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THE WHITE HOUSE
(Kennebunkport, Maine)
For Immediate Release
August 30, 1989
REMARKS BY THE PRESIDENT
TO CHAMBER OF COMMERCE
UPON RECEIVING 1989 OUTSTANDING CITIZEN AWARD
The Shawmut Inn
Kennebunkport, Maine
12:24 P.M. EDT
THE PRESIDENT: Well, what a magnificent picture. I'm
looking around at this crowd and I see a few faces old enough to
remember that boardwalk that went along -- (laughter) -- all the way
along Ocean Avenue there. And this is a very special occasion for
Barbara and me, and we're delighted to be here and I'm very pleased
to be honored by the Chamber.
I was afraid you might be feeling I had dishonored the
community with some of the excesses that have taken place out here,
but I want the record to show that when the bottom fell off of the
starboard engine on our boat the other day -- (laughter) -- it was
not an encounter with a lobster trap. (Laughter and applause.) The
Coast Guard guy went out and took a look at the reef off the point
there and started to tell me that he thought maybe accidently I had
hit a rock, and I told him, look, rocks do not grow in these waters.
I've been here for 65 years running around in a boat. Find some
other answer. Even if there is metal on the rock out there, I did
not hit that rock. (Laughter and applause.) And as
Commander-in-Chief of the Coast Guard, he changed his mind as I was
talking to him and -- (laughter) -- we now think it was a submerged
board. (Laughter.)
Barbara -- this Barbara -- thank you very much, Barbara
Aiello, for this honor and for welcoming us to our -- the community
that we do love so much. I'm delighted to be back at the Shawmut
where many of our press are staying and other friends that are
traveling with us, and this hospitality -- a few of them greeting us
over here -- the people working at the Shawmut. But it's a
wonderfully warm feeling that we get from all of you, our neighbors
in Kennebunkport and Kennebunk Beach and, of course, Kennebunk.
And it's a special time for me being here. We are doing
some work, but I have confessed at the very outset that this is a
pure, total vacation. And I'm not going to look busy in order to
convince people in America that it's something other than a vacation.
(Laughter.) I mean, it's the way it is, and -- (applause) -- there
are some hazards out there. Some of you have been on the golf course
when I play, and that's -- (laughter) -- and other challenges. One
of them now is, we have a fleet of plastic toys that Barbara bought
at some -- I hope it was at a sale. There are many cars and little
scooters and all out there, and it's a hazard to get out the front
door, get into the car or into the boat just to escape all these
kids' playthings.
But one of the great joys for us has been having our
grandchildren here and I expect that those in Kennebunkport will
recognize a familiar scene as we prepare this year's Christmas card.
I'm not going to comment on the fishing -- a vicious
assault on my -- (laughter) -- vicious assault on my ability. I'm
going to call the editor of the Portland paper, however, and present
this to him: How would he call it? This morning, we got up and
MORE
- 2 -
through what was a rather heavy fog, went down to Whistler off Cape
Porpoise, and then down off of Woods Island, and here's my position:
I was driving the boat, placing the boat so that Sandy Boardman, who
was with me, could catch a bluefish. And she did. And I think they
should knock off that advertisement on the front of the Portland
paper that shows a bluefish with a big X through it -- (laughter) --
telling me that yet a 13th day I haven't caught one. I'm going to
appeal to them on that one.
It's been a joy -- a joy to be here. And I -- Barbara
put it pretty well -- that this is a place where we really enjoy
ourselves, but more than that kind of refurbish our souls and get our
batteries all charged up and enjoy life really to the fullest. It's
a point of view. You can feel it in the land and in the water here.
And I know that people that are members of this Chamber and other
visitors that we have here with us understand exactly what I'm
talking about.
Barbara has told you that I've been coming here every
summer since 19 -- well, I was born in '24. And the only one I
missed was the summer of 1944 when, like many of you, I was in the
service. That's the only time that we missed being here. And there
is a certain magic about the place. Our kids live in five different
states -- one in Cape Elizabeth, and the others four different states
-- and for them, this is an anchor to windward, because not far from
where this picture was painted, my mother was born in a house still
standing right there not too far from St. Ann's Church.
So enough of the reminiscence, but it means renewal to us
-- a moment to reflect. And as Barbara said, some of my colleagues
in the government have had an opportunity to come here for
substantive meetings. Today, I can't wait to show off this heaven to
the Prime Minister of Canada, his wife and his four kids who will be
visiting us around the corner.
And the other day it was the Prime Minister of Denmark
and his charming wife. And as some of you all remember last -- in
May, I believe it was, we had the President of the French Republic
here. And it is more than just inviting them to a lovely place.
Because I've found, as I will with Mulroney, that with both the
Danish Prime Minister, Mr. Schlueter, and Mr. Mitterrand, you could
converse and you could relax and you could really get to know each
other in a wonderful setting. And though I don't believe foreign
policy is determined on whether a foreign leader likes you or not, I
do think it makes a difference if you can develop a good personal
relationship. And you, our neighbors, have helped us in that regard
as we've had some distinguished foreign visitors here.
I appreciate the Outstanding Citizen Award. I don't know
what the vote was on this one. (Laughter.) But I want to tell you a
true story. This came as a little bit of it -- well, it was good for
my ego that tends to mount when you get into this job from time to
time. But they decided to name a public school after me -- I think
it was a junior high school, or maybe an elementary school -- in
Midland, Texas, where we lived for 12 years. And this is God's
honest truth -- the vote was either 4-3 or 3-2 in favor of naming the
school for me. (Laughter.) So, Barbara, I hope it was a little more
one-sided than that in this -- giving me this significant honor. But
I really am pleased to accept it.
I know that the Chamber of the Kennebunks is made up of a
lot of entrepreneurs, and I would be remiss at a meeting like this if
I didn't ask you to give me strong support as I go back to Washington
to fight for a capital gains tax differential. (Applause.) I
believe that small business, providing jobs to those who don't have
jobs, small business entrepreneurs really are the backbone of this
country in many ways. And I am absolutely convinced that John
Kennedy was right years ago -- 25 years ago or more -- when he talked
about the need to have a differential in the capital gains and,
indeed, to call for a reduction in the capital gains tax because it
MORE
- 3 -
stimulates the economy. It encourages risk-taking. It rewards those
who go out and employ others and start new businesses. And I am just
convinced that it is good; I am convinced that it will help with our
deficit -- not inhibit the efforts I am making to get this budget
deficit down in accord with the Gramm-Rudman targets.
And so I would ask your strong support to your very able
congressional delegation as we now go back to battle for what I think
is a good incentive for business people, men and women -- small
business entrepreneurs, those who have the courage to go off on their
own and start new businesses wherever they may be. And I ask for
your help. (Applause.)
Incidentally, I do believe we're going to get a good
agreement on the budget deficit reduction package. I think it will
be accomplished without raising the taxes on the American working man
in this country. The question still is -- the problem still is this
-- it isn't that the working man is paying too much -- too little in
taxes, it is that the government continues to, for a lot of reasons,
to spend too much. And I am going to continue to try to hold the
line on taxes. And, again, I need your support there. (Applause.)
Right here in Kennebunk you've had some --- Kennebunkport
-- you've had some examples of people that have been successful. The
owner at the White Barn Inn may be with us today. Is Laurie here?
Laurie Bongiorno -- over here -- quoting him, perhaps to his
embarrassment, but he said, "We have an opportunity to create value
in our businesses by taking a longer view. This would be easier
without the burdensome weight of the capital gains tax." And I think
he's absolutely right.
George Bergeron. He runs a landscaping operation with a
very unusual name. It is called George's Bush and Tree Service.
(Laughter.) I loved it when I saw that. (Laughter.) But let me
tell you about this guy. I don't know whether he's here or not. But
--- back here? Fantastic. Planning for his retirement, he says, "I
left my work to go into business for myself. I took the risks and
went the American way for the sake of my retirement. Wouldn't it be
ironic," he continues, "if just as I was ready to cash in, the
government took such a big piece of the profit from me?"
