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H.R. 11 [2]
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H.R. 11 [2]
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Records of the White House Office of the Chief of Staff to the President (George H. W. Bush Administration)
James A. Baker III Files
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Originally Processed With FOIA(s):
FOIA Number:
2000-0715-F
2000-0715-F
FOIA
MARKER
This is not a textual record. This is used as an
administrative marker by the George Bush Presidential
Library Staff.
Record Group/Collection:
George H.W. Bush Presidential Records
Collection/Office of Origin: Chief of Staff, White House Office of
Series:
Baker, James A., III, Files
Subseries:
Legislative Files
OA/ID Number:
93003
Folder ID Number:
93003-009
Folder Title:
H.R. 11 [2]
Stack:
Row:
Section:
Shelf:
Position:
G
o
0
O
o
SENT BY:Xerox Telecopier 7021 :10-12-92 ; 5:30PM
17034788358-
E O P:# 1
Xerox Realty Corporation
Routes 7 & 659
P.O. Box 2000
Leasburg, Virginia 22075
(703) 729-8000
October 12, 1992
XEROX
Mr. James Baker
White House Chief of Staff
Fax: (202) 456-2461
Dear Mr. Baker:
I am not writing this letter as a Senior Vice President for Xerox Realty
Corporation, but as a concerned businessman, citizen, and father.
when I was a Senior Executive with the Arvida Corporation in South
I have a very close friendship with President Bush's son, Jeb, whom I met
Florida. Since meeting jeb in 1982, we have shared many similar
aspirations and goals, both professionally as well as personally.
I have been a strong supporter of the Republican Party for those many
years in which 1 have known leb Bush, as 1 believed his character, mission
and aspirations were a direct reflection of his father's. At this point, I
think it is imperative the President take a dramatic stand in support of the
Urban Aid Tax Bill, HR-11, which begins to move his initiatives from a
perceived stalling (do-nothing) mode to a proactive stance and one that
favors economic and social development. It is becoming harder and
harder to defend our position, while we stagnate as a country on reform
and economic fairness. My sincere wish is for this message to be given
to the President and for him to quickly reflect on this important and
much needed Bill.
Sincerely,
XEROX REALTY CORPORATION
Jan David Reese Rease
JDR:lec
VI
WELLCRAFT*MARINE
URGENT! !
J. ROBERT LONG
PRESIDENT
Dear President Bush 4 Jain Bahr.
(and anyone else who can have on influence)
bood debate with substance!
People do want change !
People wont to break the buidlock !
People wont something done now
about the Economy!
Please don't veto HR.11.
It would be a change
It would show that you broke bridlerb!
It would help the Covony. new.
you won't have a much cleaner bill
with a democratic corgen than this
one - show us you can do it.
See what befores - Promise you it well be
positive and con't be used against you
it it does the above even if it for
tax afforts 1651 WHITFIELD AVENUE - Thats SARASOTA, FLORIDA not 34243 corive (813) 753-7811 FAX (813) 751-7822
W®
WELLCRAFT MARINE
1651 WHITFIELD AVENUE SARASOTA, FLORIDA 34243
The Honorable James A. Baker III
Chief of Staff
The White House
1600 Pennsylvania Ave., NW
Washington, DC 20500
V.
WELLCRAFT*MARINE
J. ROBERT LONG
PRESIDENT
October 12, 1992
President George Bush
The White House
Washington, DC 20500
Dear Mr. President,
Congratulations on your performance in the first debate last
night. You made a tremendous impression, and were finally able to
discuss issues of substance, rather than answering "sleaze"
questions from journalists whose sole goal is to make a name for
themselves during this election.
Mr. President, as the election approaches, we find ourselves
caught between a rock and a hard place regarding the tax bill that
is going to be presented to you for signature. While I realize
that the Democrats are trying to paint a picture that by signing
this bill, you would be going against your pledge, and raising
taxes. However, it is obvious to anyone who follows politics that
the tax bill is revenue-neutral, and would not raise taxes on
anyone. In fact, many aspects of the bill would benefit all
Americans by increasing jobs.
By taking an adversarial approach with Congress and vetoing the
bill, you would only be reinforcing the idea that no one in
Washington can get along, and perhaps change is the only solution.
I don't believe that you should bow to Congress' every whim, but
sometimes it is better to lose the battle and gain an advantage in
the war. Last night you asked the American people to allow you to
finish the job. If the economy doesn't get rolling soon, I'm
afraid the mandate won't be there.
Please re-consider your position regarding H.R.11, and sign the
bill into law.
As always, you have my complete support.
bcc: Gary Andres
With Warmest Regards
James A. Baker III
Jeb Bush
David M. Carney
Congressman Porter Goss
Steve Hart
J Robert Long
Congressman Andrew Ireland
President
Ronald C. Kaufman
Senator Connie Mack
Van Poole
1651 WHITFIELD AVENUE
SARASOTA, FLORIDA 34243
(813) 753-7811
FAX (813) 751-7822
Jeffrey Vogt
WELLCRAFT MARINE
®
1651 WHITFIELD AVENUE SARASOTA, FLORIDA 34243
The Honorable James A. Baker III
Chief of Staff
The White House
1600 Pennsylvania Ave., NW
Washington, DC 20500
National Association of Home Builders
National Housing Center
1201 15th Street, N.W., Washington, D.C. 20005-2800
Telex 89-2600 (202) 822-0470
Robert 13. Bannlatur
Senior Stort Vice President
October 9, 1992
MEMORANDUM
TO:
FROM:
Jim Bob Bannister Baker But
RE:
Tax Bill, H.R. 11
The National Association of Home Builders is very
concerned that the tax credit for first-time home buyers was
removed from the tax package, H.R. 11. This important provision
was removed after NAHB had the understanding that it would not
only remain in the bill, but after we had initiated a campaign to
urge the President to sign this legislation.
We believe that the home buyer tax credit was the
centerpiece of the bill for economic recovery. Had it been
passed earlier by the Congress, it would have helped this
country's economy and created hundreds of thousands of jobs.
Accordingly, we are strongly urging the President to veto this
legislation.
I would also request that in the President's veto
message, unless he elects to pocket veto the bill, he should
strongly allude to the fact that the two major provisions in the
bill which would have created jobs were taken out. First, the
tax credit for first-time home buyers which, as the President
proposed, would have created over 400,000 jobs and the tax credit
for investment in plant and equipment. Collectively, these two
provisions were the major job creators in the legislation that
was passed by the Congress.
Congresswoman Nancy Johnson told me recently that
during the testimony at the Ways and Means Committee, these two
provisions were referred to in testimony as the major job
creators of that legislation. I believe the President ought to
strongly allude to the fact that Congress, for whatever reasons,
elected not to pass any legislation that would encourage jobs.
Attached is a recent press release sent out by NAHB and
the letter from the Home Builders to President Bush urging his
veto.
If you have any questions or need additional background
information, I would be more than happy to provide it to you.
National Association of Home Builders
HOLLEINGNEWS
National Housing Center
1201 15th Street, N.W.
Washington, D.C. 20005-2800
(202) 822-0254
FOR IMMEDIATE RELEASE
CONTACT: SERVICE Jay Shackford
(202) 822-0406
TAX BILL OPPOSED BY NAHB FOLLOWING
REMOVAL OF ECONOMIC STIMULUS MEASURE
WASHINGTON, Oct. 5 -- The major economic stimulus incentive on a multi-
billion dollar economic recovery tax bill - a $2,500 tax credit for first-time home buyers -
- was unexpectedly deleted during a House-Senate conference over the weekend,
prompting the National Association of Home Builders (NAHB) to urge Congress to reject
the legislation.
"We are extremely disappointed with the change in the course of events that
occurred since Friday and culminated with the decision made on Saturday evening,"
NAHB President Robert "Jay" Buchert said, in reference to the sudden exclusion of the
home buyer tax credit from the House-Senate conference report.
The first-time home buyer tax credit alone would have triggered construction of
125,000 new homes and put approximately 240,000 Americans back to work over the
next six months, said Buchert.
"The home buyer tax credit represented the last chance for Congress and the
Administration to do something this year to promote economic growth," said Buchert.
"This eliminates any economic stimulus incentive contained in the bill. We therefore urge
Congress to reject the bill and the President to veto the measure if it is passed by
Congress."
###
NS71-92
FIFTY YEARS OF
MAHE
HOUSING AMERICA
ULI
09'92
10:39 No. 018 P.05
National Association of Home Builders
1201 15th Street, N.W., Washington, D.C. 20005-2800
(202) 822-0200
(800) 368-5242
Fax (202) 822-0374
Jay Buchert
1002 President
October 9, 1992
The Honorable George Bush
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear Mr. President:
This letter is written to voice our opposition to
to enactment veto the of legislation. H.R. 11, the Tax Reform Act of 1992, and to the urge you
since Housing production is at its lowest
of lost the recession. housing and construction industry since the beginning have been
As in you the are most certainly aware, over 800,000 jobs
home buyers. and you had proposed a $5,000 tax credit for Members of
Congress 1945. In order to address this situation NAHB, level
jobs. Those That tax credit would have created first-time new
wages, $20 billion billion in federal, state and local taxes in
$4.8 jobs would have resulted in over $10 over billion 400,000
their first working home. families would have been assisted in purchasing over
700,000 in real estate investment. More importantly, and over
has II. lead The home U.S. economy out of every recession since May, housing War
As you the told the NAHB Board of Directors last
would have buyer tax credit would have done just that. World
provision, and and nation's at a Means 20 year stalled and along provided low. Senate with economy, Expert an Finance the immediate tax testimony particularly Committees credit and presented for effective with highlighted investment interest to spur the that in to House rates the this Ways being It
bill. equipment, were the only significant job creators in new the plant tax
provision this the home buyer tax credit was removed. negotiations Without
bill, Unfortunately, during Conference Committee over
economic and the plant and equipment tax credit, the bill has this no
stimulus and will not create sorely needed jobs.
HrrHIRS
D:202-861-2135
OCT 09'92
10:39 No. 018 P.06
President George Bush
October 9, 1992
Page 2
During negotiations leading up to the completion of the
Conference on this bill, we not only were prepared, but had
undertaken steps to urge you to sign this legislation based upon
our clear understanding that the bill would have contained all
the housing and real estate provisions, particularly the home
buyers tax credit, called for in your State of the Union address
and your Fiscal Year 1993 budget, as presented to Congress. With
the omission of the first-time home buyer tax credit, our
position has turned to outright opposition.
on more than one occasion, you stated that if Congress does
nothing else it should at least pass the tax credit for first-
time home buyers. However, this key job creating provision
you to veto H.R. 11, the Tax Reform Act of 1992.
stripped from the final bill. Accordingly, NAHB strongly urges was
Ptt Respectfully yours,
Robert "Jav" Buchert Burnet
1992 President
RDB:wf
AAA
AMERICAN WATCH ASSOCIATION
1201 Pennsylvania Avenue, N.W. P.O. Box 464 Washington, D.C. 20044 (703) 759-3377 Fax: (703) 759-1639
October 14, 1992
Chairman of the Board
John L. Davis
Vice Presidents
John J. Hubacher
Roland R. Puton
Treasurer
Laurence R. Grunstein
The Honorable James A. Baker, III
Secretary
Paul R. Sutter
Chief of Staff
Counsel
Lawrence F. Codraro
The White House
Immediate Past Chairman
Robert Pliskin
1600 Pennsylvania Avenue, NW
Executive Director
Emilio G. Collado
Washington, DC 20500
Member Companies
Accutron
Dear Mr. Baker:
Alfex of Switzerland
Anne Klein Watches
Armitron Corporation
Audemars Piguet
Baume & Mercier
On behalf of the American Watch Association and the more than 250,000 employees
Belair Watch Corp.
Bertolucci
of the U.S. watch and jewelry industry, I am writing to urge the Bush Administration
Breguet Watch Corp.
Breitling USA
to sign the 1992 Revenue Act (H.R. 11) and thereby repeal the discriminatory luxury
Bulova Corp.
Caravelle
Cartier, Inc.
tax on watches and jewelry.
Casio, Inc.
Chopard Watch Corporation
Christian Dior Watches
Citizen Watch Co. of America
Both the White House and Congress agree that the luxury tax is unfair and ought to
CSC Time Corporation
Cyma/Gienn Corporation
Ebel U.S.A., Inc.
be repealed. The reasons for this are discussed in my letter to the President, which
ETA Industries
Flik Flak
I am enclosing for your information.
E. Gluck Corporation
Hamilton Watch Co., Inc.
Heuer Time & Electronics
Hublot Watches
innovative Time Corp.
Thank you for your attention to this matter.
Jean Lassale Inc.
Juvenia Watches
Longines-Wittnauer Watch Co.
Lorus Products
Lucien Piccard/Arnex
Respectfully yours,
MDM of America
Noblia Timepieces
Omega Watch Corporation
Perry Ellis
Pulsar Time
Rado Watch Company
Raymond Weil
Ricoh Watches
Rolex Watches U.S.A.
Emilio G. Collado III
Ronda Watch Corp.
SMH (US) Inc.
Executive Director
SPD Precision
Seiko Corp. of America
Selco Custom Watch
Seville Watch Corp.
Sutton Time Ltd.
Enc.
Swatch Watch U.S.A.
Tissot (US)
UTAC America Inc.
Vacheron-Constantin Inc.
Associate Members
Alsten Company
Arrow Manufacturing Co.
Bear Enterprises U.S.A.
Clyde Duneier Inc.
Hartcase Corp.
Hirsch U.S.A.
International Packaging Corp.
Rocket Jewelry Box, Inc.
Roma Industries
Timepieces of France
W.M.R. Watch Case Co.
Watchmakers of Switzerland
Information Center, Inc.
AAA
AMERICAN WATCH ASSOCIATION
1201 Pennsylvania Avenue, N.W. P.O. Box 464 Washington, D.C. 20044 (703) 759-3377 Fax: (703) 759-1639
October 13, 1992
Chairman of the Board
John L. Davis
Vice Presidents
The President
John J. Hubacher
Roland R. Puton
The White House
Treasurer
Laurence R. Grunstein
Washington, DC 20500
Secretary
Paul R. Sutter
Counsel
Lawrence F. Codraro
Mr. President:
Immediate Past Chairman
Robert Pliskin
Executive Director
Emilio G. Collado
On behalf of the American Watch Association and the more than 250,000 employees
in the United States watch and jewelry industry, I urge you to sign the 1992 Revenue
Member Companies
Accutron
Act (H.R. 11) and repeal the discriminatory luxury tax on watches and jewelry.
Alfex of Switzerland
Anne Klein Watches
Armitron Corporation
Audemars Piguel
Baume & Mercier
Our industry cannot shoulder a second holiday season of depressed sales. While the
Belair Watch Corp.
Bertolucci
U.S. economy as a whole has begun to recover from recession, the U.S. watch and
Brequet Watch Corp.
Breitling USA
Bulova Corp.
jewelry industry has not. Our recession continues and an important obstacle to
Caravelle
Cartier, Inc.
recovery is the luxury tax on watches and jewelry over $10,000 in value.
