cohen and Engman left at 4:13 pm.