He's absolutely right. The backbone of our recovery --
in October it'll be the longest in the history of the United States
-- comes from the small businessman or woman, who then makes it work
and goes out and gives jobs to other people. The best answer to
poverty in this country is a job, and I want to keep this economic
expansion going. (Applause.)
I was told to say just a few words, but let me end with
just a little reference to the times we're living in regarding our
foreign policy and the challenges we face as a country. And you see
the kids here and it reminds me that just before I went to Poland --
on a fascinating trip to Eastern Europe, including Hungary and
Poland, and then to Paris -- the Polish journalists came into that
beautiful, majestic Oval Office, and they asked me, what would you
tell a young kid in Poland today? And I had in my mind as he asked
me the question the numbers of people in Chicago and in Detroit, and
indeed some in Maine, who have come to this country from Poland --
the arms of the Statue of Liberty outstretched -- then in the past as
it is, thank God, still today.
And I thought about it, and then I thought about the
change, the political change that's taking place in Eastern Europe --
change far more dramatic than I could have conceived when I was in
the Congress, say, 20 years ago. And I said if I were a kid in
Poland, I'd always want to see the United States -- I'm thinking on
this -- to see the United States as a beacon. But I told him, if I
were a kid in Poland, I'd want to stay there. I'd want to
participate in the change because we are living in a fascinating
time. And you look at what's happening in the Soviet Union, the
MORE
- 4 -
changes of perestroika -- reform, glasnost -- openness. It's
dramatic, it's new, the aspirations for freedom are there. And you
see the changes again in Poland where you have a communist government
change through free elections to a government that contains people
mainly out of the Solidarnosc movement, the labor union movement.
So the point I want to make to you is, we're living in
exciting times. And I can say with confidence to these kids, if we
do our job right, if we handle the relationship with the Soviet Union
properly, and if we then are smart enough and intelligent enough to
delicately have the role of the United States be one of helpfulness
in Eastern Europe, I think we can see a world where the peace is much
more enhanced, or the threat of war, nuclear war, conventional war
greatly reduced.
And it is an exciting time to be growing up in the United
States, and it certainly is an exciting time to be the President of
the United States of America. I like my job, I'm going to work hard
for you, and thank you very, very much for this honor. Thank you so
much. (Applause.)
END
12:40 P.M. EDT
Document No.
066525
WHITE HOUSE STAFFING MEMORANDUM
DATE:
08/28/89
ACTION/CONCURRENCE/COMMENT DUE BY:
SUBJECT: PRESIDENTIAL REMARKS: KENNEBUNKPORT CHAMBER OF COMMERCE
(08/23 draft 8)
ACTION FYI
ACTION FYI
VICE PRESIDENT
MCCLURE
SUNUNU
NEWMAN
SCOWCROFT
PORTER
DARMAN
STUDDERT
BATES
UNTERMEYER
BREEDEN
ROGERS
CARD
PINKERTON
CICCONI
\
WINSTON
DEMAREST
FITZWATER
GRAY
HAGIN
REMARKS:
The attached has been forwarded to the President.
RESPONSE:
James W. Cicconi
Assistant to the President
and Deputy to the Chief of Staff
Ext. 2702
THE WHITE HOUSE
WASHINGTON
39'AUG.26 39 AUG 28 D5. 25
AUGUST 28, 1989
INFORMATION
MEMORANDUM FOR THE PRESIDENT
THROUGH:
CHRISS WINSTON cw
FROM:
MARK LANGE mL
SUBJECT:
REMARKS, KENNEBUNKPORT CHAMBER OF COMMERCE
Attached are draft remarks for the Kennebunkport Chamber of
Commerce speech on Wednesday, August 30th. The event begins at
2:30 P.M.. Before speaking, you will receive the Chamber's
Outstanding Citizen Award. Your remarks should run eight to tèn
minutes.
(Lange/Wallace)
August 23, 1989
draft B
[KENNEB.DOC]
PRESIDENTIAL REMARKS:
CHAMBER OF COMMERCE
KENNEBUNKPORT, MAINE
WEDNESDAY, AUGUST 30, 1989
2:30 P.M.
Thank you, Barbara [Aiello].
It's great to be back in Kennebunkport -- my second home.
You might not have known we were here -- except for the fact that
the entire lawn on Walker's Point is covered with toys.
A lot of those things have wheels. Say whatever you want
about my fishing, tennis, or golf: the real challenge I face
these days is getting from the door to the driveway.
You know, Kennebunkport has always been a great place for me
to gain perspective. Just about everything is measured on a
different scale here. Even the fish I haven't caught.
[[ Which reminds me of an old story about a Maine farmer, and a
Texas rancher. They get into a heated conversation -- each one
trying to top the other about the size of their farms.
Finally, the Texan says, "My ranch is so big, I can get in
my truck at sunrise, and by the time I've driven across my ranch,
it's just about sunset."
The Maine farmer thinks for a minute, nods, and says, "Yeah.
I had a truck like that once." ]]
Perspective. That's something you true Down Easters are
famous for. It's a point of view. You can almost feel it in the
land and weather here.
2
I've been coming to Kennebunkport ever since I was a boy.
Only missed one summer, in fact -- 1944. And each time I've
come, I've felt there's a special magic about this place.
To me, coming to Kennebunkport means renewal -- a moment to
reflect. Spend time with family. Remember what matters.
It also reminds me of the nearly heroic qualities of Down
East hospitality. For decade after decade, this town has been
invaded by a growing hoard of Bush kids and grandkids.
You've been patient. But now I'm bringing all my friends
with me
Secret Service, staff, press corps
beepers going
off in restaurants, upsetting everyone's lunch
the lobster
fishermen having their lines run over
those slippers with
little rubber figures of Barbara and me on them
All this -- and you still decided to give me your
Outstanding Citizen Award. I can imagine that was one very close
vote.
Well, I don't know whether having a President in your
backyard is bad for business -- but it looks like Kennebunkport
is taking it in stride. In fact, members of this Chamber are
doing a lot to balance economic growth while preserving what's
special about this place.
Through groups like the Kennebunkport Conservation Trust and
the Maine Coast Heritage Trust, you're translating short-term
traffic and development pressure into new funding to set aside
protected properties -- preserved for the public, and posterity.
So by working together, over the long run -- long after the
3
tee-shirts and slippers are gone -- I believe Kennebunkport will
emerge even stronger than before: a community whose essential
qualities remain constant, whose unique character is as true as
ever.
Businesses like yours are the backbone, the beating heart of
communities all across America. And I'm concerned that small
business owners should be free to do what they do best.
The values we share -- of opportunity, and economic mobility
-- they worked for me down in Texas, just as they've worked for
millions of Americans.
Like you, I've built a business, faced the pressures, met a
payroll. I know what it's like to start an operation and keep it
strong. It's tough enough as it is.
So what you don't need is government that prevents people
from investing in your businesses -- or that takes away a third
of the business you've spent your life building.
But that's what the current taxation of capital gains does.
And that's why we're working to cut the capital gains tax rate on
long-held assets.
For the manager of any business -- large or small -- a lower
capital gains tax makes it easier to attract stakeholders.
For someone launching a small business, that means more
start-up capital. For growing businesses, it means more
investment for the long term. And for all Americans, it means
more opportunities -- the kind of job creation that only new and
expanding businesses can provide.
4
And finally, for anyone whose retirement depends on selling
a farm or business -- especially those who don't have a pension
to look forward to -- a lower capital gains tax means a more
secure future.
Just ask Laurie Bongiorno, down at the White Barn Inn. I
think he's with us today. He's said "we have an opportunity to
create value in our businesses by taking a longer view. This
would be easier without the burdensome weight of the capital
gains tax. "
or George Bergeron. He runs a landscaping operation known
informally as "George's Bush and Tree Service." Planning for his
retirement, he says, "I left work to go into business for myself.