Casio, Inc.
Chopard Watch Corporation
Christian Dior Watches
Citizen Watch Co. of America
CSC Time Corporation
The entire industry - not just the high end has been hurt, because consumers
Cyma/Glenn Corporation
Ebel U.S.A., Inc.
mistakenly believe that all watches and jewelry are subject to the tax. The tax has
ETA Industries
Flik Flak
compounded the already severe effects of the recession on all segments of the watch
E. Gluck Corporation
Hamilton Watch Co., Inc.
Heuer Time & Electronics
and jewelry industry. Indeed, one study has estimated that as many as 10,000 jobs
Hublot Watches
Innovative Time Corp.
were lost in the watch and jewelry industry in 1991, the first year the tax was in
Jean Lassale Inc.
Juvenia Watches
Longines-Wittnauer Watch Co.
effect; and another has estimated that more than 15,000 additional jobs were lost in
Lorus Products
the first months of 1992 alone.
Lucien Piccard/Amex
MDM of America
Noblia Timepleces
Omega Watch Corporation
Perry Ellis
Pulsar Time
Meanwhile, the rich are buying their jewelry abroad or forcing retailers to absorb the
Rado Watch Company
Raymond Well
tax or lose the sale. It is becoming increasingly clear that the tax has imposed an
Ricoh Watches
Rolex Watches U.S.A.
economic and administrative burden on our industry that greatly outweighs the limited
Ronda Watch Corp.
SMH (US) Inc.
revenue it raises.
SPD Precision
Seiko Corp. of America
Selco Custom Watch
Seville Watch Corp.
Sutton Time Ltd.
Your Administration and Congress agree on the need to repeal the luxury tax. Action
Swatch Watch U.S.A.
Tissot (US)
UTAC America Inc.
speaks louder than words. Our industry urges you to sign H.R. 11 and repeal the
Vacheron-Constantin Inc.
luxury tax now.
Associate Members
Alsten Company
Arrow Manufacturing Co.
Thank you.
Bear Enterprises U.S.A.
Clyde Duneier Inc.
Hartcase Corp.
Hirsch U.S.A.
International Packaging Corp.
Rocket Jewelry Box, Inc.
Respectfully yours,
Roma Industries
Timepieces of France
W.M.R. Watch Case Co.
Watchmakers of Switzerland
Information Center. Inc.
Emilio G. Collado III
Executive Director
CONGRESS
You've Hit the Wrong Target!
You thought the luxury tax targeted the wealthy?
WRONG!
It's hurting middle class jewelers, watchmakers and
their employees - not the rich!
T
he luxury tax interferes with the free play of competitive
And the tax is not raising significant revenues. In fact, diminished
markets by unfairly targeting the products of some
sales have reduced taxable income, forced small businesspeople to
industries - such as the jewelry and watch industries -
lay off workers, end even close their doors forever. This tax has
and NOT others such as designer gowns or antique Persian carpets.
jeopardized 175,000 American jobs.
Consumers mistakenly believe ALL jewelry products are taxed, SO
Here are some of the more than 65,000 employees who have
the entire industry is losing sales - not just the high end.
respectfully petitioned Members of Congress to sponsor H.R. 2598
Meanwhile, the rich are buying their jewelry abroad or forcing
and S. 1261 to repeal the jewelry excise tax before irreparable
retailers to pay the tax or lose the sale.
damage is done to a time-honored industry.
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Everyone makes mistakes. The wise recognize them and rectify them.
PLEASE VOTE TO REPEAL THE LUXURY TAX.
JEWELRY COORDINATING COMMITTEE
100 India St.
Providence, RI 02903
(401) 274-3840
ANALYSIS OF THE EFFECT OF THE TEN
PERCENT LUXURY TAX ON THE
JEWELRY AND WATCH INDUSTRIES
by
Dr. Samuel M. Rosenblatt
« KEY FINDINGS »
The ten percent luxury tax on jewelry sales of $10,000 or more, imposed by The Omnibus
Budget Reconciliation Act of 1990, effective with sales after January 1, 1991, has substantially
harmed the jewelry and watch industries. It has contributed to a loss of sales revenue for these
industries. It has caused substantial job losses to occur in the manufacture and distribution of
jewelry and watches, reducing wage and salary incomes for the production workers,
warehousemen and retail clerks who produce, distribute and sell these products to the consuming
public.
These losses are well in excess of those experienced by the U.S. economy collectively, and by
its manufacturing, wholesaling and retailing sectors, separately, during the present recessionary
period.
Jobs lost. In 1991, employment in the jewelry and watch industries fell by
9,700 jobs, from 259,900 workers in 1990 to 250,200 workers in 1991. This was
a 4 percent drop in employment compared to a less than 1 percent job loss for the
U.S. economy as a whole.
Sales plummeted. Unit sales of jewelry and watches above $10,000 per sale
in 1991 among surveyed retailers fell 45 percent compared to 1990 levels while
revenue from these sales plummeted a comparable 40 percent.
Drop in consumer spending. The drop in real consumer spending on
watches and jewelry reflected in U.S. government data for 1991 accelerated from
a decline of 6.2 percent in the first quarter to 11 percent in the all-important
Christmas season and fourth quarter.
Fall in market share. Moreover, consumer spending on jewelry and watches
as a percentage of all personal consumer expenditures fell 10.4 percent by the
fourth quarter of 1991.
Net revenue loss. The luxury tax raised an estimated $9-18 million in 1991
while estimated tax receipts lost to the Treasury Department from job losses in the
industry alone were $40 million.
I.
REPEAL THE LUXURY EXCISE TAX ON WATCHES AND JEWELRY
Discrimination. The 10% tax on watches and jewelry is inequitable. It arbitrarily targets a handful of
products while exempting luxury items such as Persian carpets, designer dresses, luxury homes and first-
class travel accommodations.
When Congress repealed an earlier excise tax on jewelry in 1965, the Ways and Means Committee said
such-taxes were a source of undesirable discrimination. "These selective excise taxes tend to reduce sales
and therefore reduce income and jobs in industries that produce the taxed goods selective excise taxation
results in arbitrary and undesirable distortion in allocation of resources and in this manner interferes with
the free play of our competitive market."
Economic Distortions. Because all consumer products are not taxed, the excise tax on jewelry has
caused consumers to switch to purchases of other items not subject to the tax. Moreover, the tax has
resulted in a further decline in U.S. employment in an industry that has lost 7,500 jobs over the last
decade.
Lost Sales. Imposition of the excise tax has had a significant impact on jewelry sales during a recession
that has already hurt the industry. The tax has both stymied jewelry sales and, because consumers know
there is a tax on jewelry, deterred customers from even entering the store. The retail jewelry industry is
already suffering from the damage caused by a recession. The excise tax makes a bad situation worse.
Lost Jobs. A July 1991 Joint Economic Committee report states that "while it is unclear whether actual
revenue from the luxury taxes on boats, planes and jewels contained in the Omnibus Budget Reconciliation
Act of 1990 will meet or exceed the Joint Committee on Taxation's projections, the cost of job loss that
results from their imposition negates by a large margin what revenue gain there may be."
Minuscule Revenues. The excise tax on jewelry does not raise substantial revenues, much less make
a dent in the Federal deficit. In addition, the tax will create enforcement and collection problems for the
government and, especially, small business entrepreneurs.
Burden on Retailers. The burden of collecting, recording and transmitting the excise tax falls squarely
on retail jewelry establishments, most of which are small, single-family concerns.
Employees vs. The Rich. The impact of the tax hits the middle-class employees of retail stores that
must lay off workers when sales decline. Wealthy customers either ignore the tax or buy their watches
and jewelry abroad. The victim of the tax is the middle-class employee, not the rich as Congress
intended.
State Taxes. The mere existence of a federal luxury tax has prompted state legislatures, which are
anxiously pursuing new revenue sources, to consider a luxury tax on jewelry. In our opinion, the repeal
of the Federal law will discredit and discourage the enactment of state luxury taxes.
Repeal the Tax. In the House, Representatives Dick Armey (R-TX) and W.J. (Billy) Tauzin (D-LA)
have introduced H.R. 2598, and in the Senate, Senators Robert Dole (R-KS) and Daniel P. Moynihan (D-
NY) have introduced S. 1261. Both bills would repeal the excise tax upon enactment. Please support this
legislation.
ACV BY:Xerox Telecopier 7020 10-14-92 i 4:43PM ;
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:# 1
MOBILE ACCOUNTING ASSOCIATES
W. THOMAS KING
GLENN P. BLANKINCHIP
TELECOPIER TRANSMISSION SHEET
FIRM NAME: White House
ATTENTION:
Chief of Staff James Baker
FAX NUMBER: (202) 456-2883
FROM: W. Thomas King
DATE: 10-14-92
INSTRUCTIONS:
NUMBER OF PAGES INCLUDING COVER SHEET: 2
SUITE C
4317 MIDMOST DRIVE # MOBILE. ALABAMA 36609 TEL 205-344-3021 FAX 205-343-4350
RCV BY:Xerox Telecopier 7020 10-14-92 : 4:44PM :
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W. THOMAS KING
CERTIFIED PUBLIC ACCOUNTANT
SUITE C
MEMBER AMERICAN INSTITUTE OF
4317 MIDMOST DRIVE
CERTIFIED PUBLIC ACCOUNTANTS
MOBILE. ALABAMA 36609
MEMBER ALABAMA SOCIETY OF
TELEPHONE (205) 344-3021
CERTIFIED PUBLIC ACCOUNTANTS
October 14, 1992
Chief of Staff James Baker
White House
Washington, D. C.
RE: Tax Bill (67-22)
Permanent extension of low income housing
tax credit
Dear Mr. Baker:
I am writing to request that you urge President Bush to sign into
law the permanent extension of the low income housing tax credit.
With the restrictions in income tax deductions of passive losses
and with the fact that cash distributions to owners are limited
to 8% of original capital, there is no incentive for investors to
build low income housing. AS an auditor of some Farmers Home
Administration financed low income housing, I have had many
opportunities to visit with. the families and the elderly
residents. Believe me, they are very grateful to be able to live
in low cost, good quality homes.
Without the tax credit, this good quality housing will not be
available.
Thank you for you attention to this letter.
Sincerely,
W. Thomas King
W. Thomas King
WTK/lt
OCT 14 '92 09:07
P.1/2
FAX COVER SHEET
10/14/920
Page 1 of 2
FROM: Lerna L. L.Heide
2411 agrees
Missouls net.59801
TO:
THE HONORABLE JAMES BAKER
CHIEF OF STAFF
THE WHITE HOUSE
(202) 456-2461
OCT 14 '92 09:07
P.2/2
10/13/92
The Hossrable James Baker
Chief of Staff to the President
The Waite House
1609 Pennay evenes ave
Washington, DC 20500
Dear Mr. Baker,
I'm writing concerning the passage
of HR".
all over the USA we realize the
decisions & Le made by President
Bush are not essy HR.,, is one of
these but ) personally have been
involved weth the T. Q.T.C. Program
for the past 10 years and Love seen
is many benefits come from pretting
the disadvantazed Back into the
work force.
will urge the President to sign S.R.
My hopes & procers are that cpa
Thank you.
Serierely,
Lerna L. Steente
2411 agnes
Missouls net. 59801
RCV BY:Xerox Telecopier 7020 10-14-92 ; 2:58PM i
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;# 1
PROFESSIONAL PROPERTY MANAGEMENT, INC.
FAX COVER SHEET
TO: JAMES BAKER
COMPANY:
(CHIEF OF STAFF)
FAX NO. 1-202-456-2883
FROM: CAROLE MOORE
PROFESSIONAL PROPERTY MANAGEMENT, INC.
DATE: 10/14/92
RE: TAX BILL (67-22) + HOUSING BILL
NO. OF PAGES INCLUDING COVER:
/
MESSAGE: PLEASE URGE PRESIDENT
BUSH TO SIGN BOTH BILLS!
THANK you!
815 NORTH CHURCH STREET
ROCKFORD, IL 01103
(815) 058-2222
FAX (815) 968-2208
10/14/92
10:43
10163355848
ELDEAN SHIPYARD
0
002/002
ELDEAN SHIPYARD & YACHT SALES
2223 South Shore Drive Macatawa, MI 49434
Just West of Holland - Vachting at its Finest Since 1901
DATE: 10-14-92 TIME:
PAGES:
1
INCLUDING COVER
TO:
Mr. Jim Baker
FAX TO: (202) 456-2380
FROM: Eric Robinson
FAX FROM: (616) 335-5848
MESSAGE:
Mr. Baker:
The President is on the ropes. Try to get him to sign HR 11 to
repeal the luxury tax. Then have him tell us what he did and why he
did it. 10,000,000 - that's 10 million boaters (who vote) will jump
on the band wagon and re-elect him.
HELP!
If you have any problems receiving this fax, please call (616) 335-5843
RCV BY:Xerox Telecopier 7020 10-14-92 112:28PM ;
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PERRY MEADE
Meade Development
218 River Drive
Irvine, Ky 40336
606/723-7731
FAX 723-7732
10-14-92
The White House Office
1600 Pennsylvania Avenue NW
Washington, DC 20500
RE: HR. 11
Chief of Staff to the President
James Baker
Dear Jim:
We need the President to sign the tax bill, HR. 11. The Kentucky
Housing Association Director and fellow members implore the
President to sign the tax bill.
The low income housing tax credits allow decent housing for
the people of Kentucky, while creating jobs and stimulating
the economy.
Please ask the President to sign HR. 11 today.
If you have any questions, please give me a call.
Sincerely,
Perry Perry Meade
meade
Kentucky Housing Association Member
Rural Housing Association Member
TOTAL P.01
RCV BY:Xerox Telecopier 7020 10-14-92 11:46AM i
708+255+3150+
# 1
EMPLOYMENT & EMPLOYER SERVICES, INC.
070 W. Montana
Lower Level
Chicago, IL 60814
(312) 525-2256
FAX (312) 525-4187
October 13, 1992
16601 S. Kedzie
Suite 201
Markham, IL 60426
(708) 333-5627
To: James Baker, Chief of Staff
FAX (708) 333-3921
From: Chicago Area Employers
1
Re: H.R. 11, TAX RELIEF PACKAGE
11731 S. Avenue 0
Chicago, IL 60617
(312) 646-5827
FAX (312) 846-5645
Dear Mr. Baker,
Please encourage the President to sign H.R. 11, THE TAX
RELIEF PACKAGE. Our employer network, representing over
2,100 businesses in the Chicagoland area, is urging President
1701 S. 1st Avenue
Suite 409
Bush to please sign H.R. 11 into law. This would provide
Maywood, IL 60153
employers the necessary incentive to HIRE and especially
(708) 345-4613
BETAIN surrent employees.
