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[Rhode Island]
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118571304
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Records of the Office of the Chief of Staff (Reagan Administration)
James Baker's Unanswered Correspondence Files
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1985-12-31
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Ronald Reagan Presidential Library
Digital Library Collections
This is a PDF of a folder from our textual collections.
Collection: Baker, James A. III: Files
Folder Title: [Rhode Island]
Box: 14
To see more digitized collections visit:
https://reaganlibrary.gov/archives/digital-library
To see all Ronald Reagan Presidential Library inventories visit:
https://reaganlibrary.gov/document-collection
Contact a reference archivist at: [email protected]
Citation Guidelines: https://reaganlibrary.gov/citing
National Archives Catalogue: https://catalog.archives.gov/
John F. Poblocki
17 Kirkbrae Drive
Lincoln, Rhode Island 02865
December 17, 1984
Mr. James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue
Washington, D.C. 20500
Re: Tax Proposal
Dear Mr. Baker:
I am extremely upset by the Treasury Department Tax Proposal
and in particular its impact on real estate. While I can under-
stand the logic behind some aspects of the proposal (e.g. length-
ening depreciation schedules), there are many other aspects lacking
any logic whatsoever. Specifically:
1. Eliminating interest deductions. Interest expense is
a cost of doing business. Altering the present system
of deductions creates a whole new set of economics
whose impacts could be much greater in magnitude than
you anticipate.
2. Eliminating capital gains treatment. By taxing recap-
tured depreciation as ordinary income, the sales value
of all real estate is negatively impacted. That means
anyone who now owns real estate and who must sell it
at some future date can expect to pay more taxes than
under current law. It also means that future purchase
prices (and sale prices) will be negatively impacted to
reflect the additional tax costs anticipated at sale.
3. Taxing Limited Partnerships of over 35 partners as
corporations. This proposal is perhaps the most danger-
ous of all if it includes publicly registered programs.
As you may not know, most limited partnerships consist
of tax exempt small investors (IRAs, Keough Plans, etc.)
who purchase real estate for its economic benefits only.
These publicly registered programs consist of thousands
of small investors with $1,000 to $10,000 per partner.
If the proposal affects these publicly registered partner-
ships, then the effect is to summarily tax IRAs and Keoughs
as corporations owning real estate. This effectively
eliminates real estate as an investment for small investors.
I can't believe that is the intent of the proposal.
Page 2
4. Eliminating Investment Tax Credits. The current rehab
tax credit program has done much to restore old buildings
in urban areas which otherwise would be unable to attract
investment capital. The elimination of this program
simply ignores the needs of urban areas to attract private
capital. How does the Treasury plan to otherwise prevent
further decay of urban areas? Shall we return to the
massive clearance urban renewal programs of the 1960s
and 1970s?
I am quite concerned that the Tax Proposals dealing with real
estate were developed in isolation of determining the massive impact
on the U.S. economy which real estate has. I have read where 35
to 40% of the nation's economy depends to a large extent on real
estate and related industries including construction, housing,
building materials, etc. Tinkering with real estate values and the
real estate economy should not be done without first thoroughly
analyzing the impact on the entire economy. I think if the impact
is carefully addressed, the proposals will be altered dramatically.
Sincerely,
F.Poblochi
John F. Poblocki
JFP/jk
BOUCHER
401-766-7545
&
COTE,
LTD. REAL ESTATE INVESTMENTS
329 PARK AVENUE, WOONSOCKET, R.I. 02895
December 12, 1984
Mr. James A. Baker, III
Chief of Staff and
Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
RE: Treasury Department Tax Reform Proposals
Dear Mr. Baker:
I urge you to immediately take a strong position against the
tax reform proposals recently issued by the U.S. Department of
Treasury. The uncertainty of the future legislation is causing
havoc in the investment community. This uncertainty is likely to
result in an acceleration of the recessionary pressures already
building in the present economic climate.
I believe that if enacted, certain provisions contained in
the Treasury proposal would create a disincentive for capital
formation, thus greatly damaging the economy of the United
States. This in turn will cripple the construction and develop-
ment resulting in the loss of millions of jobs, and ultimately
creating a severe housing shortage and higher rents for millions
of tenants across the United States. The proposal is economical-
ly damaging and ineffectual and conflicts with the underlying
philosophy of the Reagan administration and re-election. I
therefore, urge you in the strongest terms, to publicly oppose
the recent Treasury proposal.
Very truly yours,
/ jhd
BOUCHER
401-766-7545
&
COTE,
LTD. REAL ESTATE INVESTMENTS
329 PARK AVENUE, WOONSOCKET, R.I. 02895
December 12, 1984
Mr. James A. Baker, III
Chief of Staff and
Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
RE: Treasury Department Tax Reform Proposals
Dear Mr. Baker:
I urge you to immediately take a strong position against the
tax reform proposals recently issued by the U.S. Department of
Treasury. The uncertainty of the future legislation is causing
havoc in the investment community. This uncertainty is likely to
result in an acceleration of the recessionary pressures already
building in the present economic climate.