I took the risks and went the American way for the sake of my
retirement. Wouldn't it be ironic if, just as I was ready to
cash in, the government took such a big piece of the profit from
me." And he's right.
Already, almost 44 percent of all capital gains go to people
with other incomes of less than $50,000. And since a lower
capital gains tax encourages people to sell as well as invest, it
means more tax dollars. Our proposal will bring nearly $5
billion in new revenues to the Treasury in 1990. We're talking
about a tax cut that raises revenue.
So a cut in the capital gains tax rate would benefit all
Americans. It's a move that should not be compromised by
partisanship. And I have enough confidence in this Congress to
hope that it won't be.
5
What we've learned, from countries around the world, is that
the cruelest societies are those that are static and stagnant.
But one sure sign of a nation's kindness is the amount of
mobility it allows its people: whether social, or economic.
And that's why cutting the capital gains tax rate is so important
-- to all of us.
If a young person or minority entrepreneur wants to start a
business; if an established business wants to expand; if an older
business owner, farmer, or widow wants to secure a stable future
-- good government should give them the flexibility to do so.
And nothing threatens that flexibility more than excessive
taxation.
You know, that's something John Kennedy
understood, when he called for a reduction in capital gains
taxation. "Our tax system," he said in 1963, "still siphons out
of the private economy too large a share of personal and business
purchasing power, and reduces the incentive for risk, investment,
and effort."
It was true then. And we still have a way to go. But
businesses like yours drive the American economy. And they
deserve the freedom to reach their fullest potential.
So keep growing
and keep Kennebunkport the special place
it has always been -- to me, and those around me.
God bless you. And God bless the great state of Maine.
# # #
THE WHITE HOUSE
WASHINGTON
August 26, 1989
To: Mark
From: Rett
Re: K-Port
Here is a quotation from George Bergeron. He was more than
happy to do it and I don't think that we will be reading any
stories about arm twisting.
"I left the work world to go into business for myself. I
took the risks and went the American way for the sake of my
reti ment. Wouldn't it be ironic if, just as I was ready to cash
in, the government took such a big peice of the profit from me."
-George Bergeron
It is now saturday, approaching noon, and I have still not
been able to get Laurie on the telephone. I hope this quote
works.
Also of seemingly great importance is the statement that
treasury receipts will increase $5 B in the first two years and
remain that high, after a cut in the capital gains tax. People
at both OMB and Treasury have expressed concern over this and
seem to beleive that within two years of the cut, receipts will
fall to $2 B. I left it as is in the computer, but thought you
should be aware of the concerns.
(Lange/Wallace)
August 23, 1989
4:45 p.m.
[KENNEB.DOC]
PRESIDENTIAL REMARKS:
CHAMBER OF COMMERCE
KENNEBUNKPORT, MAINE
WEDNESDAY, AUGUST 30, 1989
2:30 P.M.
Thank you Barbara [Aielle] (I-Ello)
It's great to be back in Kennebunkport -- my, second home.
You might not have known we were here -- except for the fact that
the entire lawn on Walker's Point is covered with toys.
A lot of those things have wheels. Say whatever you want
about my fishing, tennis, or golf: the real challenge I face
these days is getting from the door to the driveway.
You know, Kennebunkport has always been a great place for me
to gain perspective. Just about everything is measured on a
different scale here. Even the fish I haven't caught.
[[ Which reminds me of an old story about a Maine farmer, and a
Texas rancher. They get into a heated conversation each one
trying to top the other about the size of their farms.
Finally, the Texan says, "My ranch is so big, I can get in
my truck at sunrise, and by the time I've driven across my ranch,
it's just about sunset."
The Maine farmer thinks for a minute, nods, and says, "Yeah.
I had a truck like that once." ]]
Perspective. That's something you true Down Easters are
famous for. It's a point of view. You can almost feel it in the
land and weather here.
2
I've been coming to Kennebunkport ever since I was a boy.
Only missed one summer, in fact -- 1944. And each time I've
come, I've felt there's a special magic about this place.
To me, coming to Kennebunkport means renewal -- a moment to
reflect. Spend time with family. Remember what matters.
It also reminds me of the nearly heroic qualities of Down
East hospitality. For decade after decade, this town has been
invaded by a growing hoard of Bush kids and grandkids.
You've been patient. But now I'm bringing all my friends
with me
Secret Service, staff, press corps
beepers going
off in restaurants, upsetting everyone's lunch
the lobster
fishermen having their lines run over
those slippers with
little rubber figures of Barbara and me on them
All this -- and you still decided to give me your
Outstanding Citizen Award. I can imagine that was one very close
vote.
Well, I don't know whether having a President in your
backyard is bad for business -- but it looks like Kennebunkport
is taking it in stride. In fact, members of this Chamber are
doing a lot to balance economic growth while preserving what's
special about this place.
Through groups like the Kennebunkport Conservation Trust and
the Maine Coast Heritage Trust, you're translating short-term
traffic and development pressure into new funding to set aside
protected properties -- preserved for the public, and posterity.
So by working together, over the long run -- long after the
3
tee-shirts and slippers are gone -- I believe Kennebunkport will
emerge even stronger than before: a community whose essential
qualities remain constant, whose unique character is as true as
ever.
Businesses like yours are the backbone, the beating heart of
communities all across America. And I'm concerned that small
business owners should be free to do what they do best.
The values we share -- of opportunity, and economic mobility
-- they worked for me down in Texas, just as they've worked for
millions of Americans.
Like you, I've built a business, faced the pressures, met a
payroll. I know what it's like to start an operation and keep it
strong. It's tough enough as it is.
So what you don't need is government that prevents people
from investing in your businesses -- or that takes away a third
of the business you've spent your life building.
But that's what the current taxation of capital gains does.
And that's why we're working to cut the capital gains tax rate on
long-held assets.
For the manager of any business -- large or small -- a lower
capital gains tax makes it easier to attract stakeholders.
For someone launching a small business, that means more
start-up capital. For growing businesses, it means more
investment for the long term. And for all Americans, it means
more opportunities -- the kind of job creation that only new and
expanding businesses can provide.
4
And finally, for anyone whose retirement depends on selling
a farm or business -- especially those who don't have a pension
to look forward to -- a lower capital gains tax means a more
secure future.
LAURIE BONGIORNO
Just ask Laure Bongeorno, down at the White Barn Inn. I
think he's with us today. He's said "we have an opportunity to
create value in our businesses by taking a longer view. This
would be easier without the burdensome weight of the capital
gains tax."
Or George Bergeron. He runs a landscaping operation known
SERVICE
informally as "George's Bush and Tree Company." Planning for his
retirement, he says, "For us to sell, and give a large piece to
the government, would not be productive in the least." And he's
right.
other
44%
all capital gains go to people incomes
Already, almost 70 percent of the people who have capital
Tom 566-5394 Newbig
of
gains earn less than $50,000. And since a lower capital gains
tax encourages people to sell as well as invest, it means more
tax dollars. Our proposal will bring nearly $5 billion in new
revenues to the Treasury in 1990, and at least that much annually
in the long run. We're talking about a tax cut that raises
revenue.
So a cut in the capital gains tax rate would benefit all
Americans. It's a move that should not be compromised by
partisanship. And I have enough confidence in this Congress to
hope that it won't be.
5
What we've learned, from countries around the world, is that
the cruelest societies are those that are static and stagnant.
But one sure sign of a nation's kindness is the amount of
mobility it allows its people: whether social, or economic.
And that's why cutting the capital gains tax rate is so important
-- to all of us.
If a young person or minority entrepreneur wants to start a
business; if an established business wants to expand; if an older
business owner, farmer, or widow wants to secure a stable future
-- good government should give them the flexibility to do SO.
