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- 2 - e) The President expressed the view that Generalized Preferences should be drawn in a manner that favors Latin America and Mills agreed. f) Mills welcomed the consultation but said the President must do what he thinks is right than seek endlessly for a consensus. 4) The following points were made on taxes: a) The President stated his committment to relief of the property tax on the elderly and of the burden of tuition to private education. Mills agreed. b) Mills expressed his desire to get the Government out of the position where it takes more than 50 percent of any person's income and allied this to his desire to block con- version of income into capital gains. He would also apply his 50 percent rule to estate and gift taxes. His proposed method of achieving these goals seemed obscure to me. 5) The meeting was most cordial in tone. En P.

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