FAX (708) 345-4642
This 16 definitely an Economic Stimulus, Job Creation bill1
THIS IS GOOD FOR AMERICA:
5341 W. Cermak Road
Circaro, IL 60650
(708) 652-0010
FAX (708) 345-4542
200 E. Evergreen
Suite 108
MI. Prospect, IL 60056
(708) 255-3150
FAX (708) 255-4292
This correspondence is from office location checked.
RCV BY:Xerox Telecopier 7020 10-13-92 4:55PM
708+255+3150+
1
EMPLOYMENT & EMPLOYER SERVICES, INC.
970 W. Montana
Lower Level
Chiosgo, IL 60614
(312) 525-2286
FAX (312) 525-4197
October 13, 1992
16601 S. Kedzie
Suite 201
Markham, IL 60426
(708) 333-5627
To: James Baker, Chief of Staff
FAX (708) 333-3921
From: Chicago Area Employers
Re: H.R. 11, TAX RELIEF PACKAGE
11731 S. Avenue O
Chicago, IL 60617
(312) 646-5627
FAX (312) 646-5645
Dear Mr. Baker,
Please encourage the President to sign H.R. 11, THE TAX
RELIEF PACKAGE. Our employer network, representing over
1701 8. 1st Avenue
2,100 businesses in the Chicagoland area, is urging President
Suite 409
Bush to please sign H.R. 11 into law. This would provide
Maywood, IL 60153
employers the necessary incentive to HIRE and especially
(708) 345-4613
FAX (708) 345-4642
RETAIN current employees.
This is definitaly an Economic Stimulus, Job Creation bill!
THIS IS GOOD FOR AMERICA:
5341 W. Cermak Road
Circero, IL 60650
(700) 652-0010
FAX (709) 345-4642
200 E. Evergreen
Suite 108
Mt. Prospect, IL 60058
(708) 255-3150
FAX (708) 255-4292
This correspondence is from office location checked.
ROV BY:Xerox Telecopier 7020 :10-13-92 6:04PM ;
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1
WHG PARTNERSHIP
856 Coffeen Avenue
Sheridan, WY. 82801
October 13, 1992
Chief of Staff
Mr. James A. Baker
White House
Washington. DC
RE: Presidential Action on Housing
Dear Mr. Baker.
I am writing you to urge Mr. Bush to take affirmative action on the
Housing Bill recently passed by Congress. We are all well aware of the
attitudes of Congress and the fight to hold the line on spending that Mr. Bush
has been in all year. I feel Mr. Bush can show his true concern for the
welfare of those low income votere in need of housing by signing the housing
bill. My company is located in the western states and we see a need in every
state for the Farmers Home Administration 515 multifamily housing program.
I cannot state strondly enough that we are all looking for something
positive from Mr. Bush in the area of concern for Americans and a "bridge"
from the White House to the common voter on an issue that will improve the
general living condition of the average man. I don't know how many issues are
left between now and the election. I do know housing touches everyone in the
form of new construction jobs, materials and manufactured items sold, and new
jobs in construction, management and essential services.
I urge Mr. Bush to preserve the continuity of government services. One
of the most difficult developments to deal with is the on-again / off-again
situation found when funding and or government programs become the political
footballs of the rift between the White House and Congress. In order for
business to recover and grow, we must know that programs will be there before
we risk additional investment in real cotate developments. Mr. Bush can
greatly assist the housing industry by keeping already funded programs up and
working for the American people.
Sincerely,
John A. Bosley
Partner
OCT 13 '92 08:22 BOSTON FINANCIAL
P.1
The Boston Financial Group
October 10, 1992
Via Fax
James Baker
White House Chief of Staff
The White House
1600 Pennsylvania Avenue
Washington, DC 20500
Dear Mr. Baker:
I am writing to urge the Administration's support for the urban aid-tax bill (H.R.11). This
is meaningful legislation that has substantial bi-partisan support.
There are many important parts to this bill. It helps the needy, creates incentives, and
redresses some current unfairness.
Please don't let election year politics stand in the way of doing what is right.
Thank you for your consideration.
Very truly yours,
Pratt
Chief Executive Officer
FNP/mab
The Boscon Financial Group
101 Arch Street
Boston, Massachusetts 02110-1106
617-439-3911
617-439-9978 (FAX)
OCT 13 '92 08:25 BOSTON FINANCIAL
P.1
DOUGLAS M. COHEN
October 13, 1992
Via Fax
James Baker
White House Chief of Staff
The White House
1600 Pennsylvania Avenue
Washington, DC 20500
Dear Mr. Baker:
I am writing to urge the Administration's support for the urban aid-tax bill (H.R.11). This
is meaningful legislation that has substantial bi-partisan support.
There are many important parts to this bill It helps the needy, creates incentives, and
redresses some current unfairness.
Please don't let election year politics stand in the way of doing what is right.
Thank you for your consideration.
Very truly yours,
18 Lois Lane Lexington, MA 02173-4429 617/863-5494
OCT- 9-92 FRI 13:07 KEMPER REAL ESTATE
P.01
Cemper
REaL estate
management
Kemper Real Estate Management Company
3470 Mt. Diablo Boulevard, Suite A200, P.O. Box 1459, Lafayette, California 94549 510/283-8280
TELECOPY COVER LETTER
Date:
10/9
Time:
12:00 PDT
Pages to Follow:
I
PLEASE DELIVER THE FOLLOWING PAGES TO:
Name:
The Honorable James Baker
Telecopy Machine Number: 202 454 2461
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Located at:
Kemper Real Estate Management Company
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Lafayette, CA 94549
(510) 283-8280/Sharp Facsimile (510) 746-8202
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OCT- 9-92 FRI 13:07 KEMPER REAL ESTATE
P.02
Semper
RPaL estate
management
Kemper Real Estate Management Company
3470 Mt. Diablo Boulevard, Suite A200, P.O. Box 1459, Lafayette, California 94549 510/283-8280
October 9, 1992
The Honorable James Baker
White House Chief of Staff
Facsimile No. (202) 456-2461
Dear Mr. Baker:
I am writing to urge that President Bush support the urban aid tax
bill (H.R. 11). This bill, among other things, contains provisions
on passive losses, debt restructuring, pension fund investment in
real estate and low-income housing, all of which will provide a
shot in the arm to a real estate industry that is definitely
ailing. The other economic growth initiatives in the bill, as
proposed by the President in his "State of the Union" address, will
also stimulate the economy and help the real estate industry.
While I address the concerns of one segment of the economy, real
estate, I am certain I do not have to remind you of the importance
of a revitalized real estate industry to a strong economic
recovery. The alternative, and a continued erosion of real estate
values, will continue to wreak havoc with the RTC, banks and
savings and loans and could cost the taxpayers additional billions
of dollars.
I believe H.R. 11 represents a fair compromise package. Please
urge President Bush to sign the bill.
Very truly yours,
June
Vice President/General Counsel
OCT 12 '92 4:53 FROM SPECIALTY RETAILING
PAGE. 001
K MART CORPORATION
3100 WEST BIG BEAVER
TROY, MICHIGAN 48084
PHONE: (313) 643-1000
FAX NO: (313) 643-5787
EXECUTIVE OFFICES
FAX TRANMISSION COVER SHEET
DATE: OCTOBER 9, 1992
NO. OF PAGES TO FOLLOW:
- 0 -
TO:
FROM:
ATTENTION: JAMES BAKER
NAME: JOE ANTONINI
COMPANY:
CHIEF OF STAFF
TITLE: CHAIRMAN, PRESIDENT & CEO
DEPT.:
THE WHITE HOUSE
DEPT.: KMART CORPORATION
SUBJECT:
MESSAGE: THE TARGETED JOBS TAX CREDIT PROGRAM HAS HELPED THOUSANDS OF
DISADVANTAGED PEOPLE GET A FRESH START AT KMART AND BECOME LONG TERM
PRODUCTIVE WORKERS. PLEASE DO NOT LET THIS PROGRAM DIE. I URGE YOU TO
SIGN H.R. 11 INTO LAW.
NOTE: IF THERE ARE PROBLEMS WITH THIS TRANSMISSION, PLEASE NOTIFY SENDER.
** TOTAL PAGE. 001 **
*92-10-12 11:18 LNYRI MCGRATTY NORTH000000
P.1
GAMMALINK
GammaFax
Faosimile
TO!
See. BAKER
FAX. 202-456-2461
to from
CHRISTOPHER McGRATTY
FAX: 1-212-697-1701
voice 1-212-872-5510
FROM:
National Realty Committee
FAX: (202) 223-3657
VOICE: (202) 785-0808
DATE:
8 October 1992
21:26
Please 4Rye the President to sign H.R.11! A veto is
a vote for Bill Clintow. The hour is late ANd you
must show the public you know what's going ON in
the ECONOMY & the country. we Need toar MORE years
and you NEEd to get the President on the strek! S.Y.
8F
Refe W.Y. 10580,
CHICAGO
COMPUTER
Home of
BASED FAX
B.P.Bush
NEWS
VERNAY
October 9, 1992
Vernay Products, Inc.
P.O. Box 3028
Thomasville, Georgia
31799-3028
Phone: (912) 228-7653
Fax: (912) 228-1270
The Honorable James Baker
and Ms. Mary Matlin
Republican National Campaign Headqtrs.
1030 15th St. N.W.
Washington, DC 20005
Subject: HR11
Vernay Products is a small manufacturing firm who has for thirty years supplied
specific engineered components to the pleasure craft marine industry in the United
States and to various like marine companies in Japan, Italy, England and other foreign
countries.
The firm currently has a total employment of 35 people. This is approximately 50%
less than the number actively employed a year and a half ago.
We learned late yesterday that the US Senate had passed the subject bill, and we are
delighted with that event. We have also heard that President Bush is giving due
consideration to a veto, and we would like to herein urge him, as a collective unit,
to consider the exaggerated negative impact that this will continue to have on the
marine industry and on our small company on which we depend for our livelihoods.
We fully realize that our welfare is not the only consideration to President Bush in
considering this decision, but we would simply urge him to weigh the decision very
carefully as our jobs, as well as 25,000 others, are going to be immediately affected
by his decision.
Hill
Kennetk Kay CHarotel Dong Bauer Chin Hill
John R Forl alice Diane Monis Potts
Gracie Anderson
Sincerely,
Betty Hayes Pearl 3Vd
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Walaa may hard
Barbare Rib
Zaicia P. Jones
Vernital Seatto Chistian Sucille Domal Willie Stephen
Baggeth
Steve Lawler
Manita Timo
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Phillip Bryant
Willi Women
Renee Arington Martin Leff trederick Sucate yellock more
Sherman
Willie Jefferson
Sandra thoug
Veronica Copelard
ohr fard. Mr
Vernay Laboratories
Vernay Manufacturing
Vernay Italia s.r.l.
Vernay Europa
Vernay Laboratories Japan
Ken Pondu
Edward H. Rensi
President U.S.A.
Chief Operations Officer
708/575-3259
October 9, 1992
Mr. James A. Baker
Chief of Staff
Executive Office of the President
The White House
1600 Pennsylvania Avenue, NW
Washington, DC 20500
Dear Mr. Baker:
I write to request that President Bush sign the conference report on the tax bill, H.R.
11. We believe that final version of H.R. 11 is a pro-growth tax package which
would benefit the economy. H.R. 11 contains two provisions of great importance to
the McDonald's Corporation and to the 2,600 independent franchised
owner/operators who operate 85% of the McDonald's restaurants in the United
States.
The Targeted Jobs Tax Credit (TJTC) provides much needed job opportunities that
might otherwise be unavailable to structurally unemployed individuals. At the same
time, TJTC provides an offset to McDonald's operators for the higher cost of training
and retaining these employees. The permanent extension of TJTC is imperative
because it is a proven job creation program which is cost effective, and has a major
impact on hiring practices in urban areas.
The clarification of Amortization of Intangible Assets is long overdue. The
elimination of uncertainty in this area of the Internal Revenue Code will greatly
benefit McDonald's franchised owner/operators, many of whom have been in
protracted and expensive litigation over this issue. We support the 14 year
provision in the legislation which would produce a revenue savings to the Treasury.
The provision in H.R. 11 clarifies the vagueness in the tax code, permitting these
franchisees to determine with certainty the tax consequences of a purchase or sale
of a McDonald's restaurant business.
While we recognize there are provisions in the bill that may be perceived as minor
tax increases, these pale in comparison to the benefits of this reasonable, pro-
growth tax bill and we urge President Bush to sign H.R. 11 into law.
"When
You're
Green,
You're
Edward H. Rensi
Growing"
McDonald's
McDonald's Corporation
McDonald's Plaza
Oak Brook, Illinois 60521
**
This Stationery is made from Recycled Paper
OCT-12-1992 08:39 FROM CAREY WINSTON
TO
2024562461
P.01
CAREY WINSTON
5550 Friendship Boulevard
Suite 500
Commercial Real Estate Services
Chevy Chase, Maryland 20815
Mortgage Banking
301-636-4212
Nathan R. Isikoff
Chairman of the Board
VIA FAX MACHINE
October 9, 1992
Chief of Staff James Baker
The White House
1600 Pennsylvania Avenue
Washington, D.C. 20500
Dear Mr. Baker:
Please urge the President to sign H.R.11 and stop playing politics. This bill is
urgently needed and we will be paying attention.
Sincerely
COMPANY
Nathan R. Isikoff
Chairman of the Board
NRI:av
TOTAL P.01
10/05/92
10:37
TCC/WILLIAMS -> 912024562219
NO. 973
002
TRAMMELL GROW
2001 ROSS AVENUE, DALLAS, TEXAS 75201, 214/979-5100
October 5, 1992
The Honorable James Baker
Chief of Staff
The White House
Washington, D. C. 20500
Dear Jim:
This current tax bill contains provisions which are
very, very important to securing the real estate
industry and its future. These provisions will be
funded tax-wise by other real estate provisions
contained in the bill.
Please recommend that the President sign this bill.
It is critical to the recovery of our industry.
Best regards,
Frammeli
The
PAUL LAXALT
PETER D. LAXALT
Paul Laxalt
BALLARD JAMIESON, JR.
THOMAS E. LORANGER
Group
JANENE ASSURAS
MARKET SQUARE
801 PENNSYLVANIA AVENUE, N.W., SUITE 750
WASHINGTON, D.C. 20004
TELEPHONE (202) 624-0640
FAX (202) 624-0659
October 5, 1992
HAND-DELIVER
PERSONAL
The Honorable James A. Baker III
Chief of Staff
The White House Office
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear Jim:
Just as we did with regard to Rosty's H.R. 4287,
which the President vetoed, I write to add my voice to the many
others urging that the President veto H.R. 11.
We represent the Home Finance Coalition and from
the beginning have strenuously opposed the 14-year "intangibles
amortization" provisions of the bill if they are to include
Purchased Mortgage Servicing Rights (PMSRs). We have had the
consistent support of virtually every major federal agency (VA,
HUD, GNMAE, etc.) in this opposition, as well as the support of
Senators Dole, Packwood, Danforth, et al., and a number of
prominent House members (as is evidenced by the attached House
member letter).