And nothing threatens that flexibility more than excessive
taxation.
You know, that's something John Kennedy
understood, when he called for a reduction in capital gains
taxation. "Our tax system," he said in 1963, "still siphons out
of the private economy too large a share of personal and business
purchasing power, and reduces the incentive for risk, investment,
and effort."
It was true then. And we still have a way to go. But
businesses like yours drive the American economy. And they
deserve the freedom to reach their fullest potential.
So keep growing
and keep Kennebunkport the special place
it has always been -- to me, and those around me.
God bless you. And God bless the great state of Maine.
# # #
(Lange/Wallace)
August 23, 1989
4:45 p.m.
[KENNEB.DOC]
PRESIDENTIAL REMARKS:
CHAMBER OF COMMERCE
KENNEBUNKPORT, MAINE
WEDNESDAY, AUGUST 30, 1989
2:30 P.M.
Thank you, Barbara [Aiello].
It's great to be back in Kennebunkport -- my second home.
You might not have known we were here -- except for the fact that
the entire lawn on Walker's Point is covered with toys.
A lot of those things have wheels. Say whatever you want
about my fishing, tennis, or golf: the real challenge I face
these days is getting from the door to the driveway.
You know, Kennebunkport has always been a great place for me
to gain perspective. Just about everything is measured on a
different scale here. Even the fish I haven't caught.
[[ Which reminds me of an old story about a Maine farmer, and a
Texas rancher. They get into a heated conversation -- each one
trying to top the other about the size of their farms.
Finally, the Texan says, "My ranch is so biq, I can get in
my truck at sunrise, and by the time I've driven across my ranch,
it's just about sunset."
The Maine farmer thinks for a minute, nods, and says, "Yeah.
I had a truck like that once." ]]
Perspective. That's something you true Down Easters are
famous for. It's a point of view. You can almost feel it in the
land and weather here.
2
I've been coming to Kennebunkport ever since I was a boy.
Only missed one summer, in fact -- 1944. And each time I've
come, I've felt there's a special magic about this place.
To me, coming to Kennebunkport means renewal -- a moment to
reflect. Spend time with family. Remember what matters.
It also reminds me of the nearly heroic qualities of Down
East hospitality. For decade after decade, this town has been
invaded by a growing hoard of Bush kids and grandkids.
You've been patient. But now I'm bringing all my friends
with me
Secret Service, staff, press corps
beepers going
off in restaurants, upsetting everyone's lunch
the lobster
fishermen having their lines run over
those slippers with
little rubber figures of Barbara and me on them
All this -- and you still decided to give me your
Outstanding Citizen Award. I can imagine that was one very close
vote.
Well, I don't know whether having a President in your
backyard is bad for business -- but it looks like Kennebunkport
is taking it in stride. In fact, members of this Chamber are
doing a lot to balance economic growth while preserving what's
special about this place.
Through groups like the Kennebunkport Conservation Trust and
the Maine Coast Heritage Trust, you're translating short-term
traffic and development pressure into new funding to set aside
protected properties -- preserved for the public, and posterity.
So by working together, over the long run -- long after the
3
tee-shirts and slippers are gone -- I believe Kennebunkport will
emerge even stronger than before: a community whose essential
qualities remain constant, whose unique character is as true as
ever.
Businesses like yours are the backbone, the beating heart of
communities all across America. And I'm concerned that small
business owners should be free to do what they do best.
The values we share -- of opportunity, and economic mobility
-- they worked for me down in Texas, just as they've worked for
millions of Americans.
Like you, I've built a business, faced the pressures, met a
payroll. I know what it's like to start an operation and keep it
strong. It's tough enough as it is.
So what you don't need is government that prevents people
from investing in your businesses -- or that takes away a third
of the business you've spent your life building.
But that's what the current taxation of capital gains does.
And that's why we're working to cut the capital gains tax rate on
long-held assets.
For the manager of any business -- large or small -- a lower
capital gains tax makes it easier to attract stakeholders.
For someone launching a small business, that means more
start-up capital. For growing businesses, it means more
investment for the long term. And for all Americans, it means
more opportunities -- the kind of job creation that only new and
expanding businesses can provide.
4
And finally, for anyone whose retirement depends on selling
a farm or business -- especially those who don't have a pension
to look forward to -- a lower capital gains tax means a more
secure future.
Just ask Laurie Bongiorno, down at the White Barn Inn. I
think he's with us today. He's said "we have an opportunity to
create value in our businesses by taking a longer view. This
would be easier without the burdensome weight of the capital
gains tax."
Or George Bergeron. He runs a landscaping operation known
informally as "George's Bush and Tree Service." Planning for his
insert
retirement, he says, "For us to sell, and give a large piece to
the government, would not be productive in the least.' And he's
right.
Already, almost 44 percent of all capital gains go to people
with other incomes of less than $50,000. And since a lower
capital gains tax encourages people to sell as well as invest, it
means more tax dollars. Our proposal will bring nearly $5
billion in new revenues to the Treasury in 1990, and at least
that much annually in the long run. We're talking about a tax
cut that raises revenue.
So a cut in the capital gains tax rate would benefit all
Americans. It's a move that should not be compromised by
partisanship. And I have enough confidence in this Congress to
hope that it won't be.
5
What we've learned, from countries around the world, is that
the cruelest societies are those that are static and stagnant.
But one sure sign of a nation's kindness is the amount of
mobility it allows its people: whether social, or economic.
And that's why cutting the capital gains tax rate is so important
-- to all of us.
If a young person or minority entrepreneur wants to start a
business; if an established business wants to expand; if an older
business owner, farmer, or widow wants to secure a stable future
-- good government should give them the flexibility to do so.
And nothing threatens that flexibility more than excessive
taxation.
You know, that's something John Kennedy
understood, when he called for a reduction in capital gains
taxation. "Our tax system," he said in 1963, "still siphons out
of the private economy too large a share of personal and business
purchasing power, and reduces the incentive for risk, investment,
and effort."
It was true then. And we still have a way to go. But
businesses like yours drive the American economy. And they
deserve the freedom to reach their fullest potential.
So keep growing
and keep Kennebunkport the special place
it has always been -- to me, and those around me.
God bless you. And God bless the great state of Maine.
# # #
Document No. 066525
WHITE HOUSE STAFFING MEMORANDUM
DATE: 08/23/89
ACTION/CONCURRENCE/COMMENT DUE BY: 4:00 p.m. Thursday 08/24
SUBJECT: PRESIDENTIAL REMARKS: CHAMBER OF COMMERCE, KENNEBUNKPORT, MAINE
(08/23 4:45 p.m. draft)
ACTION FYI
ACTION FYI
VICE PRESIDENT
MCCLURE
SUNUNU
NEWMAN
SCOWCROFT
PORTER
de
DARMAN
STUDDERT
BATES
>
UNTERMEYER
ROGERS
breeden
PINKERTON
CARD
d
CICCONI
WINSTON
DEMAREST
FITZWATER
GRAY
HAGIN
REMARKS:
Please provide any comments/recommendations directly to Chriss
Winston by 4:00 p.m. on Thursday, 08/24, with a copy to my office.
Thanks.
none- good speech!
RESPONSE:
AUG 25 AUG 25 A9: 35
nich Cali
OLA
James W. Cicconi
Assistant to the President
and Deputy to the Chief of Staff
Ext. 2702
Rett,
Ran outa disks. File's on my machine -- KENNEB.DOC. Go crazy.
The beginnings of a cover memo are also there -- KENNEB.MEM
Happy quote farming. I expect I'll be able to hear the arm
twisting even up in Philly.
Check Darman's comments on p. 4 -- they're using the "almost 70
percent" stat, referring not to the gains but the people who get
them.
I went with it -- but could you clear it with Desere' at
Treasury? And can you get the twain to meet before this goes to
POTUS?
