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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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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: [Texas - Dallas]
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/
J. Marvin Boyd
Dallas Texas
2080 LTV TOWER ZIP CODE 75201
December 19, 1984
The President
The White House
Washington, D. C.
20500
Dear Mr. President:
On December 6, 1984, a letter, copy attached, was
addressed to you from Mr. Russell Taylor, President of the
West Central Texas Oil and Gas Association. As Mr. Taylor
stated, this association represents approximately 1,000
Independent oil companies, which companies are the backbone
of America's energy industry.
Mr. Taylor's letter most adequately pointed out the
concerns and opposition of the oilmen in regard to the
Treasury Department's proposed changes in the tax code. The
undeniable results of the repealing of the percentage
depletion and expensing intangible drilling cost are clearly
set out in Mr. Taylor's letter.
We are, along with the other members of the West Central
Texas Oil and Gas Association, urging you to use your valued
good judgement and draft provisions which will not further
damage the energy idustry.
JMB/kas
Enc.
CC: Mr. Edwin Meese III
Mr. James A. Baker III
Mr. Robert C. McFarlane
Senator Lloyd Bentsen
Senator Phil Gram
W.CTOGA
WEST CENTRAL TEXAS
OIL & GAS ASSOCIATION
(915) 677.2469
P.O. BOX 2332
ABILENE, TEXAS 79604
December 6, 1984
The President
The White House
Washington, D.C. 20500
Dear Mr. President:
I received details of Treasury Department's proposed changes in
the tax code this week. I am very concerned about these proposals,
and oppose the elimination of percentage depletion and intangible
drilling costs. I am also very concerned about Treasury's contention
that dry hole costs should not be a deduction until a property is aban-
doned. It's only fair to allow the deduction of dry hole costs at the
time they occur instead of waiting years to do SO.
Percentage depletion and expensing of intangible drilling costs
are more than just incentives to the thousands of independent oil pro-
ducers and the tens of thousands of investors: It is our lifeblood.
Without these busines or economic incentives, the independent oil pro-
ducer would become a vanishing breed. Last year independents
drilled 89% of the wells drilled in the United States. And future
reserves are a direct function of the number wells drilled.
Repealing percentage depletion and intangible drilling costs:
* will drastically reduce the amount of investment dollars
available for oil and gas exploration;
* will dramatically reduce the number of independents exploring
for oil and gas;
* will reduce the number of wells drilled and reserves discovered
in the United States;
* will further hurt the United States' balance of payments as we
import more foreign oil to make up for the oil not found and produced
in the United States;
*
will increase our vulnerabilityy to cut-offs of oil from
unstable sources;
* will increase the price of crude oil and petroleum products to
consumers by decreasing the available supply in the future;
* will decrease competition in exploration by giving major oil
companies another competitive edge.
The President
December 6, 1984
Page Two
I take strong exception to Treasury's contention that capital
diverted from oil and gas exploration would be "employed more produc-
tively in other industries." Treasury noticeably fails to mention
exactly where these investment dollars could be spent "more
productively." I cannot think of an industry that is any more important
than the domestic energy producing industry which provides a stable and
dependable source of energy.
Mr. President, we believe that the independent oilman is the cor-
nerstone of America's energy industry. Most independent oil companies
are small businesses, and do many things that major oil companies can-
not and will not do. There is a place for the small independent, but
without percentage depletion and intangible drilling costs his place
will shrink until he has virtually no room to operate.
Therefore, on behalf of the 1,000 members of the West Central
Texas Oil & Gas Association I urge you to withdraw the current propo-
sals of the Treasury Department and draft provisions which are in
keeping with your stated objectives of energy independence, a strong
national defense and an expanding economy.
Respectfully yours,
Russell n. Taylor
Russell N. Taylor
President
CLINT A. BROWN
8235 Douglas Avenue
Suite 804
Dallas, Texas 75225
November 12, 1984
The President
The White House
Washington, D.C. 20500
Dear Mr. President:
I am the President of a small independent Dallas based oil and
gas exploration company. I have been in the oil and gas business
for 10 years. The new tax plan proposed by Mr. Regan and the
Treasury Department is a proposterous idea and I believe it to be
the most potentially detrimental tax plan proposed in years. If
this plan is enacted as proposed it will virtually wipe out many
small independent oil and gas producers not to mention most of
the investment real estate industry.
Five years ago the oil industry was singled out and burdened with
the windfall profit excise tax, a pork barrel of unprecidented
scope. Why now must the oil industry again be singled out and be
subjected to more taxation punishment at a time when oil prices
are falling and domestic reserves diminishing.
Please do everything in your power to defeat this plan. It is
simply one giant step down the road to socialism.