The Senate tax bill rightfully exempted PMSRs from
the amortization requirement after extensive inquiry into the
matter, but Rosty, in his desperate efforts to finance the
"goodwill" provisions, has insisted that PMSRs remain included.
The Paul Laxalt Group
Honorable James A. Baker III
October 5, 1992
Page Two
The clear intent of H.R. 11 is to allow major
corporations, most of which were bought on highly leveraged,
Milken-style financing involving large amounts of acquired
"goodwill", to write off that goodwill over a 14-year period.
In an attempt to make it appear that the bill was striving to
be revenue neutral, the long-established amortization schedules
of many other intangibles (such as purchased mortgage servicing
rights) would be artificially stretched out to 14 years, which
would create tremendous economic hardship.
The result of such an amortization stretch-out for
the mortgage servicing industry would be a 30% decrease in
value of purchased mortgage servicing rights overnight. But
the real impact is to new home loan applicants: It will cost
them an additional $500.00 per $100,000 of mortgage
debt
something our people and the housing industry don't
need. The fact that the "goodwill write-offs" of major
corporations would be accomplished "upon the backs" of the home
buyer is indefensible.
This new Homebuyer tax must not stand. If Congress
wants to give tax breaks to corporate goodwill, it is unfair
and unjust to ask homeowners to pay for it.
Most importantly, the financial premise upon which
Rosty justifies PMSR inclusion is faulty. The Joint Committee
on Taxation did not consider a number of critical factors. You
will find the same reflected in the enclosed narrative,
attached to which are estimates which provide detail as to the
true costs. (Rosty and his staff were made aware of these
numbers by Congressman McDermott.) As you can see, instead of
saving Treasury money, the 14-year provision, if enacted, will
cost Treasury money.
The Paul Laxalt Group
Honorable James A. Baker III
October 5, 1992
Page Three
There will be many sound reasons for the President
to veto H.R. 11. We ask that you consider our reasons to be as
meritorious as any.
Kindest personal regards.
The
healt
Enclosure
CC: Richard Darman
Senator Dole
Curt Uhre, President, Home Finance Coalition
AUG-1,0-1992 18:54 FROM
TO
4089156 F.02
Congress of the United States
House of Representatives
Mashington, D.C. 20515
February 10, 1992
The Honorable Dan Rostenkowski
Chairman
Committee on Ways and Means
1102 Longworth II.O.B.
Washington, D.C. 20515
Dear Mr. Chairman:
We are writing to express our deep concern regarding
the proposed treatment of purchase mortgage servicing
rights (PMSR) in H.R. 3035 or any other intengibles
proposal that may come before the committee.
currently, PMSRs are amortized, on average, over a
period of approximately seven years. Requiring a fourteen
year amortization would substantially reduce the value of
PMSRs and directly result in homebuyers paying more points
at loan origination. Industry experts estimate that the
decrease in value may be as much as 30%. The bottom line
to a homebuyer could be as much as a $500 increase in
points on a mortgage of $100,000.
A lot of the emphasis in any economic growth package
will be on incentives for homeownership. It seems to be a
contradiction in policy to offer purchase incentives on one
hand and increase closing costs on the other.
PMSRs are generally traded separately from the
purchase of a business. A large national secondary market
exists, with the rights to service over $200 billion of
mortgages traded last year. This national market was
recognized by the Congress in the past by allowing Savings
and Loans to include PMSRs when meeting their core capital
requirement.
We respectfully request that the proposed legislation
be clarified in report language to affirmatively state that
PMSRs meet the national market exemption standard currently
contained in H.R. 3035 and thus would be exempted from the
fourteen year amortization requirement.
JIM BUNNING
TIN McDERNOTT
AUG-10-1992 18:55 FROM
TO
4088156 P.03
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BERYL ANTHONY
10/30/92
AMORTIZATION OF
PURCHASED MORTGAGE SERVICING
In May of 1992, the Joint Committee on Taxation issued their estimate of the cost of
excluding purchased mortgage servicing rights (PMSRs) from the 14 year requirement of the
intangible tax legislation. Their estimate was slightly more that 1 Billion dollars over a five
year period.
On September 22, the Home Finance Coalition met with the Joint Committee staff to
believe the estimate is incorrect for four reasons.
review the assumptions on which the estimate was based. As a result of this meeting, we
First, the estimate assumes an outstanding amount of PMSRs of 1.8 Trillion dollars.
In fact, mortgage servicing rights outstanding for single family residential is approximately 1
Trillion dollars, with about 70% of that sold as PMSRs, for a total outstanding amount of
PMSRs of 700 Billion-- less that half the Joint Committee estimate.
Second, the Joint Committee estimate anticipates that pre-enactment PMSRs will be
resold as they have been in the past. The House version of HR 11 allows for PMSRs
purchased prior to enactment of the legislation to continue under the old amortization
schedule, but if these PMSRs are sold to another servicer, they must use the new 14 year
schedule. No sane servicer will sell his "grandfathered" servicing.
Third, the Joint Committee estimate does not take into account the ability of servicers
to realize deferred amortization upon sale of the post enactment PMSRs provided under HR
11. Currently, servicing is resold every 3-4 years, and with the economic incentive, we
believe the rate will increase to at least every 3 years. So instead of the 14 year benefit
anticipated, there will only be a 3 year benefit.
Last, and perhaps most important, the Joint Committee has made no allowance for the
increased deductions homeowners will take from increased finance costs which this legislation
will force. They simply assume the costs will be absorbed by the industry. This is totally
unrealistic. A loan originator receives revenue from two sources, the homeowner and the sale
of servicing. If the value of servicing goes down by 30%, then the cost to the homcowner
will go up a like amount, an average of $500 per loan. These homeowner deductions will
offset any increased revenue gains from the servicing industry.
Attached please find a revenue estimate we have prepared regarding PMSR
amortization. We believe that the 14 year amortization could result in a revenue loss as
opposed to the revenue gain anticipated.
We would respectfully request that the Joint Committee redo their revenue estimate
taking into consideration the points raised above.
REVENUE ESTIMATE
Page 2 of 2
14YEAR AMORTIZATION
MORTGAGE SERVICING
FISCAL YEARS
(MILLIONS OF DOLLARS)
1993
1994
1995
1996
1997
1993-97
TOTAL PMSR SERVICING
700000
721000
742630
764909
787856
SERVICING VALUE @1.25%
8750
9013
9283
9561
9848
CURRENT AMORTIZATION/7 YR SL
1250
1288
1326
1366
1407
PROPOSED AMORTIZATION/1 YR SL
625
644
663
683
703
DIFFERENCE IN AMORTIZATION
625
644
663
683
703
TAX VALUE OF AMORT DIFF @34%
213
219
225
232
239
GROSS REVENUE FROM PMSR
30
63
97
133
171
494
(Amortization phased in over 7 years)
Home Finance Coalition
REVENUE LOSS FROM RESALES
10
31
63
106
163
373
(Deterred amortization allowances)
NET REVENUE FROM PMSR
20
32
34
26
8
121
NEW HOMEOWNER DEDUCTIONS
375
386
398
410
422
1991
TAKVALUE OF DEDUCTIONS@28%
105
108
111
115
118
557
NET REVENUE LOSS
-85
-76
-77
-83
-110
-437
ASSUMPTIONS
Total outstanding mortgage servicing rights are 1 Trillion dollars with 70% or 700 Billion PMSRs.
PMSRs grow at 3% per year...
New amortization schedule of 14 years is phased in over 7 years.
Revenue loss from resales of PMSRs results from deferred amortization which can be realized upon sale
Because of this economic incentive estimate assumes PMSRs are resold every three years which is
approximately current rate of resale activity.
New homeowner tax deductions occur as the 14 year amortization will decrease the value of PMSR by
about 30% forcing homeowners to pay a like amount in loan fees which are deducted on their tax return
9/23/9216 59 28
10/09/92 15:03
538 1050 KATELL PROPRITES
01
IK
TELEFAX TRANSMITTAL
To: James Baker
From: Jerry Katell
White House
Katell Properties
Chief of Staff
1655 Amalfi Drive
Pacific Palisades, CA 90272
Fax#: 202/456-2461
Fax#: (310)459-9856
Date: Oct.8,1992
Number of pages sent (including cover page) 1
If entire Fax is not received, call
at (310)459-7200.
Project: H.R.11 - Urban Aid - Tax Bill
Remarks: I urgently request that this bill not
be vetoed due to its posit ive as pects
coverning enterprise zones, pension real estate
investment, passive loss corrections and debt
restructuring provisions The positives far
outweigh the negatives
Action requested:
( ) Per your request () Please sign and return
() Please comment
( ) For your review ( ) For your information
( ) For your approval
( ) For your files
( ) Please telephone
( ) Please handle
( ) As requested by
SHARPE JAMES
MAYOR
NEWARK, NEW JERSEY
07102
October 1, 1992
The Honorable George Bush
President
of the United States
The White House
1600 Pennsylvania Ave., NW
Washington, D.C. 20500
Re: Senate Version HR 11
Dear Mr. President:
On behalf of the City of Newark, New Jersey, I am writing to
express my support and encouraging you to sign the above referenced
Bill. It is in our opinion, of critical importance that Congress
and your Administration enact an Enterprise Zone Bill this year.
While thirty-six States and the District of Columbia have
worked routinely and efficiently with the concept of Enterprise
Zones, the Federal Government has failed to produce a program to
coordinate with the State zones already in operation. To us in
Newark, the answer is very clear. We need an Enterprise Zone
program that serves as a cornerstone of an urban revitalization
strategy, one that will deal with the current problems of
disinvestment and stagnation.
I urge you to work towards the adoption of the Enterprise Zone
Bill since it will be a great step forward to the solution of our
City's problems.
Respectfully yours,
Sharpe James
Mayor, City of Newark
CC: Sen. Lloyd Bentsen
Rep. Dan Rostenkowski
James Baker III
Nickolas Brady
Richard Darman
OCT 8 '92 11:15
PAGE. 001
APV Gaufin, Inc.
FACSIMILE MESSAGE FOR:
APV HOMOGENIZER DIVISION
James Baker
6044 S.NORCROSS-TUCKER RD.
Chief of Staff
NORCROSS, GA. 30093
White House
TEL. (404) 934-1730
FAX. (404) 270-1610
GAULIN
RANNIE
2
NO. OF PAGES
(Including cover page)
FROM: PHIL GRANT
DATE: 10/8/92
IF THIS TRANSMISSION IS NOT FULLY OR LEGIBLY RECEIVED.
PLEASE NOTIFY SENDER
OCT B '92 11:16
PAGE. 002
October 8, 1992
APV
TO: James Baker
APV Gaulin, Inc.
Chief of Staff
500 Research Drive
White House
Wilmington Technology Park
Wilmington, MA 01887
Fm: Philip Grant
U.S.A.
Tel.: (508) 988-9300
Subject: Line Item Veto
Tix: 0174275
Fax: (508) 988-9111
Dear Sir:
The tax bill, which is about to be sent to the President, is an
of a line item veto, inherent in his office.
opportunity for the President to "assume" that he has the power
tax increases, and then sign the bill.
I would recommend that the President veto those items that are
He should announce his decision during his opening statement
during the upcoming debates. This would throw the other candi-
without the advice of his political advisors. This could lead to
dates off balance, and Governor Clinton would have to respond
a serious mistake on his part.
With the Congress out of session, it would be up to the next
time the election would be over.
congress, and the Supreme Court to address this issue. By that
After the announcement the President should campaign against the
"pork Barrel" legislation that the congress passes, and how he
will spending. continue to use the line item veto to eliminate wasteful
If it does nothing else, this will shake up the campaign and draw
more attention to the President's proposals.
Hoping for four more years,
Philip M. Grant
Regional Manager
South
Reply to: Suite 107, 6044 $. Norcross Tucker Road, Norcross, Georgia 30093
Telephone: (404) 934-1730 FAX: (404) 270-1610
** TOTAL PAGE. 002 **
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SUITE 202
4970 NORTHWIND DRIVE EAST LANSING, MICH. 48823 (517) 332-8978
FAX COVER PAGE
Please deliver the following page(s) to:
-20000024-40 ANOION
Attention:
Mr. Baker's Office
Company Name:
From: Rex Roger Copsey
Date: Oct. 9, 1992
Total number of pages sent: 2 (including this cover page)
Remarks:
If you do not receive all pages sent, please call (517) 332-8978
and ask for
Keely
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;# 2
SUITE 202 4970 NORTHWIND DRIVE EAST LANSING, MICH. 48823 (517) 332-8978
October 9, 1992
The Honorable George H.W. Bush
President of the United States
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
-200020251-40 ATOION
Dear Mr. President:
As architectural designers of affordable housing, we are asking you
to keep us off the unemployment roles by signing HR11. The Bill
provides incentives for Low Income Housing Development without
which, activity. there would be virtually no other real estate development
Sincerely,
Rex Roger Copsey
President
RRC/kaw
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:# 1
SELF IMAGE PRODUCTIONS
October 9, 1992
Mr. James Baker
Chief of Staff
The White House
Washington, D.C.
VIA Fax No. 202-456-2883
RE: Congressional Tax Bill
Dear Mr. Baker:
I Congress. urge you to request that the President sign the tax bill which was recently approved by
The bill contains a number of provisions designed to stimulate the economy, including
several that the President has indicated that he wants.
It is not a great bill--little coming out of Congress these days is-however, the benefits of
the economic incentives outweight its disadvantages, including some of its "revenue
enhancers."
The President should rise above the politics of the campaign, show himself as a leader,
and act in the best interests of the nation by signing the bill.
Ved Howard
Sincerely,
Theodore B. Howard
8355 Pawned Lane, Longmont, 8 60503 (303) 652-0113 FAX (303) 652-0114
TOTAL P.01
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1# 2
SUNBELT PROPERTIES CORP
DEVELOPMENT MANAGEMENT INVESTMENT
October 9, 1992
Mr. James Baker
Chief of Staff
The White House -
Dear Mr. Baker:
I urgently request that you do all within your power to persuade
President Bush to not veto the tax bill, HR II.
My business is dependant on the Low Income Housing Tax Credit.
We have been shut down since June and I am laying people off.
This bill is about jobs. Please help us.
Sincerely,
Conrad L. Deggs
President
8000 Sparks Road
Little Rock, Arkansas 72210-4857
501-821-2787 Fax 501-821-4310
EQUAL HOUSING
OPPORTUNITY
TOTAL P.02
RCV BY:Xerox Telecopier 7020 :10- 9-92 :10:52AM ;
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;# 1
JL
JOHN LOVING
Mr. James Baker
White House Chief of Staff
Washington, D.C.
Dear Mr. Baker:
As providers of housing for low income families and the elderly, we urge the President to sign
the tax bill, HR 11, because it contains a permanent extension of the Low Income Housing Tax
Credit. The Low Income Housing Tax Credit is the primary resource for the production of
affordable rental housing in the state, and it is an important element in providing jobs during this
time of limited activity in the construction industry.
We hope the President will carefully weigh these benefits when deciding whether to sign HR 11.