Thanks, Ace. I'm gonna miss you.
Mah
P.S. Divid to lace in Pinkertona suggestion about setting
up the idea of economic mility up front, but
it was really out of place in the froth -- to instead
its teed up on P.3, where Mr. Smooth gets
serious about Cgs. just in Cape anyone asks.
TO:
Mark
FROM:
Rett
RE:
Kennebunkport
As you requested, I talked with the people at Treasury and
OMB. It turns out that Treasury is the authority and their
numbers are correct. This is reflected in the new draft.
I have made a couple of other minor changes, such as the
introduction acknowledgement and the spelling of Laurie's name.
As far as adapted quotations from Kennebunkport, as of 5:46
p.m., I have been unable to reach either of the sources. I will
keep trying until the zero hour arrives, and may come in on
Saturday to complete it.
The one remaining detail of the speech is the line stating
that the President has only missed one summer in Maine. The
basis for this line is newspaper accounting and I would like to
confirm it, but thus far, I have not succeeded in doing so. Don
Rhodes, if you can reach him in Kennebunkport, should be able to
answer this for you.
Thanks for everything. I have really enjoyed working for
you and hope I can do it again sometime.
Live Long and Prosper.
Document No. 066525
WHITE HOUSE STAFFING MEMORANDUM
DATE: 08/23/89
ACTION/CONCURRENCE/COMMENT DUE BY: 4:00 p.m. Thursday 08/24
SUBJECT: PRESIDENTIAL REMARKS: CHAMBER OF COMMERCE, KENNEBUNKPORT, MAINE
(08/23 4:45 p.m. draft)
ACTION FYI
ACTION FYI
VICE PRESIDENT
MCCLURE N/C
SUNUNU
NEWMAN
SCOWCROFT
PORTER
N/G
Steve 2315
DARMAN waiting for taint on P9 4
STUDDERT
BATES
UNTERMEYER
BREEDEN
ROGERS
CARD
PINKERTON
d
CICCONI
WINSTON
DEMAREST
FITZWATER
GRAY N/C Bunt 2607
HAGIN
REMARKS:
Please provide any comments/recommendations directly to Chriss
Winston by 4:00 p.m. on Thursday, 08/24, with a copy to my office.
Thanks.
24 All : 24
RESPONSE:
James W. Cicconi
Assistant to the President
and Deputy to the Chief of Staff
Ext. 2702
(Lange/Wallace)
August 23, 1989
4:45 p.m.
1989 AUG 23 PM 6:
[KENNEB.DOC]
PRESIDENTIAL REMARKS:
CHAMBER OF COMMERCE
KENNEBUNKPORT, MAINE
WEDNESDAY, AUGUST 30, 1989
2:30 P.M.
It's great to be back in Kennebunkport -- my second home.
You might not have known we were here -- except for the fact that
the entire lawn on Walker's Point is covered with toys.
A lot of those things have wheels. Say whatever you want
about my fishing, tennis, or golf: the real challenge I face
these days is getting from the door to the driveway.
You know, Kennebunkport has always been a great place for me
to gain perspective. Just about everything is measured on a
different scale here. Even the fish I haven't caught.
[[
Which reminds me of an old story about a Maine farmer, and a
Texas rancher. They get into a heated conversation -- each one
trying to top the other about the size of their farms.
Finally, the Texan says, "My ranch is so big, I can get in
my truck at sunrise, and by the time I've driven across my ranch,
it's just about sunset."
The Maine farmer thinks for a minute, nods, and says, "Yeah.
I had a truck like that once." 1]
Perspective. That's something you true Down Easters are
famous for. It's a point of view. You can almost feel it in the
land and weather here.
2
I've been coming to Kennebunkport ever since I was a boy.
Only missed one summer, in fact -- 1944. And each time I've
come, I've felt there's a special magic about this place.
To me, coming to Kennebunkport means renewal -- a moment to
reflect. Spend time with family. Remember what matters.
It also reminds me of the nearly heroic qualities of Down
East hospitality. For decade after decade, this town has been
invaded by a growing hoard of Bush kids and grandkids.
You've been patient. But now I'm bringing all my friends
with me
Secret Service, staff, press corps
beepers going
off in restaurants, upsetting everyone's lunch
the lobster
fishermen having their lines run over
those slippers with
little rubber figures of Barbara and me on them
predictions
that the town would be overrun, which meant summer business
actually went down
All this -- and you still decided to give me your
Outstanding Citizen Award. I can imagine that was one very close
vote.
Well, I don't know whether having a President in your
backyard is bad for business -- but it looks like Kennebunkport
is taking it in stride. In fact, members of this Chamber are
doing a lot to balance economic growth while preserving what's
special about this place.
Through groups like the Kennebunkport Conservation Trust and
the Maine Coast Heritage Trust, you're translating short-term
traffic and development pressure into new funding to set aside
3
protected properties -- preserved for the public, and posterity.
So by working together, over the long run -- long after the
tee-shirts and slippers are gone -- I believe Kennebunkport will
emerge even stronger than before: a community whose essential
qualities remain constant, whose unique character is as true as
ever.
Businesses like yours are the backbone, the beating heart of
communities all across America. And I'm concerned that small
business owners are free to do what they do best
Like you, I've built a business, faced the pressures, met a
payroll. I know what it's like to start an operation and keep it
strong. It's tough enough as it is.
So what you don't need is government that prevents people
from investing in your businesses -- or that takes away a. third
of the business you've spent your life building.
But that's what the current taxation of capital gains does.
And that's why we're working to cut the capital gains tax rate on
long-held assets.
For the manager of any business -- large or small -- a lower
capital gains tax makes it easier to attract stakeholders.
For someone launching a small business, that means more
start-up capital. For growing businesses, it means more
investment for the long term. And for all Americans, it means
more opportunities -- the kind of job creation that only new and
expanding businesses can provide.
4
And finally, for anyone whose retirement depends on selling
a farm or business -- especially those who don't have a pension
to look forward to -- a lower capital gains tax means a more
secure future.
Just ask Laure Bongeorno, down at the White Barn Inn. I
think he's with us today. He's said "we have an opportunity to
create value in our businesses by taking a longer view. This
would be easier without the burdensome weight of the capital
gains tax."
Or George Bergeron. He runs a landscaping operation known
informally as "George's Bush and Tree Company." Planning for his
retirement, he says, "For us to sell, and give a large piece to
the government, would not be productive in the least." And he's
right.
Already, almost half of all capital gains go to people with
incomes less than $50,000. And since a lower capital gains tax
encourages people to sell as well as invest, it means more tax
dollars collected from the wealthy than from the poor. Our
proposal will bring $xx billion in new revenues to the Treasury
-- a tax cut that raises revenue -- far more fairly than a gas or
liquor tax.
So a cut in the capital gains tax rate would benefit all
Americans. It's a move that should not be compromised by
partisanship. And I have enough confidence in this Congress to
hope that it won't be.
5
What we've learned, from countries around the world, is that
the cruelest societies are those that are static and stagnant.
But one sure sign of a nation's kindness is the amount of
mobility it allows its people: whether social, or economic.
And that's why cutting the capital gains tax rate is so important
-- to all of us.
If a young person wants to start a business; if an
established business wants to expand; if an older business owner,
farmer, or widow wants to secure a stable future -- = good
government should give them the flexibility to do so. And
nothing threatens that flexibility more than excessive taxation.
You know, that's something John Kennedy understood, when he
called for a reduction in capital gains taxation. "Our tax
system," he said in 1963, "still siphons out of the private
economy too large a share of personal and business purchasing
power, and reduces the incentive for risk, investment, and
effort."
It was true then. And we still have a way to go. But
businesses like yours drive the American economy. And they
deserve the freedom to reach their fullest potential.
So keep growing.. and keep Kennebunkport the special place
it has always been -- to me, and those around me.
God bless you. And God bless the great state of Maine.