I believe that if enacted, certain provisions contained in
the Treasury proposal would create a disincentive for capital
formation, thus greatly damaging the economy of the United
States. This in turn will cripple the construction and develop-
ment resulting in the loss of millions of jobs, and ultimately
creating a severe housing shortage and higher rents for millions
of tenants across the United States. The proposal is economical-
ly damaging and ineffectual and conflicts with the underlying
philosophy of the Reagan administration and re-election. I
therefore, urge you in the strongest terms, to publicly oppose
the recent Treasury proposal.
Very truly yours,
Marc a Cato
/jhd
BOUCHER
401-766-7545
&
COTE,
LTD. REAL ESTATE INVESTMENTS
329 PARK AVENUE, WOONSOCKET, R.I. 02895
December 12, 1984
Mr. James A. Baker, III
Chief of Staff and
Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
RE: Treasury Department Tax Reform Proposals
Dear Mr. Baker:
I urge you to immediately take a strong position against the
tax reform proposals recently issued by the U.S. Department of
Treasury. The uncertainty of the future legislation is causing
havoc in the investment community. This uncertainty is likely to
result in an acceleration of the recessionary pressures already
building in the present economic climate.
I believe that if enacted, certain provisions contained in
the Treasury proposal would create a disincentive for capital
formation, thus greatly damaging the economy of the United
States. This in turn will cripple the construction and develop-
ment resulting in the loss of millions of jobs, and ultimately
creating a severe housing shortage and higher rents for millions
of tenants across the United States. The proposal is economical-
ly damaging and ineffectual and conflicts with the underlying
philosophy of the Reagan administration and re-election. I
therefore, urge you in the strongest terms, to publicly oppose
the recent Treasury proposal.
Very truly yours,
Misand Surface
/jhd
BOUCHER
401-766-7545
& COTE,
LTD. REAL ESTATE INVESTMENTS
329 PARK AVENUE, WOONSOCKET, R.I. 02895
December 12, 1984
Mr. James A. Baker, III
Chief of Staff and
Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
RE: Treasury Department Tax Reform Proposals
Dear Mr. Baker:
I urge you to immediately take a strong position against the
tax reform proposals recently issued by the U.S. Department of
Treasury. The uncertainty of the future legislation is causing
havoc in the investment community. This uncertainty is likely to
result in an acceleration of the recessionary pressures already
building in the present economic climate.
I believe that if enacted, certain provisions contained in
the Treasury proposal would create a disincentive for capital
formation, thus greatly damaging the economy of the United
States. This in turn will cripple the construction and develop-
ment resulting in the loss of millions of jobs, and ultimately
creating a severe housing shortage and higher rents for millions
of tenants across the United States. The proposal is economical-
ly damaging and ineffectual and conflicts with the underlying
philosophy of the Reagan administration and re-election. I
therefore, urge you in the strongest terms, to publicly oppose
the recent Treasury proposal.
Very truly yours,
marge Jacob
/jhd
BOUCHER
401-766-7545
&
COTE,
LTD. REAL ESTATE INVESTMENTS
329 PARK AVENUE, WOONSOCKET, R.I. 02895
December 12, 1984
Mr. James A. Baker, III
Chief of Staff and
Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
RE: Treasury Department Tax Reform Proposals
Dear Mr. Baker:
I urge you to immediately take a strong position against the
tax reform proposals recently issued by the U.S. Department of
Treasury. The uncertainty of the future legislation is causing
havoc in the investment community. This uncertainty is likely to
result in an acceleration of the recessionary pressures already
building in the present economic climate.
I believe that if enacted, certain provisions contained in
the Treasury proposal would create a disincentive for capital
formation, thus greatly damaging the economy of the United
States. This in turn will cripple the construction and develop-
ment resulting in the loss of millions of jobs, and ultimately
creating a severe housing shortage and higher rents for millions
of tenants across the United States. The proposal is economical-
ly damaging and ineffectual and conflicts with the underlying
philosophy of the Reagan administration and re-election. I
therefore, urge you in the strongest terms, to publicly oppose
the recent Treasury proposal.
Very truly yours,
Gahurty. mistin
/jhd
BOUCHER
401-766-7545
&
COTE,
LTD. REAL ESTATE INVESTMENTS
329 PARK AVENUE, WOONSOCKET, R.I. 02895
December 12, 1984
Mr. James A. Baker, III
Chief of Staff and
Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
RE: Treasury Department Tax Reform Proposals
Dear Mr. Baker:
I urge you to immediately take a strong position against the
tax reform proposals recently issued by the U.S. Department of
Treasury. The uncertainty of the future legislation is causing
havoc in the investment community. This uncertainty is likely to
result in an acceleration of the recessionary pressures already
building in the present economic climate.
I believe that if enacted, certain provisions contained in
the Treasury proposal would create a disincentive for capital
formation, thus greatly damaging the economy of the United
States. This in turn will cripple the construction and develop-
ment resulting in the loss of millions of jobs, and ultimately
creating a severe housing shortage and higher rents for millions
of tenants across the United States. The proposal is economical-
ly damaging and ineffectual and conflicts with the underlying
philosophy of the Reagan administration and re-election. I
therefore, urge you in the strongest terms, to publicly oppose
the recent Treasury proposal.
Very truly yours,
/jhd