Many people in this state depend upon the Low Income Housing Tax Credit for housing and
jobs.
Respectfully,
John John C. Loving Loving
JCL/ljk
1000 ISTALL DEVELOPERS
-
" . . .... 51667, RAI KIGH. N.C. 11000
"14.878
SENT BY:HARTFORD-LISC
10-08-92 05:03PM
12024562683 # 1
LOCAL INITIATIVES SUPPORT CORP. - HARTFORD
Fax Message
Phone: (203) 525-4821
Fax: (203) 525-4822
To:
James Baker
From:
Bob Kantor
Date:
October 8, 1992
RE:
Save the Tax Bill
# of pages (including cover) 1
Dear Mr. Baker:
I am sending you this message to urge you to advise the President to support the tax bill HR 11,
that was passed by both houses of congress. While we know that the President does not support all
provisions in the bill, he must understand that the bill has provisions that are crucial to the work that I
and my colleagues do to help rebuild our nation's poorest cities.
The mortgage revenue bond and low income housing tax credits are essential to the work we do.
These provisions have helped create hundreds of thousands of jobs, and have provided affordable housing
for hundreds of thousands of families. The extension of these bills have been held hostage for far too
long. Now is the chance for the President to make a real impact on the plight demolishing this nation's
inner cities.
We ask that the President sign the tax bill. Thank you very much.
E 0 P:# 1/ 1
10- 9-92 :11:50AM :METROPOLITAN STRUCT.- -
SENT BY:
METROPOLITAN STRUCTURES
111 EAST WACKER DRIVE, SUITE 1200
CHICAGO, IL 60601
312/938-2600
FAX: 312/938-2897
FAX TRANSMITTAL COVER SHEET
DATE: October 9, 1992
TIME SENT:
11:40 AM
TO: COMPANY:
FAX NO.:
202/456-2461
ATTENTION:
WHITE HOUSE CHIEF OF STAFF JAMES BAKER
FROM:
ALAN H. LEVINSON, 1905 WATERFORD COURT, HIGHLAND PARK, IL 60035
NUMBER OF PAGES, INCLUDING THIS COVER SHEET: 1
COMMENTS: I URGE PRESIDENT BUSH TO SIGN THE URBAN AID BILL, H.R.111
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From : BLUEWATER
PHONE No. : 909 295 0200
Oct. 09 1992 2:10PM P01
BLUEWATER
JAMES BAKER YOU MUST
ADVISE PRESIDENT BUSH
SIGN HR11 TO GET 25,000
PEOPLE BACK TO WORK IN THE
BOATING INDUSTRY!
ONE OF OUR FEW INDUSTRIES
WHERE WE HAD WORLD
DOMINANCE HAS BEEN ALL BUT
DESTROYED. You MUST ACT
NOW TO FOSTER THE REPEAL
OF THE LUXURY TAX OR THE
INDUSTRY WILL NEVER
FORGIVE YOU IN NOVEMBER!
OUR INDUSTRY IS ON THE
VERGE OF EXTINCTION AS A
RESULT OF THIS
DISCRIMINATORY TAX. I CAN
NOT BLEED ANYMORE
THERE IS NOTHING LEFT!
ToM Mc CARTHY
Twin Lights, Inc.
197 Princelon Evenue, Bricktown, Ng08724
1-800-662-BLUE
From : BLUEWATER
PHONE No. : 908 295 0200
Oct. 09 1992 2:11PM P02
BLUEWATER
PRESIDENT BUSH
SIGN HR11 TO GET 25,000
PEOPLE BACK TO WORK IN THE
BOATING INDUSTRY!
ONE OF OUR FEW INDUSTRIES
WHERE WE HAD WORLD
DOMINANCE HAS BEEN ALL BUT
DESTROYED. You MUST ACT
NOW TO FOSTER THE REPEAL
OF THE LUXURY TAX OR THE
INDUSTRY WILL NEVER
FORGIVE YOU IN NOVEMBER!
OUR INDUSTRY IS ON THE
VERGE OF EXTINCTION AS A
RESULT OF THIS
DISCRIMINATORY TAX. I CAN
NOT BLEED ANYMORE
THERE IS NOTHING LEFT!
ToM Mc CARTHY
Tarin Lights, Inc.
197 Princeton Avenue, Bricktown, NJ08724
1-800-662- BLUE
RCV BY:
10- 9-92 : 1:36PM :
CCITT G8-
EOP:#1
LINCOLN PROPERTY COMPANY N.C., INC.
October 0, 1992
Chief of Staff James Baker
The White House
1600 Pennsylvania Avenue N.W.
Washington, D.C 20500
Dear Mr. Baker:
I strongly urge that the President sign H.R. 11 into law. It contains at least four key
provisions that bring back a certain degree of tax equity to real estate.
The Section 108 relief will also help the RTC in restructuring deals and will bring back
some liquidity to the real estate market.
Without these changes many real estate companies face bankruptcy.
Please, help us.
Very truly yours,
LINCOLN PROPERTY COMPANY N.C., INC.
Stuart L "Sandy" Leeder
Vice President a Financial Services
and Corporate Controller
101 Lincoin Centre Drive Foster City. California 94404-1167 (415) 571-2250
SENT BY:JUPITER INDUSTRIES :10- 9-82 :10:14AM ;
3126420670-
E 0 P # 1
Jupiter Realty Corporation
Telefax
October 9, 1992
The Honorable James Baker
White House Chief of Staff
Washington, D.C.
Fax: 202/456-2461
Dear Mr. Baker:
The National Realty Committee has been a strong proponent of
the urban aid-tax bill (H.R.11), and as a member of the
committee I urge you to impress upon President Bush the
importance of this bill.
Even though this bill includes several revenue raising
provisions it also includes a majority of the economic growth
initiatives proposed by President Bush. The bill is absolutely
vital in restoring the tax fairness for the real estate
industry, which is a key component for economic growth.
Many thanks for your consideration.
Bith
Donald A. Smith.
President
DAS/ms
919 North Michigan Avenue . Chicago, Illinois 60611 (312) 642-6000
OCT 09 '92 09:38AM STANDARD PARKING COR
P.1
MYRON C. WARSHAUER
56 EAST MONROE STREET
CHICAGO, ILLINOIS 60603
AREA CODE 312.332.5124
VIA FAX TO 202-456-2461
October 9, 1992
Mr. James Baker
White House Chief of Staff
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear Mr. Baker:
urban-aid tax bill (H.R.11).
I urge your support of the President's signing the Senate
The very minor "tax increases" are inconsequential in the
context of all the good this bill can create.
Sincerely,
Mapon C. Warshouer
IPMWHD1 WSH
1-002080A283 10/09/92
ICS IPMROCG RNO
00009 TDRN MDC RENO NV 10-09 0629A PDT
ICS IPMWHDS
02 OCT 9 A9:57
THIS IS A REROUTE OF THE FOLLOWING MESSAGE:
1-003656S282 ICS IPMRNCZ CSP
9132952449 FRS TDRN TOPEKA KS 35 10-08 0508P EST
PMS JAMES BAKER CHIEF OF STAFF, DLR
WHITE HOUSE
WASHINGTON DC 20510
PLEASE URGE THE PRESIDENT TO SIGN THE SENATE PAST VERSION
OF HR. 11 PROVIDING FOR URBAN ASSISTANCE JOB STIMULUS ENTERPRISE
ZONES AND EXTENSION OF EXPIRING PROVISIONS THIS LEGISLATION
WILL SUBSTANTIALLY BENEFIT THE ECONOMY
VERY TRULY YOURS
JAMES J FEENEY VICE PRESIDENT EMPLOYEE RELATONS PAYLESS
SHOE SOURCE
INC
3231 EAST 6 ST
TOPEKA KS 66607
10-01-92 09:44 AM FROM DECO CONSULTING INC
P001/002/F06
DECO INC.
P.O. Box 7694
Bend, OR. 97708
Oregon: 1-800-422-5212
Other States: 1-800-843-7735
FAX 1-800-238-3347
FACSIMILE COVER PAGE
DOCUMENT CONSISTS OF 1 PAGE/S PLUS COVER PAGE
TO: The Honorable James Baker
Chief of Staff
COMMENTS: SEE ATTACHED
10-01-92 09:44 AM FROM DECO CONSULTING INC
P002/002/F06
We respectfully urge the President to sign HR 11 which contains the
EXTENDERS.
0- We use TJTC in our hiring process. It allows us to aggressively seek
out people on welfare and other disadvantaged individuals for our
workforce.
0- There is wide bipartisan support for passage of HR 11 and the
EXTENDERS
0- Extension of TJTC was in the President's budget this year.
Thank you, we appreciate your support.
Respectfully,
Ken Borrilt
Ken Barrett
President
OCT 01 '92 14:17
P.1/3
M.A.R.S.
STOUT
FAX COVER SHEET
10/1/92
Page 1 of 2
FROM : M.A.R.S. STOUT
FRED J. STUT
TO:
THE HONORABIE JAMES BAKER
CHIEF of STAFF
THE WHITE HOUSE
( (202)456-2441 1
P.O. Box 8026 Missoula, Montana 59807
Phone (406) 721-6280 FAX (406) 728-5713
OCT 01 '92 14:17
P.2/3
M.A.R.S.
STOUT
October 1, 1992
The Honorable James Baker
Chief of Staff
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear Mr. Baker;
I am writing in reference to legislation HR-11, currently in
conference.
This urban assistance and revenue package will benefit our sluggish
economy. Urban assistance, employment stimulation, Enterprise Zones
and extension of expiring provisions are all beneficial. Please
urge the President to sign this legislation when it is presented to
him. It will benefit most Americans and it allows the President to
assert his leadership.
JailJ Sincerely, Start
Fred J. Stout
M.A.R.S. STOUT, Inc.
P.O. Box 8026 Missoula, Montana 59807
Phone (406) 721-6280 FAX (406) 728-5713
PAYLES SHOESOURCE INC.
3231 E 6TH ST.
WESTERN
TOPEKA KS 66607 01AM
UNION MAILGRAM
TM
UNITED STATES
POSTAL SERVICE
1-003669K275 10/01/92 ICS IPMBNGZ CSP WHSB
9132952449 MGMS TDRN TOPEKA KS 59 10-01 1252P EST
HONORABLE JAMES BAKER
CHIEF OF STAFF
THE WHITE HOUSE
WASHINGTON DC 20500
DEAR MR. BAKER,
PLEASE URGE THE PRESIDENT TO SIGN THE SENATE PASSED VERSION H.R.-11
PROVIDING FOR URBAN ASSISTANCE, JOB STIMULUS, ENTERPRISE ZONES, AND
EXTENSION OF EXPIRING PROVISIONS. THIS LEGISLATION WILL SUBSTANTIALLY
BENEFIT THE ECONOMY. VERY TRULY YOURS,
JAMES J FEENEY, VICE PRESIDENT-EMPLOYEE RELATIONS
PAYLESS SHOESOURCE INCORPORATED
12:47 EST
MGMCOMP
MGM CS (10/89)
To reply by Mailgram Message, see reverse side for Western Union's toll-free numbers.
TO REPLY BY MAILGRAM MESSAGE, PHONE WESTERN UNION ANYTIME, DAY OR NIGHT:
FOR YOUR LOCAL NUMBER, SEE THE WHITE PAGES
OF YOUR LOCAL TELEPHONE DIRECTORY
OR
DIAL (TOLL-FREE) 800-325-6000
Thank you for your thoughtful letter to of urging
passage of H.R. 11.
We are pleased that the current legislation sponsored by
Congressman Rostenkowski incorporates several of the initia-
tives that are contained in the President's proposal. We are
firmly committed to swift enactment of the real estate
provisions as they are a central element in the
Administration's plan to bolster the economy.
The President may be forced to veto the legislation in its
present form, however, since it does not contain sufficiently
strong measures to promote job-creating investment. The
President believes that those measures must include capital
gains tax incentives. We will continue to work with the
Congress in order to produce sound, pro-growth legislation.
We believe that in order to be effective, however, favorable
treatment of capital gains should also be part of that
package and that the package must not increase the tax burden
on businesses or households.
Again, thank you for sharing your thoughts and concerns with
the President.
Sincerely,
shirty
5mg- 245
green
carm to use
okay with variation?
10-05-92 11:53 AM FROM DECO CONSULTING INC
P001/001/F04
DECO INC.
P.O. Box 7654
Bend, OR. 97708
Oregon: 1-800-422-5212
Other States: 1-800-843-7735
FAX 1-800-238-3347
FACSIMILE COVER PAGE
DOCUMENT CONSISTS OF & PAGE/S PLUS COVER PAGE
TO: The Honorable James Baker
Chief of Staff
October 5, 1992
COMMENTS:
RE: HR-11
Dear Mr. Baker:
We support passage of HR-11. This bill contains the expired provisions
which are almost all jobs related.
Passage of HR-11 would send à strong message to the electorate that the
dPresident is interested in jobs.
Respectfully,
Ken Bornett
Ken Barrett
President
BAKER
&
HOSTETLER
COUNSELLORS AT LAW
WASHINGTON SQUARE, SUITE 1100
1050 CONNECTICUT AVENUE, N.W.
WASHINGTON, D.C. 20036-5304
(202) 861-1500
FAX (202) 861-1783
TELEX 2357276
WRITER'S DIRECT DIAL NUMBER (202) 861-1566
PERSONAL AND CONFIDENTIAL
October 5, 1992
Via Hand Delivery
Mr. James A. Baker, III
Executive Office of the President
1600 Pennsylvania Avenue, NW
Washington, D.C. 20500
Re: H.R. 11, the "Revenue Act of 1992"
Dear Mr. Baker:
Recognizing my own personal bias in this matter, I thought you
might nevertheless be interested in some thoughts which I have
concerning the decision facing President Bush to either sign or
veto H.R. 11, the "Revenue Act of 1992." Those thoughts are set
forth in the enclosed document entitled "Why George Bush Should
Sign the Tax Bill." If you have any questions, please do not
hesitate to contact me.
and Kenneth J. Kies
Sincerely,
kjk:0222:09900\00010\letters\1005bake.ltr
CLEVELAND, OHIO
COLUMBUS, OHIO
DENVER, COLORADO
HOUSTON, TEXAS
LONG BEACH, CALIFORNIA
Los ANGELES, CALIFORNIA
ORLANDO, FLORIDA
(216) 621-0200
(614) 228-1541
(303) 861-0600
(713) 751-1600
(310) 432-2827
(213) 624-2400
(407) 649-4000
WHY GEORGE BUSH SHOULD SIGN THE TAX BILL
Now that the Congress has agreed upon a tax bill, H.R. 11, the "Revenue Act of 1992,"
the question on at least some American minds is whether President Bush will sign this
legislation. There are at least four persuasive reasons why the President should sign the bill.