# # #
Document No. 066525
WHITE HOUSE STAFFING MEMORANDUM
DATE: 08/23/89
ACTION/CONCURRENCE/COMMENT DUE BY:
4:00 p.m. Thursday 08/24
SUBJECT: PRESIDENTIAL REMARKS: CHAMBER OF COMMERCE, KENNEBUNKPORT, MAINE
(08/23 4:45 p.m. draft)
ACTION FYI
ACTION FYI
VICE PRESIDENT
MCCLURE
SUNUNU
NEWMAN
SCOWCROFT
PORTER
DARMAN
STUDDERT
BATES
UNTERMEYER
BREEDEN
ROGERS
CARD
PINKERTON
CICCONI
WINSTON
DEMAREST
FITZWATER
GRAY
HAGIN
REMARKS:
Please provide any comments/recommendations directly to Chriss
Winston by 4:00 p.m. on Thursday, 08/24, with a copy to office.
Thanks.
RESPONSE:
AUG 24 my P3:26 26
See comments p.4
James W. Cicconi
Assistant to the President
and Deputy to the Chief of Staff
Ext. 2702
(Lange/Wallace)
August 23, 1989
4:45 p.m.
1989 AUG 23 711 S
[KENNEB.DOC]
PRESIDENTIAL REMARKS:
CHAMBER OF COMMERCE
KENNEBUNKPORT, MAINE
WEDNESDAY, AUGUST 30, 1989
2:30 P.M.
It's great to be back in Kennebunkport -- my second home.
You might not have known we were here -- except for the fact that
the entire lawn on Walker's Point is covered with toys.
A lot of those things have wheels. Say whatever you want
about my fishing, tennis, or golf: the real challenge I face
these days is getting from the door to the driveway.
You know, Kennebunkport has always been a great place for me
to gain perspective. Just about everything is measured on a
different scale here. Even the fish I haven't caught.
[[ Which reminds me of an old story about a Maine farmer, and a
Texas rancher. They get into a heated conversation -- each one
trying to top the other about the size of their farms.
Finally, the Texan says, "My ranch is so big, I can get in
my truck at sunrise, and by the time I've driven across my ranch,
it's just about sunset."
The Maine farmer thinks for a minute, nods, and says, "Yeah.
I had a truck like that once." 1]
Perspective. That's something you true Down Easters are
famous for. It's a point of view. You can almost feel it in the
land and weather here.
Desere' - Treasury - 566-8773
2
I've been coming to Kennebunkport ever since I was a boy.
Only missed one summer, in fact -- 1944. And each time I've
come, I've felt there's a special magic about this place.
To me, coming to Kennebunkport means renewal -- a moment to
reflect. Spend time with family. Remember what matters.
It also reminds me of the nearly heroic qualities of Down
East hospitality. For decade after decade, this town has been
invaded by a growing hoard of Bush kids and grandkids.
You've been patient. But now I'm bringing all my friends
with me
Secret Service, staff, press corps
beepers going
off in restaurants, upsetting everyone's lunch
the lobster
fishermen having their lines run over
those slippers with
little rubber figures of Barbara and me on them
predictions
that the town would be overrun, which meant summer business
actually went down
All this -- and you still decided to give me your
Outstanding Citizen Award. I can imagine that was one very close
vote.
Well, I don't know whether having a President in your
backyard is bad for business -- but it looks like Kennebunkport
is taking it in stride. In fact, members of this Chamber are
doing a lot to balance economic growth while preserving what's
special about this place.
Through groups like the Kennebunkport Conservation Trust and
the Maine Coast Heritage Trust, you're translating short-term
traffic and development pressure into new funding to set aside
3
protected properties -- preserved for the public, and posterity.
So by working together, over the long run -- long after the
tee-shirts and slippers are gone -- I believe Kennebunkport will
emerge even stronger than before: a community whose essential
qualities remain constant, whose unique character is as true as
ever.
Businesses like yours are the backbone, the beating heart of
communities all across America. And I'm concerned that small
business owners are free to do what they do best
Like you, I've built a business, faced the pressures, met a
payroll. I know what it's like to start an operation and keep it
strong. It's tough enough as it is.
So what you don't need is government that prevents people
from investing in your businesses -- or that takes away a third
of the business you've spent your life building.
But that's what the current taxation of capital gains does.
And that's why we're working to cut the capital gains tax rate on
long-held assets.
For the manager of any business -- large or small -- a lower
capital gains tax makes it easier to attract stakeholders.
For someone launching a small business, that means more
start-up capital. For growing businesses, it means more
investment for the long term. And for all Americans, it means
more opportunities -- the kind of job creation that only new and
expanding businesses can provide.
4
And finally, for anyone whose retirement depends on selling
a farm or business -- especially those who don't have a pension
to look forward to -- a lower capital gains tax means a more
secure future.
Just ask Laure Bongeorno, down at the White Barn Inn. I
think he's with us today. He's said "we have an opportunity to
create value in our businesses by taking a longer view. This
would be easier without the burdensome weight of the capital
gains tax."
Or George Bergeron. He runs a landscaping operation known
informally as "George's Bush and Tree Company." Planning for his
retirement, he says, "For us to sell, and give a large piece to
the government, would not be productive in the least." And he's
right.
137 44%
Already, almost half of all capital gains go to people with
incomes less than $50,000. And since a lower capital gains tax
encourages people to sell as well as invest, it means more tax
dollars. collected from the wealthy than from the poor Our
5
proposal will bring Sxx billion in new revenues to the Treasury in 1990
and at
-- a tax cut that raises revenue® far more fairly than a gas or least
that muc
liquor tax
annuallyn
the long
So a cut in the capital gains tax rate would benefit all
run--
Americans. It's a move that should not be compromised by
partisanship. And I have enough confidence in this Congress to
hope that it won't be.
5
What we've learned, from countries around the world, is that
the cruelest societies are those that are static and stagnant.
But one sure sign of a nation's kindness is the amount of
mobility it allows its people: whether social, or economic.
And that's why cutting the capital gains tax rate is so important
-- to all of us.
If a young person wants to start a business; if an
established business wants to expand; if an older business owner,
farmer, or widow wants to secure a stable future -- good
government should give them the flexibility to do SO. And
nothing threatens that flexibility more than excessive taxation.
You know, that's something John Kennedy understood, when he
called for a reduction in capital gains taxation. "Our tax
system," he said in 1963, "still siphons out of the private
economy too large a share of personal and business purchasing
power, and reduces the incentive for risk, investment, and
effort."
It was true then. And we still have a way to go. But
businesses like yours drive the American economy. And they
deserve the freedom to reach their fullest potential.
So keep growing. and keep Kennebunkport the special place
it has always been -- to me, and those around me.
God bless you. And God bless the great state of Maine.
# # #
THE WHITE HOUSE
WASHINGTON
August 24, 1989
MEMORANDUM FOR CHRISS WINSTON
FROM:
BRENT O. HATCH Bod
Associate Counsel to the President
SUBJECT:
Presidential Remarks: Chamber of Commerce,
Kennebunkport, Maine
At the request of James W. Cicconi, Counsel's office has reviewed
the above-referenced draft. We have no legal objections to these
remarks.
CC: James W. Cicconi
89 AUG 24 P3: 35
School special
Educ Marya
you my have seen, just last week, logt Aris speech)
but d have a special a to tall Moday
want directly you
connection telwor doing drugs 4
they ansloye people
you can't befree, if youre rethug free
each one of us in pret of He solution
Am. has made a decision. the eachir protin was
your country
more folerant
drugs destroy.
crack babies, 3yr old steps on a negdle
full form
these kik all ruined for life. Butifypure
in prouble, your gota chance. Vo save your Own
life - save a friends life.
Eddie Byrnes badge - as opener prop.
THE WHITE HOUSE
WASHINGTON
August 24, 1989
MEMORANDUM FOR CHRISS WINSTON
86/-
FROM:
STEPHEN P. FARRAR
SUBJECT:
Presidential Remarks: Chamber of Commerce,
Kennebunkport, Maine
As requested, I have reviewed and concur with the
attached Presidential Remarks to the Chamber of Commerce,
Kennebunkport, Maine, August 30, 1989.
Attachment
c: James W. Cicconi
Roger B. Porter
89 AUG 24 P3:35 35
Document No. 066525
WHITE HOUSE STAFFING MEMORANDUM
DATE: 08/23/89
ACTION/CONCURRENCE/COMMENT DUE BY:
4:00 p.m. Thursday 08/24
SUBJECT: PRESIDENTIAL REMARKS: CHAMBER OF COMMERCE, KENNEBUNKPORT, MAINE
(08/23 4:45 p.m. draft)
ACTION FYI
ACTION FYI
VICE PRESIDENT
MCCLURE
SUNUNU
NEWMAN
SCOWCROFT
PORTER
DARMAN
STUDDERT
BATES
UNTERMEYER
BREEDEN
ROGERS
CARD
PINKERTON
d
CICCONI
WINSTON
DEMAREST
FITZWATER
GRAY
HAGIN
REMARKS:
Please provide any comments/recommendations directly to Chriss
Winston by 4:00 p.m. on Thursday, 08/24, with a copy to my office.
Thanks.
RESPONSE:
James W. Cicconi
Assistant to the President
and Deputy to the Chief of Staff
Ext. 2702
(Lange/Wallace)
August 23, 1989
4:45 p.m.
1989 AUG 23 6:
[KENNEB.DOC]
PRESIDENTIAL REMARKS:
CHAMBER OF COMMERCE
KENNEBUNKPORT, MAINE
WEDNESDAY, AUGUST 30, 1989
2:30 P.M.
It's great to be back in Kennebunkport -- my second home.
You might not have known we were here -- except for the fact that
the entire lawn on Walker's Point is covered with toys.
A lot of those things have wheels. Say whatever you want
about my fishing, tennis, or golf: the real challenge I face
these days is getting from the door to the driveway.
You know, Kennebunkport has always been a great place for me
to gain perspective. Just about everything is measured on a
different scale here. Even the fish I haven't caught.
[[ Which reminds me of an old story about a Maine farmer, and a
Texas rancher. They get into a heated conversation -- each one
trying to top the other about the size of their farms.
Finally, the Texan says, "My ranch is so big, I can get in
my truck at sunrise, and by the time I've driven across my ranch,
it's just about sunset."
The Maine farmer thinks for a minute, nods, and says, "Yeah.
I had a truck like that once." 1]
Perspective. That's something you true Down Easters are
famous for. It's a point of view. You can almost feel it in the
land and weather here.
2
I've been coming to Kennebunkport ever since I was a boy.
Only missed one summer, in fact -- 1944. And each time I've
come, I've felt there's a special magic about this place.
To me, coming to Kennebunkport means renewal -- a moment to
reflect. Spend time with family. Remember what matters.
It also reminds me of the nearly heroic qualities of Down
East hospitality. For decade after decade, this town has been
invaded by a growing hoard of Bush kids and grandkids.
You've been patient. But now I'm bringing all my friends
with me
Secret Service, staff, press corps
beepers going
off in restaurants, upsetting everyone's lunch
the lobster
fishermen having their lines run over
those slippers with
little rubber figures of Barbara and me on them
predictions
that the town would be overrun, which meant summer business
actually went down
All this -- and you still decided to give me your
Outstanding Citizen Award. I can imagine that was one very close
vote.
Well, I don't know whether having a President in your
backyard is bad for business -- but it looks like Kennebunkport
is taking it in stride. In fact, members of this Chamber are
doing a lot to balance economic growth while preserving what's
special about this place.
Through groups like the Kennebunkport Conservation Trust and
the Maine Coast Heritage Trust, you're translating short-term
traffic and development pressure into new funding to set aside
3
protected properties -- preserved for the public, and posterity.
So by working together, over the long run -- long after the
tee-shirts and slippers are gone -- I believe Kennebunkport will
emerge even stronger than before: a community whose essential
qualities remain constant, whose unique character is as true as
ever.
Businesses like yours are the backbone, the beating heart of
communities all across America. And I'm concerned that small
business owners are free to do what they do best. :
Like you, I've built a business, faced the pressures, met a
payroll. I know what it's like to start an operation and keep it
strong. It's tough enough as it is.
So what you don't need is government that prevents people
from investing in your businesses -- or that takes away a third
of the business you've spent your life building.
But that's what the current taxation of capital gains does.
And that's why we're working to cut the capital gains tax rate on
long-held assets.
For the manager of any business -- large or small -- a lower
capital gains tax makes it easier to attract stakeholders.
For someone launching a small business, that means more
start-up capital. For growing businesses, it means more
investment for the long term. And for all Americans, it means
more opportunities -- the kind of job creation that only new and
expanding businesses can provide.
4
And finally, for anyone whose retirement depends on selling
a farm or business -- especially those who don't have a pension
to look forward to -- a lower capital gains tax means a more
secure future.
Just ask Laure Bongeorno, down at the White Barn Inn. I
think he's with us today. He's said "we have an opportunity to
create value in our businesses by taking a longer view. This
would be easier without the burdensome weight of the capital
gains tax."
Or George Bergeron. He runs a landscaping operation known
informally as "George's Bush and Tree Company." Planning for his
retirement, he says, "For us to sell, and give a large piece to
the government, would not be productive in the least." And he's
right.
Already, almost half of all capital gains go to people with
incomes less than $50,000. And since a lower capital gains tax
encourages people to sell as well as invest, it means more tax
dollars collected from the wealthy than from the poor. Our
proposal will bring $xx billion in new revenues to the Treasury
-- a tax cut that raises revenue -- far more fairly than a gas or
liquor tax.
So a cut in the capital gains tax rate would benefit all
Americans. It's a move that should not be compromised by
partisanship. And I have enough confidence in this Congress to
hope that it won't be.
5
What we've learned, from countries around the world, is that
the cruelest societies are those that are static and stagnant.
But one sure sign of a nation's kindness is the amount of
mobility it allows its people: whether social, or economic.
And that's why cutting the capital gains tax rate is so important
-- to all of us.
If a young person wants to start a business; if an
established business wants to expand; if an older business owner,
farmer, or widow wants to secure a stable future = -- good
government should give them the flexibility to do SO. And
nothing threatens that flexibility more than excessive taxation.
You know, that's something John Kennedy understood, when he
called for a reduction in capital gains taxation. "Our tax
system," he said in 1963, "still siphons out of the private
economy too large a share of personal and business purchasing
power, and reduces the incentive for risk, investment, and
effort."
It was true then. And we still have a way to go. But
businesses like yours drive the American economy. And they
deserve the freedom to reach their fullest potential.
So keep growing and keep Kennebunkport the special place
it has always been -- to me, and those around me.
God bless you. And God bless the great state of Maine.
# # #
Document No. 066525
WHITE HOUSE STAFFING MEMORANDUM
DATE: 08/23/89
ACTION/CONCURRENCE/COMMENT DUE BY: 4:00 p.m. Thursday 08/24
SUBJECT: PRESIDENTIAL REMARKS: CHAMBER OF COMMERCE, KENNEBUNKPORT, MAINE
(08/23 4:45 p.m. draft)
ACTION FYI
ACTION FYI
VICE PRESIDENT
MCCLURE
SUNUNU
NEWMAN
SCOWCROFT
PORTER
DARMAN
STUDDERT
BATES
UNTERMEYER
BREEDEN
ROGERS
CARD
PINKERTON
CICCONI
WINSTON
DEMAREST
FITZWATER
GRAY
HAGIN
REMARKS:
Please provide any comments/recommendations directly to Chriss
Winston by 4:00 p.m. on Thursday, 08/24, with a copy to my office.