First, signing the tax bill is not only consistent with the President's opposition
to tax increases but can be used as a vehicle for explaining his position on this
issue. The President's position on tax increases should be that he is opposed to
measures which increase the net revenues that are taken from the private sector
and poured over into the public sector. This position is very defensible because
private and public sector economists generally agree that capital invested in the
private sector produces a more substantial return to the gross national product
than the use of capital in the public sector. The pending tax bill does not alter
the amount of capital which is transferred from the private sector to the public
sector through the tax system because it is a revenue neutral bill. It raises
exactly as much tax money as it loses. On the other hand, the economic program
proposed by candidate Clinton would substantially increase the amount of
revenues transferred from the private sector to the public sector. Moreover,
candidate Clinton's 128 tax increases while governor generally represented
instances where net tax revenues were increased to increase the size of Arkansas
state spending.
Second, H.R. 11 contains many of the initiatives that the President himself has
proposed both as part of his 1992 budget submission and following the Los
Angeles riots. Prominent among these is his enterprise zone proposal which,
importantly, is contained in its final form in H.R. 11 with a capital gains
preference.
Third, the bill contains a number of important tax legislative initiatives which
would positively impact the economy including the reform of the passive loss
rules applicable to the real estate industry, the extension of the research and
development credit, the repeal of the luxury tax on boats and other items, and
enhanced IRA provisions to encourage savings. Moreover, timing is critical.
The many positive provisions contained in H.R. 11, if enacted now, can begin
to produce economic benefits for the country by the middle of 1993. If no
legislation is enacted now, the earliest tax legislation can be expected, as a
practical matter, is the summer of 1993, thus delaying the beneficial impact of
these provisions until 1994 or beyond.
Fourth, it is highly likely that the President will sign H.R. 776, the
"Comprehensive National Energy Policy Act of 1992." This legislation includes
at least 18 individual tax increases which generally are offset by other changes
in the tax code which lose revenue although the package actually increases net
revenues by approximately $1 billion. Most prominent among the revenue-
losing provisions is a relaxation of the alternative minimum tax applicable to
certain oil and gas producers. If the President signs H.R. 776 but vetoes H.R.
11 on the basis that H.R. 11 constitutes a tax increase, he will appear to be
tremendously inconsistent and is certain to be criticized on that basis.
kjk:0222:09900\00010\1005wby.doc
SENT BY:MERRILL LYNCH
;10- 5-92 ; 6:21PM ;
94562397:# 1/ 2
Merrill Lynch
Office of Government Relations
Merrill Lynch & Co., Inc.
3000 K Street, N. W., Suite 620
Washington, D. C. 20007
Date:
October 5, 1992
Time: 6:15 p.m.
To:
The Honorable James A. Baker, III
Chief of Staff
The White House
From:
Bruce E. Thompson, Jr.
Vice President, Director of Government Relations
Merrill Lynch & Co., Inc.
3000 K Street, N. W., Suite 620
Washington, D. C. 20007
Phone: 202/965-5550
Fax: 202/965-5580
Number of Pages (Including Transmittal Sheet)
-2-
SENT BY MERRILL LYNCH
;10- 5-92 ; :22PM ;
94562397; # 2/ 2
Merrill Lynch & Co., Inc.
3000 K Street, N.W.
Suite 620
Washington, D.C. 20007
202 965 5550
FAX 202 965 5580
Merrill Lynch
Bruce E. Thompson, Jr.
Vice President
MEMORANDUM
Director of Government Relations
To:
The Honorable Jamcs A. Baker, III
Chief of Staff
The White House
From:
Bruce Thompson
Date:
October 5, 1992
Rc:
Tax Bill
I am writing to try to convince you that the President should sign the tax bill.
In the interest of full disclosure, let me say right up front that Merrill Lynch has
a number of provisions in the bill we have supported and lobbied for, not the
least of which is the expanded IRA, but also pension, mutual funds, and ESOP
provisions. However, I am trying to be objective on this issue.
I understand the arguments the political people are making in support of vetoing
the bill. But 1 also think there could be serious repercussions from a veto.
First, there is no doubt the media and your opponents will accuse the President
of vetoing his own bill. As you know,the bill contains many of his economic
and urban aid initiatives, as well as many of his own revenue increase
proposals.
Second, the President will be accused of playing politics with the economy.
This is the only bill that could help the economy this year, and the President has
been asking for it all year. He will be criticized for vetoing the bill because of a
few insignificant revenue raisers, many of which he himself proposed. The
President will have a hard time convincing anyone that these miscellaneous
revenue increases are more important than enterprise zones, expanded IRAs, or
any of the other provisions in the bill.
Third. opponents will claim that a veto shows that the President cannot work
with the Congress and has simply become an obstacle to governing.
Opponents will argue that Congress acceded to virtually all of the President's
demands on the bill, yet he still vetoed the bill. It's an example of gridlock at its
worst.
In my view, the President is not going to lose the tax issue by signing this bill.
He can take credit for forcing Congress to drop the objectionable broad-based
tax increases from the bill, and he has already vetoed a bill containing the tax
increases Clinton is pushing. And although he doesn't like these miscellaneous
revenue changes, the benefits in this hill for our economy, our cities, and our
people far outweigh the impact of these minor changes.
Ronce
OCT 06 '92 14:52 DONALD ZUCKER CO
P.1/2
DONALD ZUCKER COMPANY
180 wis: BETH STREET. MER TORK 1. V. 10019 /
TELECOPIER COVER SHEET
DATE I
10/6/92
TO 0
James Baler- Chief of Staff white House
FAX NO. 202-456-2461
FROM 8
Donald Zucker
PAX NO.1
RE 1
Pedual Tab Bil- action Request
TOTAL NUMBER 07 PAGES (INCLUDING THIS COVER SHEET) 2
IF YOU DO NOT RECEIVE ALL 07 THE PAGES, PLEASE
CALL THE SENDER AS BOOM AS POSSIBLE.
SPECIAL INSTRUCTIONS:
Operator's
Initials:
MAJOR MORTGAGE DEVELOPMENT
OCT 06 '92 14:52 DONALD ZUCKER CO
P.2/2
Laurie Zucker Sederman
101 West 55th Street
New York, N. Y. 10019
(212) 977-4800 (212)
October 5, 1992
Honorable George H.W. Bush
The President
Office of the President
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 205000
Dear President Bush:
As a real estate owner and developer in New York, I
commend you for the significant tax initiatives you
announced last January. Today, I am writing to urge you
to sign H.R. 11 into law because it restores tax fairness
for real estate, much along the lines you earlier, so
wisely, recommended to set the economy on a course for
growth.
As you know, the real estate industry was dealt a
crippling blow in the 1986 Tax Act. Without the relief
provided in H.R. 11, the situation for real estate
ownership and the localities that depend heavily on the
real property tax base can only worsen.
I hope you agree, and will sign it into law.
Sincerely,
Laurie Zucker Lederman
FROM THOMPSON AND PROCTOR CPA
10.05.1992 14:26
P. 1
CH Capital, Inc.
Capital Markets Financing
5 October 1992
Mr. James Baker
Chief of Staff
The White House
Washington, D.C.
VIA FAX 202-456-2883
RE, Congressional Tax Bill
Dear Mr. Baker:
My firm represents seven clients who have applied to use the
Industrial Development Revenue Bond Program in Nevada. The total
amount of funds requested is over $40 million. These monies will be
used for new manufacturing facilities that will create over 700 new
jobs in our state.
This program sunsetted on 30 June 1992. One of the provisions in
the pending tax bill is the extension of this valuable financing
vehicle for another 15 months.
The country needs to have President Bush sign this bill into law.
It contains a number of additional provisions designed to stimulate
the economy, including many that the President has indicated that
he wants. Our economy desperately needs any stimuli that we can
give it.
I believe that the President can argue that the "gridlocked"
Congress has finally passed something that in general, contains a
definite benefit for the country. It is not perfect, as a matter of
fact, it contains a number of gimmicks that can be construed as tax
increases by some people. However, the benefit of the economic
stimuli contained in the bill outweigh its disadvantages.
We need to get this economy moving in a more rapid manner. This
bill contains many of the provisions needed to achieve that goal.
The President should rise above the politics and ignore the carping
from Mr. Clinton. By signing this into law, the President will be
acting in the best interests of the nation.
Sincerely
John E. Chrissinger
President
702-323-2221
702-323-5942 FAX
California: 15327 Sunset Boulevard, #323, Pacific Palisades, CA 90272 (213) 459-0188
Nevada: 50 West Liberty, #805, Reno, NV 89501 (702) 323-2221
GRAPHNET
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TEANECK NJ 07666
100
HND A1UCLA00 0692113A001 (C1ENGLE1 - 0015) 10/05/92 18:43
**HAND DELIVERY**
20500
JAMES A BAKER III
CHIEF OF STAFF
WEST WING, FIRST FLOOR, THE WHITE HOUSE
1600 PENNSYLVANIA AVE NW
WASHINGTON DC 20500
DEAR MR. BAKER:
AT A TIME WHEN GOVERNMENT IS UNDER STRONG PRESSURE TO REDUCE
SPENDING, UCLA URGES YOU TO SUPPORT AND SIGN H.R. 11, THE REVENUE ACT
OF 1992. THIS BILL WILL ENCOURAGE THE ABILITY OF INDIVIDUALS TO
VOLUNTARILY SUPPORT THE UNIVERSITY.
WE CERTAINLY APPLAUD YOUR LONGSTANDING SUPPORT FOR THE REMOVAL OF
GIFTS OF APPRECIATED PROPERTY FROM THE ALTERNATIVE MINIMUM TAX. THIS
PROVISION IS CONTAINED IN THE CONFERENCE AGREEMENT AND WILL ENABLE
NOT ONLY UNIVERSITIES BUT OTHER CHARITIES TO BETTER FULFILL THEIR
PUBLIC SERVICE MISSION.
CHARLES E. YOUNG
CHANCELLOR
UCLA
OCT 06 '92 17:18 DONALD ZUCKER CC
P.1/2
MANHATTAN SKYLINE MANAGEMENT CORP.
C/O DONALD ZUCKER COMPANY
101 WEST 55TH STREET. NEW YORK. N.Y 10019 / (212) 977-4800
FAX NUMBER: 212-586-0258
FAX TRANSMITTAL SHEET
TO: James Baker - Chier of Staff
FAX NO.: 202-456-2461
FROM: Robert Esnard, President
DATE: October 6, 1992
RE: Federal Tax Bill
Total number of pages (including cover page): Two (2)
SPECIAL INSTRUCTIONS
THE SECURITY
MAJOR MORTGAGE DEVELOPMENT
OCT 06 'S2 17:18 DONALD ZUCKER CO
P.2/2
Manhattan Skyline Management Corp.
103 WEST 55th STREET
NEW YORK, N.Y. 10019
(212) 977-4813
October 6, 1992
Honorable George H.W. Bush
The President
Office of the President
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear President Bush:
I am writing to urge you to sign H.R. 11 because it will
make possible tax fairness and relief to the real estate
industry of this country. In 1986 the tax act started a
decline that was devastating to the economy and to real
estate businessmen.
This bill contains a passive loss provision and a debt
restructuring, which could help begin an economic recovery
in America. I see in our day to day business activities
the struggles and real problems that approval of this bill
can start to rectify. The nation's real estate industry,
including lending institutions, pension funds, major
owners and management companies like ours, all support
approval of this bill.
I hope you will sign H.R. 11, make it law and get the
economy started again.
Very truly yours,
MANHATTAN SKYLINE MANAGEMENT CORP.
mta
Robert Esnard
President
RE:rpt
RCV BY:Xerox Telecopier 7020 :10- 9-92 11:37AM ;
CCITT G3->
:# 2
FIRST CENTRUM CORPORATION
5000 Northwind Drive, Suite 140 East Lansing, Michigan 48823
(517) 332-0800
Telecopier (517) 332-4767
October 9, 1992
The Honorable George H.W. Bush
President of the United States
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Dear Mr. President:
Please sign HR11 which extends the Low Income Housing Tax Credit SO that we may
build more affordable housing for those in need, as well as create more jobs.
Thank you.
Yours truly,
my Thomas R. Runquist
President
FIRST CENTRUM CORPORATION
TRR/mk
TRR\LETTERS\BUSH
Apartment Contracting Corporation (APTCO)
Archon Associates. Inc.
Centrum Management Corporation
Rural Housing Corporation
TOTAL P.02
SENT BY:MERRILL LYNCH
:10-12-92 ;11:36AM ;
94562397:# 1/ 2
Merrill Lynch
Office of Government Relations
Merrill Lynch & Co., Inc.
3000 K Street, N. W., Suite 620
Washington, D. C. 20007
Date:
October 12, 1992
Time: 11:28 AM
To:
The Honorable James A. Baker, III
Chief of Staff
The White House
From:
Bruce E. Thompson, Jr.
Vice President, Director of Government Relations
Merrill Lynch & Co., Inc.
3000 K Street, N. W., Suite 620
Washington, D. C. 20007
Phone: 202/965-5550
Fax: 202/965-5580
Number of Pages (including Transmittal Sheet)
2
Dear Mr. Secretary:
Attached is a copy of a letter from our Chairman, Bill Schreyer, to
President Bush.
Br
SENT BY MERRILL LYNCH
:10-12-92 :11:37AM ;
94562397; # 2/ 2
William A. Schreyer
Chairman of the Board
Merrill Lynch & Co., Inc.
World Financial Center
North Tower
New York, New York 10281-1332
Merrill Lynch
212 449 1313
FAX 212 449 9418
October 9, 1992
The President
The White House
1600 Pennsylvania Avenue, N. W.
Washington. D. C. 20500
Dear Mr. President:
I am writing to urge you to sign H. R. 11. the Revenue Act of 1992.
This may not be an ideal bill, but I do think that on balance it would he a positive for the
economy. It contains important provisions to stimulate economic growth and encourage
the long-term saving and investment our economy needs to expand. Of course, we
strongly support the expanded IRA provisions which will help millions of Americans
save for the future. But other features of the bill are also important, such as the measures
to revitalize inner cities, to promote research and development, and to rebuild the real
estate industry.
I know your opponents will attempt to find a way to capitalize on your approval of this
bill. But you and your team can effectively take credit for forcing the Congress to
abandon their schemes to raise income tax rates for millions of taxpayers. I also believe
that a strong case can be made with the American people that the benefits of this bill to
our economy will far outweigh the miscellancous revenue increases it includes.
Sincerely,
Bull Schreyer Bill
10/05/92
18:45
2609 296 3956
VIKING YACHT
001
COALITION TO SAVE JOBS IN BOATING
"On the Bass Hiver" New Grotna, New Jersey 08224 (609) 295-6000 Fax (609) 296-3956
FAX TRANSMISSION
*** PLEASE DELIVER THIS FAX ***
TO:
JAMES BAKER
FROM:
ROBERT T. HEALEY, Chairman
DATED:
OCTOBER 5, 1992
TOTAL PAGES [including coversheet): Three (3)
RE:
OVER 900.000 PEOPLE IN THE RECREATIONAL BOATING INDUSTRY
APPEAL FOR PRESIDENT BUSH'S SUPPORT.
Please read the attached two-page letter and a prompt response is requested.