Thanks.
89 AUG P5: 37
RESPONSE:
see comments
James W. Cicconi
Assistant to the President
and Deputy to the Chief of Staff
Ext. 2702
(Lange/Wallace)
August 23, 1989
4:45 p.m.
1999 AUG 23 PM 6:
[KENNEB.DOC]
PRESIDENTIAL REMARKS:
CHAMBER OF COMMERCE
KENNEBUNKPORT, MAINE
WEDNESDAY, AUGUST 30, 1989
2:30 P.M.
It's great to be back in Kennebunkport -- my second home.
You might not have known we were here -- except for the fact that
the entire lawn on Walker's Point is covered with toys.
A lot of those things have wheels. Say whatever you want
about my fishing, tennis, or golf: the real challenge I face
these days is getting from the door to the driveway.
You know, Kennebunkport has always been a great place for me
to gain perspective. Just about everything is measured on a
different scale here. Even the fish I haven't caught.
[[
Which reminds me of an old story about a Maine farmer, and a
Texas rancher. They get into a heated conversation -- each one
trying to top the other about the size of their farms.
Finally, the Texan says, "My ranch is so biq, I can get in
my truck at sunrise, and by the time I've driven across my ranch,
it's just about sunset."
The Maine farmer thinks for a minute, nods, and says, "Yeah.
I had a truck like that once."
]]
Perspective. That's something you true Down Easters are
famous for. It's a point of view. You can almost feel it in the
land and weather here.
2
I've been coming to Kennebunkport ever since I was a boy.
Only missed one summer, in fact -- 1944. And each time I've
come, I've felt there's a special magic about this place.
To me, coming to Kennebunkport means renewal -- a moment to
reflect. Spend time with family. Remember what matters.
It also reminds me of the nearly heroic qualities of Down
East hospitality. For decade after decade, this town has been
invaded by a growing hoard of Bush kids and grandkids.
You've been patient. But now I'm bringing all my friends
with me
Secret Service, staff, press corps
beepers going
off in restaurants, upsetting everyone's lunch
the lobster
fishermen having their lines run over
those slippers with
little rubber figures of Barbara and me on them
predictions
that the town would be overrun, which meant summer business
actually went down
All this -- and you still decided to give me your
Outstanding Citizen Award. I can imagine that was one very close
vote.
Well, I don't know whether having a President in your
backyard is bad for business -- but it looks like Kennebunkport
is taking it in stride. In fact, members of this Chamber are
doing a lot to balance economic growth while preserving what's
special about this place.
Through groups like the Kennebunkport Conservation Trust and
the Maine Coast Heritage Trust, you're translating short-term
traffic and development pressure into new funding to set aside
3
protected properties -- preserved for the public, and posterity.
So by working together, over the long run -- long after the
tee-shirts and slippers are gone -- I believe Kennebunkport will
emerge even stronger than before: a community whose essential
qualities remain constant, whose unique character is as true as
ever.
Hole
Businesses like yours are the backbone, the beating heart of
3120
communities all across America. And I'm concerned that small
should Remain
business owners are free to do what they do best. -
Like you, I've built a business, faced the pressures, met a
payroll. I know what it's like to start an operation and keep it
strong. It's tough enough as it is.
So what you don't need is government that prevents people
from investing in your businesses -- or that takes away a third
of the business you've spent your life building.
But that's what the current taxation of capital gains does.
And that's why we're working to cut the capital gains tax rate on
long-held assets.
For the manager of any business -- large or small -- a lower
capital gains tax makes it easier to attract stakeholders.
For someone launching a small business, that means more
start-up capital. For growing businesses, it means more
investment for the long term. And for all Americans, it means
more opportunities -- the kind of job creation that only new and
expanding businesses can provide.
4
And finally, for anyone whose retirement depends on selling
a farm or business -- especially those who don't have a pension
to look forward to -- a lower capital gains tax means a more
secure future.
Just ask Laure Bongeorno, down at the White Barn Inn. I
think he's with us today. He's said "we have an opportunity to
create value in our businesses by taking a longer view. This
would be easier without the burdensome weight of the capital
gains tax."
-
Or George Bergeron. He runs a landscaping operation known
informally as "George's Bush and Tree Company." Planning for his
retirement, he says, "For us to sell, and give a large piece to
the government, would not be productive in the least." And he's
right.
15/24/89)
Already, almost half of N thepeople all capital gains carn to people with
10%
incomes less than $50,000. And since a lower capital gains tax
FY90and 91
5873
encourages people to sell as well as invest, it means more tax
Date
Allan
dollars collected from the wealthy than from the poor. Our
409
Betcabed
nearly #5
proposal will bring Seier billion in new revenues to the Treasury
be
fairer
antincrease ofth
-- a tax cut that raises revenue far RNIO fairly than gas or
3060
liquor tax.
sandy
So a cut in the capital gains tax rate would benefit all
r Chris
Americans. It's a move that should not be compromised by
partisanship. And I have enough confidence in this Congress to
hope that it won't be.
5
What we've learned, from countries around the world, is that
the cruelest societies are those that are static and stagnant.
But one sure sign of a nation's kindness is the amount of
mobility it allows its people: whether social, or economic.
And that's why cutting the capital gains tax rate is so important
-- to all of us.
or a marity entrepreneur
Holen
&
/3120
If a young person wants to start a business; if an
established business wants to expand; if an older business owner,
farmer, or widow wants to secure a stable future -- good
government should give them the flexibility to do SO. And
nothing threatens that flexibility more than excessive taxation.
You know, that's something John Kennedy understood, when he
called for a reduction in capital gains taxation. "Our tax
system," he said in 1963, "still siphons out of the private
economy too large a share of personal and business purchasing
power, and reduces the incentive for risk, investment, and
effort."
It was true then. And we still have a way to go. But
businesses like yours drive the American economy. And they
deserve the freedom to reach their fullest potential.
So keep growing and keep Kennebunkport the special place
it has always been -- to me, and those around me.
God bless you. And God bless the great state of Maine.
# # #
THE WHITE HOUSE
WASHINGTON
89 AUG 24 P4: 10
August 24, 1989
Memorandum to Chriss Winston
From:
Jim Pinker Q ton
Subject:
Kennebunkport Chamber of Commerce Draft Speech
pg. 2, para. 4, line 6 " summer business actually went
down " There has been considerable attention to the effects of
the President's visits on the local economy. We should not call
further attention to any economic damage to the area resulting
from his visits when that means inviting press criticism on top
of this self-criticism.
4,2-3
The quotations from locals on the capital gains need to
be reviewed from two angles: first, to see if they can be
somehow be strengthened in the tone of their support. The George
Bergeron quote in particular is a little weak. Second, we must
be sure that these two citizens are fairly solid in their support
of low taxes, lest the press follow up with questioning that
reveals their opposition to the President's general position on
taxes, capital gains included. Such a circumstance would make
the original quotes look like they were artificial and had been
forced out of these people for political purposes.
5,2,2
The draft ably finishes with a strong note. The
notion of encouraging social and economic mobility is a powerful,
popular, and pro-opportunity theme -- a theme which, more and
more, is being advocated by thinkers across the political
spectrum.
From Milton Friedman to James Fallows, the idea of removing
artificial barriers to mobility -- credentialism, for example --
that judge people on their background rather than their skills or
human potential --- this relatively old and characteristically
American idea is emerging as the new intellectual consensus.
The economic mobility theme is very effectively laid out on
this page starting with the references to "static and stagnant"
societies in the first graf, and extending to the more micro-
economic idea of "flexibility" in the third graf. We would only
suggest that perhaps some introduction of the theme could be done
in the beginning of the speech, e.g., a reference to the
President's own example of economic mobility in his moving to
Texas as a young man, in order to make the theme more consistent.
#