10/05/92
18:45
609 296 3956
VIKING YACHT
002
COALITION TO SAVE JOBS IN BOATING
"On the Base River"
New Greina, New Jersey 08224
(609) 296-6000
Fax (609) 206-3956
October 5, 1992
President George Bush
White House
1600 Pennsylvania Avenue, N.W.
Washington, DC 20500
Dear President Bush:
On Tuesday or Wednesday, October 6 or 7, Congress in a bipartisan effort is expected
to complete passage of the major revenue bill, H.R. 11, in a form similar to the original
House version passed in July, which you supported. This Bill contains the repeal of the
ten percent (10%) luxury tax on new boats enacted in the Deficit Reduction Act adopted
on November 6, 1990.
Of the 900,000 people working in the recreational boating industry, over 300,000 have
lost their jobs as a result of this tax. We urge you, Mr. President, to sign H.R. "
immediately into law in order to stop the daily, continuous loss of jobs and get back to
work these 300,000. unemployed marine people. Our plight IS drastic. Only you can now
help us.
On the passage of H.R. 11 anticipated by October 7, we plan a large group with signs
to rally and march on the Bush/Quayle '92 Headquarters, beginning in New Jersey, Florida,
Ohio and Michigan, and continue in the remaining 27 boating states throughout the country,
urging you to sign H.R. 11.
The marine industry is primerity made up of small businesses; and the Coalition To Save
Jobs In Boating is an organization of all people in the Industry, from boat builders to
dock boys, formed to fight the luxury tax.
We know, Mr. President, you were pressured into supporting the enactment of the tax
at Andrews Air Force Base by Congress. We also know you are aware of our plight and
have strongly supported the repeal of this tax.
Governor Clinton has advised us that after an opportunity to review our figures and the
lack of revenue produced by the tax, he would urge Congress to repeal the tax and support
us, particularly because of the jobs at stake. He has also asked us to support him in his
election campaign.
10/05/92
18:46
609 296 3956
VIKING YACHT
003
President George Bush
- 2 -
October 5, 1992
Mr. President, the marine industry all over the country are "Bush" people, who
overwhelmingly supported you in the last election. Your signing of H.R. 11 will not
only save the boating industry from disaster but will symbolize to the unemployed
throughout this country that you are ready to do whatever 12 takes to put them back
to work.
In gratitude to you, the boating Industry will not march on your Headquarters in 31 boating
states, but will instead, join with your campaign people in each of these status to stage
rellies, signifying that you have put us back to work and will put all unemployed Americans
back to work If given the opportunity. We will ask our 20,000 small businesses and our
marine publications to urge all Americans to Vote for your reelection.
We are family people. We believe in you and I personally pray for you. Don't force the
marine industry and its beaters everywhere into the Clinton camp. Get someone back
to me (personal phone: 609-267-2458; personal fax: 609-261-0799) and I will coordinate
our state committees to work with your state campaign people to support you for
reelection.
Very truly yours,
Robert T. Healey, Chairman
Coalition To Save Jobs In Boating
RTH/pa
CC: James Baker
Nicholas Brady
Richard Darman
Jeffrey Vogt
James O'Connell
31 State Campaign Chairmen
i
OCT 05 '92 16:49 MENDIK REALTY CO.
P.1
BERNARD H. MENDIK
330 MADISON AVENUE
NEW YORK, NEW YORK 10017
FACSIMILE TRANSMITTAL
DATE: October 5, 1992
PAGE 1 OF 2
TO:
The Honorable James Baker
Chief of Staff
)
The White House
FAX #: (202) 456-2461
FOLLOWING HEREWITH, PLEASE FIND NUMBER OF PAGES AS
REFERENCED ABOVE.
IF ANY OF THIS TRANSMITTAL IS INCOMPLETE OR ILLEGIBLE,
PLEASE CONTACT CATHY RAUERT AT 212-573-0917.
OCT 05 92 16:49 MENDIK REALTY CO.
P.2
Real Estate Board Building
The Real Estate Board of New York, Inc.
12 East 41st Street
New York, N.Y. 10017
REAL EDTATE
TEL. (212) 532-3100
FAX (212) 779-8774
YORK 1009 10 GOAPO
Officers
Bernard H. Mandlk
Charrperson of the Board
Steven Spinate
President
Burton P. Reenick
October 5, 1992
Chalrperson Emerius
Aaron Gural
Vice Chairperson
Fred Wilson
Vice Chairperach
Jerry L. Cohen
Vice-Pres. Brokerage Division
William c. Rudin
The Honorable George H. W. Bush
Vice-Pres. Owners & Butlders
The President
Division
George M. Brocker
Office of the President
Vice-Pres. Management Division
Carol D. Nichols
1600 Pennsylvania Avenue, N.W.
Vice-Pres. institutional Ownere
Division
Washington, D.C. 20500
Alton G. Marshall
Vice-Pres. Alied & Associate
Division
Dan J. Granich
Dear President Bush:
Treasurer
Sheldon Solow
Asa? Treasurer
Leonard Litwin
As Chairman of the Real Estate Board of New York, Inc., I commend you
Secretary
Gerald D. Katter
for the significant tax initiatives you announced last January.
Asst Secretary
Today, I am writing to urge you to sign H.R. 11 into law because it
Samuel H. Lindenbaum
Member At Large
restores tax fairness for real estate, much along the lines you
Edward A. Riguard
Member Al Large
earlier, so wisely, recommended to set the economy on a course for
Bartram F. French
Past Challiperson
growth.
Larry A. Silverstein
Past Challiperson
Jeny 1. Spayer
Past Chapperson
As you know, the real estate industry was dealt a crippling blow in
Sydney A. Luria
the 1986 Tax Act. Without the relief provided in H.R. 11, the
Counsel
Governore
situation for real estate ownership and the localities that depend
Carl Borson
Leonsrd Boxer
heavily on the real property tax base can only worsen. The over
George M. Brooker
Jerome M. Cahen
4,000 members of our industry association, which inclues major
Jerry L. Cohen
Bubaia Corcoran
owners, lending institutions and pension funds that have property
James 6. Digney
Douglas Durst
nationwide as well as in New York, have carefully studied the
Amoid Flaher
Bertrem F. French
provisions in the bill and it has their support. We hope you will
Charles L. Goldenberg
agree and make it the law.
Patricia Goldstein
Robert E. Goldstain
Dan J. Grantch
Joseph A. Grotto
Sincerely yours,
Aaron Gural
Henry W. Haunsa. Jr.
Gerald D. Kelfer
George Klein
Richard a. LeFrak
Samuel H, Lindenbaum
Leonard Litwin
Bernard Mum H. Mendik
Lorian L. Mariantes
Alion G. Marshall
Chairman of the Board
William C. McCahel, Jr.
Barnard H. Mandlk
Bimon 3. Mude
Edward 1. Milstein
Edward J. Minskoff
Arthur J. Miranto 11
BHM/Cmr
Carol D. Nichola
Bruce c. Rainer
Burton P. Resnick
Edward A. Riguard
Howard P. Honson
Daniel Rose
Marshall Rose
Stepher. M. Roas
William c. Rudin
About Schusster
AMn Schwartz
Larry A. Silverstein
Jean W. Solemon
Sheldon H. Solow
Arthur L Bonnenblick
Richard Speciale
Jerry 1. Spayer
Brian J. Strum
Roger W. Tuckerman
Martin Turchin
Charles J. United
Timothy J. Weich
Fred Wilson
Denald Zucker
October 8, 1992
The President
The White House
Washington, D. C. 20500
Dear Mr. President:
As we are all painfully aware, the nation's economy remains stagnant and shows no sign of long-
term advancement. Many sectors of the economy in both manufacturing and services are
languishing. Real estate values continue to decline, thus putting increasing pressure on state and
local governments as their tax base continues to erode. Many nonprofit organizations are
struggling to address important public and human needs with dwindling resources. Consumer
confidence ebbs with the tide of poor economic performance. Investment lags, and the individual
savings rate continues to be the lowest in the industrial world. The United States spends less per
dollar of Gross Domestic Product on civilian research and development than many of its global
partners and competitors. Action is needed now.
The undersigned groups and the millions of Americans they represent fully support H.R. 11, the
Revenue Act of 1992 as the requisite first step toward solving these problems. H.R. 11 contains
growth provisions that you proposed earlier this year. For example, enterprise zones and related
investment funds will provide urgently needed assistance to economically distress urban and rural
communities. The undersigned groups have been willing to operate under the restraints of the
budget process in order to achieve the important modifications and extensions in this bill. Just as
the relief and extension provisions have been carefully crafted, so also have the provisions that
make the bill revenue neutral. Like the growth incentives, many of the revenue provisions are
ones that you yourself have supported at earlier stages of this debate.
We find the combination of tax incentives and the character of the revenue enhancing provisions
of H.R. 11 indistinguishable from the tax provisions in H.R. 776, the Comprehensive National
Energy Policy Act of 1992. Both bills address serious problems, and both are revenue neutral.
- 2 -
Mr. President, we urge you to signal your support for H.R. 11 so that it can pass the Senate and
be signed. We believe tens of thousands of jobs can be preserved or created if this bill is signed.
H.R. 11 is about jobs and about the economy. No issue is more critical to all of us.
Sincerely,
ORGANIZATIONS
Affordable Housing Roundtable
American Arts Alliance
American Bankers Association
American Council on Education
American Resort Development Association
American Seniors Housing Association
American Society of Association Executives
Amortization of Intangibles Task Force
Association of American Universities
The National Association of Realtors®
The Association of Local Housing Finance
Chemical Manufacturers Association
Coalition of Independent Casualty Companies of America
Coalition to Preserve the Low Income Housing Tax Credit
Coretech
Council for Rural Housing and Development
The Educate America Resource Network
The Enterprise Foundation
Equipment Leasing Association of America
General Aviation Manufacturers Association
The Savings Coalition of America
Independent Insurance Agents of America, Inc.
Institute for Responsible Housing Preservation
International Council of Shopping Centers
Local Initiatives Support Corporation
Manufactured Housing Institute
NAIOP, The Association for Commercial Real Estate
National Apartment Association
National Association of Affordable Housing Lenders
National Association of Casualty and Surety Agents
National Association of Counties
National Association of Enterprise Zones
National Association of Independent Colleges and Universities
National Association of Insurance Brokers
National Association of Museums
National Association of Professional Insurance Agents
- 3. -
National Marine Manufacturers Association
National Association of Targeted Jobs Companies
National Community Development Association
National Congress for Community Economic Development
National Council of Chain Restaurants
National Employment Opportunities Network
National Housing Conference
National Housing and Rehabilitation Association
National Leased Housing Association
National Low Income Housing Coalition
National Multi Housing Council
National Realty Committee
National Restaurant Association
National Rural Housing Coalition
National Society of Professional Engineers
National Venture Capital Association
National Association of State Universities and Land Grant Colleges
Public Securities Association
Truck Renting and Leasing Association
The Affordable Housing Roundtable
JOBS-Job Opportunities Business Symposium
Association for Manufacturing Technology
National Association of Neighborhoods
Independent Trust
National Venture Capital Association
Muscular Dystrophy Association
National Association of Targeted Jobs Tax Credit Companies
National Employment Opportunities Network
National Tire Wholesalers
American Group Practice Association
Outpatient Opthalmic Surgery Society
The American Society of Outpatient Surgeons
Federated Ambulatory Surgery Association
American College of Radiation Ocology
American Society of Freestanding Radiation & Oncology Centers
Accreditation Association for Ambulatory Healthcare
National Rehabilitation Association
National Association of Private Industry Councils
National Puerto Rican Coalition
American Retreaders Association
The Greater Washington and Maryland Service Station and Repair Association
Citizens United for Rehabilitation Errants (CURE)
- 4
COMPANIES
American Airlines
The Dow Chemical Company
Champion International Corporation
Delta Airlines, Inc.
Federal Express Corporation
General Mills Restaurants
PPH Corporation
Ryder Systems, Inc.
Sterling Trust Company
Caldor, Inc.
Shaw's Supermarkets
Federated Department Stores
Steak and Ale
Southland Corporation
K Mart Corporation
Vrain Corporation
Anhueser Busch Campbell Taggart Division
Bob Evans Farms
Catherine's Stores
Central Parking Systems
Chi Chi's Mexican Restaurants
Dairy Mart
Denny's
Food Lion
Foodmaker
Frank's Nursery and Crafts
General Mills
Georgia Pacific
Genesco
Herman's World of Sports
Hyatt Hotels
Jitney Jungle
KFC
Kohl's Department Stores
LaPetite Corporation
Lucky Stores
National Medical Enterprises
National Pizza Corporation
Pantry Stores
Sbarro
Shoney's
Sky Chef
Stuart Anderson's Restaurants
Tenneco, Inc.
- 5 - -
TW Services
Toys R Us
United Parcel Service
Von's Grocery
White Castle
Ameristaff Companies, Inc.
Home Intensive Care, Inc.
Community Education and Employment Services, Inc.
Associated Financial Corporation
Purdue Farms, Inc.
Rocco, Inc.
Bassett - Walker, Inc.
Modern Globe, Inc.
Shoe Show, Inc.
Levitz, Inc.
Stanley Furniture
Jonbil, Inc.
Payless Cashways, Inc.
Lowes Company
O'Charleys, Inc.
Allergan, Inc.
Fargo Clinic
Marshfield Clinic
D.K. Management Corporation
Hickory Springs, Inc.
Helig-Meyers, Inc.
Filene's
The Gap
Gap Kids
Bananna Republic
- 6 -
East Alabama Medical Center
Bartholomew County Hospital
Opelika, Alabama
Columbus, Indiana
White River Medical Center
Marion General Hospital
Batesville, Arkansas
Marion, Indiana
Medical Center of South Arkansas
Reid Memorial Hospital
E1 Dorado, Arkansas
Richmond, Indiana
Baxter County Regional Hospital
Good Samaritan Hospital
Mountain Home, Arkansas
Vincennes, Indiana
Leesburg Regional Med. Center
Burlington Medical Center
Leesburg, Florida
Burlington, Iowa
Fawcett Memorial Hospital
St. Joseph Mercy Hospital
Port Charlotte, Florida
Mason City, Iowa
Hamilton Medical Center
Hadley Regional Medical Center
Dalton, Georgia
Hays, Kansas
Northeast Georgia Medical Center
Hutchinson Hospital
Gainesville, Georgia
Hutchinson, Kansas
John D. Archbold Memorial Hospital
Ephraim McDowell Regional Medical Center
Thomasville, Georgia
Danville, Kentucky
Tift General Hospital
Pattie A. Clay Hospital
Tifton, Georgia
Richmond, Kentucky
St. Josephs Regional Medical Center
Lewiston, Idaho
Opelousas General Hospital
Opelousas, Louisiana
Mercy Medical Center
Gratiot Community Hospital
Nampa, Idaho
Alma, Michigan
Memorial Hospital of Carbondale
Carbondale, Illinois
Alpena General Hospital
Alpena, Michigan
Freeport Memorial Hospital
Freeport, Illinois
Community Health Center of Branch County
Coldwater, Michigan
St. Mary's Medical Center
Munson Medical Center
Galesburg, Illinois
Traverse City, Michigan
Community General Hosptal
Rice Memorial Hospital
Sterling, Illinois
Willmar, Minnesota
Blessing Hospital
Magnolia Hospital
Quincy, Illinois
Corinth, Mississippi
Caylor-Nickel Medical Center
Bluffton, Indiana
- 7 -
Rush Foundation Hospital
Blanchard Valley Hospital
Meridian, Mississippi
Findlay, Ohio
Audrain Medical Center
Betheada Hospital
Mexico, Missouri
Zanesville, Ohio
Kalispell Regional Hospital
Good Samaritan Medical Center
Kalispell, Montana
Zanesville, Ohio
Community Medical Center
Jackson County Memorial Hospital
Missoula, Montana
Altus, Oklahoma
St. Patrick Hospital
Grady Memorial Hospital
Missoula, Montana
Chickasha, Oklahoma
Saint Francis Medical Center
St. Joseph Regional Medical Center
Grand Island, Nebraska
of Northern Oklahoma, Inc.
Ponca City, Oklahoma
Mary Lanning Memorial Hospital
Hastings, Nebraska
St. Charles Medical Center
Bend, Oregon
Good Samaritan Hospital
Kearney, Nebraska
Bay Area Hospital
Coos Bay, Oregon
Regional West Medical Center
Scottsbluff, Nebraska
Good Samaritan Hospital
Corvailis, Oregon
Cheshire Medical Center
Keens, New Hampshire
Merle West Medical Center
Klamath Falls, Oregon
Craven regional Medical Center
New Bern, North Carolina
The Chambersburg Hospital
Chambersburg, Pennsylvania
Albermarle Hospital
Elizabeth City, North Carolina
Jameson Memorial Hospital
New Castle, Pennsylvania
Southeastern General Hospital
Lumberton, North Carolina
Guthrie Healthcare System
Sayre, Pennsylvania
Rutherford Hospital, Inc.
Rutherfordton, North Carolina
St. Luke's Midland Regional
Medical Center
Johnston Memorial Hospital
Aberdeen, South Dakota
Smithfield, North Carolina
Sacred Heart Hospital
St. Joseph's Hospital
Yankton, South Dakota
Minot, North Dakota
Maury Regional Hospital
Medical Center Hospital
Columbia, Tennessee
Chillicothe, Ohio
Sid Peterson Memorial Hospital
Union Hospital
Kerrville, Texas
Dover, Ohio
Rockingham Memorial Hospital
Harrisonburg, Virginia
8
Memorial Hospital of Martinaville
and Henry County
Martinaville, Virginia
Halifax-South Boston Community Hospital
South Boston, Virginia
Skagit Valley Hospital
and Health Center
Mount Vernon, Washington
01ympic Memorial
Port Angeles, Washington
St. Mary Medical Center
Walla Walla, Washington
Central Washington Health Services Assc.
Wenatches, Washington
United Hospital Center
Clarksburg, West Virginia
Monongalia General Hospital
Morgantown, West Virginia
Saint Agnes Hospital
Fond du Lac, Wisconsin
Saint Joseph's Hospital
Marshfield, Wisconsin
Saint Michael's Hospital of
Stevens Point, Inc.
Stevens Point, Wisconsin
7322e
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1
DONNO
PACSIMILE TRANSMISSION
Robert P. Burns
328 E. Washington St. Suite 201
P. O. Box 1226
Iowa City, Iowa 52244
Telephone (319) 338-7600
FAX NO: (319) 337-2430
Date Transmitted: 15 October 1992
Pages (including this one): 1
FAX NO: (202 ) 456-2883
TO:
Mr. James Baker, Chief of Staff
Location: office of the President
United States of America
Subject:
HR11 and HR5334
Message: I respectfully request your support for the President
to sign the tax bill (HR11) and housing bill (HR5334).
Together these bills will provide affordable housing in
rural America through the low income housing tax credit
and the FmHA Section 515 rural rental housing program.
The bills also will spawn growth in the construction
industry, already suffering a decline. The tax bill 18
revenue neutral and I feel coincides with the
President's position on no new taxes. Thank you for
your consideration of my request.
SolutP. Bmun
Yours very truly,
Robert P.Burns
If you did not receive all of the pages in good condition, please
call (319) 338-7600.
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:#1
SUNMARK
REAL ESTATE MANAGEMENT
2001 AIRPORT ROAD BUITE 300 JACKSON, MISSISSIPPI 39208
MAILING: P.O. BOX 741
JACKSON, MISSISSIPPI 39205-0741
601 / 939-2299
FAX 601 / 992-8532
DATE: 10/13/92 TIME: 10 AM NO. OF PAGES FOLLOWING THIS:
/
MESSAGE TO: CHILF OF STAFF JAMES BAKER TAX NUMBER: (202) 456-2883
COMPANY:
BEONE NUMBER: (202)456-6797
MESSAGE FROM: Ben LLOYD
THANSMITTED 3Y:
RE:
COMMENTS:
MR. BAKER-
PLEASE ENCOURAGE PRESIDENT BUSH TO
SIGN BOTH TAX BILLS (67-22) AND THE
HOUSING BILL.
WE HAVE A DESPERATE NEED FOR HOUSING
in MISSISSIPPI. THESE BILLS WOULD
ALLOW us TO CONTINUE TO PROVIDE
SUCH HOUSING.
AGAIN PLEASE ASK THE PRESIDENT
TO SIGN BOTH BILLS!
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;# 1
T
SOUTHERN PROPERTIES MANAGMENT
203 Charles Street
Petal, MS 39465
PHONE: (601) 544-3172
(601) 545-3512
FAX: (601) 543-0835
TELECOFY TRANSMITTAL SHEET
Date: 10/14/92
TO:
chiefobstabf James Baker
FAX #
202-456-2883
FROM:
m Binergan
PAGES BEING SENT (INCLUDING COVER SHEET) 2
If there are problems receiving this transmission, please call
(601) 544-3172 or (601) 545-3512.
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;# 2
14
36 10.00 SUSTMERN PRUPERIIES MHNHOGPENT
10.
rele
SOUTHERN PROPERTIES MANAGEMENT
PHONE: (601) 544-3172
203 CHARLES STREET
(601) 545-3512
P.O. BOX 646
FAX:
(601) 543-0835
PETAL, MS 39465
14 OCTOBER 1992
Chief of Staff James Baker
Washington, DC
RE: Tax Bill (67-22) and Housing Bill
Dear Mr. Baker:
This letter is in reference to the two bills referenced above.
We are in the property management business and feel that these
two bills are imperative to housing in rural America.
We are requesting that you implore to President George Bush the
importance of these two legislative items and suggest strongly
that he sign the bills. Please do not allow these items to
simply die.
Thank you for your time and consideration.
Sincerely:
CM. B-morgan.
Mary B. Morgan
President/Owner
MBM
rb
cct Trent Lott
Thad Cochran
Kirk Fordice
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1
FIDUCIARY COUNSELLING, INC.
TACOMA FINANCIAL CENTER, SUITE 1500
POST OFFICE BOX 1275
TACOMA. WASHINGTON 90401
(200) 272-8335
Please deliver the following page(s) to:
Name:
James Baker
Company:
White House
Fax :
(202)456-2883
Telephone:
From:
W.M.Meadowcroft
Fax #: (206) 572-2721
Date:
Detober 14,1992
Time:
1:50 p.m.
If you or your staff have not soen the articles mentioned below, it is
worth scanning them this week.
NEW YORK TIMES, Sunday, October 11, 1992
MAGAZINE SECTION G:
1. "Noblesse Largesse" by William Safire - Pages 10 and 12
2.
"About Face" by Michael Norman - Pages 14 and 45
SECTION At
1. National Report and 1992 Election Coverage - Pages 12-17
LOS ANGELES TIMES, Sunday, October 11, 1992
L.A. TIMES MAGAZINE SECTION:
1. FEATURES, "The Mind of the President" by Douglas Jehl and James
Garstenzang- (Cover Story, Presidential Style). - Pages 22-30
2. Letters to the Editor:- (letters in reference to a Times magazine
section article of August 30, "Bill Clinton Simplified")
SECTION Me
1. OPINIONS - Commentary/Analysis/Tines interviews - Pages 1-8
Commants by friends after VP Quayle/Gore debate last evening:
On aborticn/pro-choics/puo-life:
Can George Bush say this subject is of great concern to both parties
and should not be a political debate item?
On taxes:
Can George Bush say Congress has had bills to keep increasing taxes
and "I have vetoed everyone" and therefore this is what the Americans would
face with a Clinton administration and a Democratic Congress.
(1 page)
TOTAL P.01
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# 1
EMPLOYMENT & EMPLOYER SERVICES, INC.
970 W. Montana
Lower Leval
Chicago, IL 60614
(312) 525-2266
FAX (312) 525-4197
16
October X, 1992
16601 S. Kedzie
Suite 201
Markham, IL 60428
(708) 333-5627
To: James Baker, Chief of Staff
FAX (708) 333-3921
From: Chicago Area Employers
Re: H.R. 11, TAX RELIEF PACKAGE
11731 8. Avenue 0
Chicago. IL 60617
(312) 648-5627
FAX (312) 646-5845
Dear Mr. Baker,
Please encourage the President to sign H.R. 11, THE TAX
RELIEF PACKAGE. Our employer network, representing over
2,100 businesses in the Chicagoland area, is urging President
1701 S. 1st Avenue
Buite 408
Bush to please sign H.R. 11 into law. This would provide
Maywood, IL 80153
employers the necessary incentive to HIRE and especially
(708) 345-4813
RETAIN current employees.
FAX (708) 345-4642
This is definitely an Economic Stimulus, Job Creation bill!
THIS IS GOOD FOR AMERICA
5341 W. Cermak Road
Circero, IL 60650
(708) 652-0010
FAX (70#) 345-4642
200.E. Evergreen
Suite 108
Mt. Prospect. IL 60058
(708) 255-3150
FAX (708) 255-4292
This correspondence is from office location checked.
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CGITT 03->
1
IV IV 96 09.JUAM FROM STARLING OVERANIES
IVI
THE
STERLING
COMPANIES
FIRST STERLING CAPITAL RESOURCES, INC. . 1615 NORTHERN BOULEVARD, MANHASSET. NEW YORK 11030 (416) 627-6223
Via FAX
October 15, 1992
Mr. James Baker, Chief of Staff
The White House
Washington D.C.
Dear Mr. Baker:
For the benefit of rural low-income housing in all states, we request you in the most
urgent terms to recommend that the President sign the pending tax bill (No. 67-22). The low-
income housing tax credit in Section 42 of the Internal Revenue Code may be the most effective
government housing program now operating, which will be damaged or ended by a veto
allowing it to expire.
Respectfully,
by: First Sterling Capital
Resources, Inc.
Martin Soja, President
1615 Northern Boulevard
Manhasset, NY 11030
WESTERN UNION FSI
RENO, NEVADA 89502-2375
WESTERN
21AM
UNION MAILGRAM®
TM
UNITED STATES
POSTAL SERVICE
1-000557S295 10/21/92 ICS IPMRNCZ CSP WHSB
8134624242 MGMB TDRN CLEARWATER FL 66 10-21 1032A EST
HR.11
CHIEF OF STAFF JAMES BAKER
WHITE HOUSE
WASHINGTON DC 20500
URGE PRESIDENT SIGN HR11, URBAN AID TAX BILL. VITALLY IMPORTANT TO
OUR COMMUNITIES TO CONTINUE TO MEET HOUSING NEEDS OF LOW AND MODERATE
INCOME RESIDENTS. URGE PRESIDENT BUSH SIGN THIS REVENUE NEUTRAL
LEGISLATION.
DARLENE J KALADA DIRECTOR COMMUNITY DEVELOPMENT
14 SOUTH FT HARRISON AVE SUITE 3050
PINELLAS COUNTY FL 34616
10:26 EST
MGMCOMP
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POLINGER
COMPANY
DEVELOPMENT
LEASING
MANAGEMENT
October 30, 1992
Mr. James Baker
Chief of Staff
The White House
1600 Pennsylvania Avenue
Washington, D.C. 20500
Re: H.R. 11
Dear Mr. Baker:
I am writing to you both as a concerned citizen and as a businessman
involved in real estate, an industry which has suffered greatly during
the current recession, to gain your support in urging President Bush to
sign Tax Bill H.R. 11 when it comes before him for signature.
As both an owner of multi-family housing and as the president of a
real estate management company, I have seen first hand the deterioration
of the multi-family housing industry. We have had to helplessly sit by
and watch our projects depreciate in value regardless of how hard we have
worked to maintain them as the kind of safe, high-quality housing which
is so desperately needed in this country. Many of our competitors have
lost their projects to foreclosure due to the lack of available
financing, the national "fear" of the real estate industry, and the
inability to afford to put their own resources back into their projects.
It is unfair that those of us who are in the real estate industry, who
are providing quality housing to thousands of individuals, are unable to
have our losses written off in much the same manner as those involved in
other industries.
Without the tax provisions provided in H.R. 11 these businessmen will
be forced to watch their projects and their businesses continue to
deteriorate resulting in more foreclosures, more unemployment and
additional strain on the already shaky financial infrastructure of this
country.
I can not emphasize more strongly the need for these provisions, nor
the consequences that will ultimately result if these and other needs of
our industry are not addressed and met in the very near future. While I
acknowledge that H.R. 11 is not without fault, I honestly believe that
the benefits that will result from its passing will far outweigh any ill
effects.
Sincerely,
anold Polinger
Arnold L. Polinger
President
ALP/dfw
5530 Wisconsin Avenue
Suite One Thousand
Chevy Chase, Maryland 20815
MANAGEMENT 301/657-3600
LEASING 301/657-4646
Fax 301/986-9533
DEVELOPMENT 301/656-5656
ARNELL CORPORATION
Real Estate Development
5530 Wisconsin Avenue, Suite 1000
Chevy Chase, Maryland 20815
(301) 656-5656
October 30, 1992
Mr. James Baker
Chief of Staff
The White House
1600 Pennsylvania Avenue
Washington, D.C. 20500
Re: Tax Bill H.R. 11
Dear Mr. Baker:
I am writing to urge you to support the referenced Tax Bill which is
coming before President Bush for signature.
As a businessman involved in real estate, I have witnessed first hand
the gradual deterioration of the real estate industry and, more
specifically, multi-family housing. Without the tax provisions provided
in H.R. 11, individuals who have invested in this segment of the industry
will be forced to stand by and watch their properties and businesses
deteriorate in value resulting in foreclosures, unemployment and an added
strain to an already shaky financial picture.
H.R. 11 may have facets which are less than satisfactory; however,
the "shot in the arm" it will provide to the real estate industry will
more than compensate.
Again, I urge you to support this very important tax bill. It is
needed and it is needed now.
ES/dfw