Yours very truly,
Clint A. Brown
CC: Edwin Meese, III
James A. Baker
Robert C. McFarlane
LEONARD BRYANS
Petroleum Geologist
SUITE 1313
ONE ENERGY SQUARE
4925 GREENVILLE AVENUE
DALLAS, TEXAS 75206
(214) 369-0581
December 19, 1984
The President of the United States
The White House
Washington, D.C. 20500
RE: Treasury Departments Proposed Tax changes
Dear Mr. President:
Without a doubt, the proposed changes in the tax code relative
to exploration for, and develorment of oil and gas reserves would be
devastating to the independent Jil and gas operators. Further, I
believe it would be detrimental to U.S. energy self-sufficiency,
since independents drill the majority of wildcat wells.
Since other industries expense fuel and labor costs why uld
the oil industry be singled out to capitalize intangible drilling
costs (i.e. fuel and labor). Why should a non-productive failure-
a dry hole - not be expensed? If the tax code is to be fair, what
is rational about presently converting an expense item - intangible
drilling cost (even if only in excess of oil income) - to an INCOME
ITEM under alternative minimum tax. In addition, why should the
oil industry be singled out for an excise tax (a.k.a. "Windfall
Profit Tax").
These punative tax philosphies are effectively killing the
domestic oil business and will lead to dependence on foreign oil,
oil embargos, OPEC blackmail, as well as harming the U.S. balance
of payments.
I urge you to disavow and withdraw all of these proposals.
Respectfully yours,
Leonard Bryans
LB:va
CC: Edwin Meese III, Counselor to the President
James A. Baker III, Chief of Staff
Robert C. McFarlane, Asst. to President for National Security
U.S. Senator Lloyd Bentsen
Senator-elect Phil Gramm
CATHERINE ANN C. CARR
SUITE 1100 TWO ENERGY SQUARE
4849 GREENVILLE AVENUE
DALLAS, TEXAS 75206
(214) 363-6993
December 19, 1984
Mr. James A. Baker, III
Chief of Staff
The White House
Washington, DC 20500
Dear Sir:
In concert with my brother M. W. Carr's recent letter, I want to
state that I, too, am an independent producer of oil and gas and a
past contributor to and supporter of the Republican party. I
would like to comment on the changes proposed by the Treasury on
the tax laws.
With the passage of the NGPA, I actively pursued the drilling of
many wells, both developmental and exploratory. If the ability to
expense IDC's and to take percentage depletion are removed, I would
drill no exploratory wells and few, if any, developmental wells.
You might also consider what effect the loss of percentage depletion
would have on the number of stripper wells in this country. While
the production of these wells on a daily basis is very small, the
large number means that the cumulative production from all stripper
wells makes a substantial contribution to the overall U. S. oil
production picture, For many operators, the margin between a
profitable well and one which would be plugged is percentage
depletion.
I would appreciate your consideration of the above.
Sincerely yours,
CA. Carr (Hichols)
Catherine Ann Carr (Nichols)
CAC:mh
M.W. CARR
1100 TWO ENERGY SQUARE
4849 GREENVILLE AVENUE
DALLAS, TEXAS 75206
(214) 363-6993
December 19, 1984
Mr. James A. Baker, III
Chief of Staff
The White House
Washington, D.C. 20500
Dear Mr. Baker:
I am an independent producer of oil and gas and a past contributor and
supporter of the Republican party. I would like to comment on the changes
proposed by the Treasury on the tax laws. With the passage of the NGPA
I actively pursued the drilling of many wells, both developmental and
exploratory. If the ability to expense IDC's and to take percentage
depletion are removed, I would drill no exploratory wells and few, if
any, developmental wells.
You might also consider what effect the loss of percentage depletion
would have on the number of stripper wells in this country. While the
production of these wells on a daily basis is very small, the large
number of these wells mean that the cumulative production from all
stripper wells makes a substantial contribution to the overall U. S.
oil production picture. For many operators, the margin between a
profitable well and one which would be plugged is percentage depletion.
Would appreciate your consideration of the above.
Yours truly,
M.W.Can M.W. Can
M. W. Carr
MWC/df
W CARR
Western
®
STATES POSTA
5938 DESCO
DALLAS TX 75225 19AM
Union
Mailgram
UNITED
SERVICE ®
U.S.MAIL
1-0326588354 12/19/84 ICS IPMBNGZ CSP WHSC
2143636993 MGMB TDBN DALLAS TX 32 12-19 0307P EST
JAMES A BAKER, III, CHIEF OF STAFF
WHITE HOUSE
WASHINGTON DC 20500
I STRONGLY URGE YOU NOT TO REPEAL THE EXPENSING OF INTANGIBLE
DRILLING COSTS NOR REPEAL PERCENTAGE DEPLETION.
M W CARR
15:07 EST
MGMCOMP
WHITE HOUSE MAIL ROOM 45 NEOB
1984 DEC 20 AM 8 52
RECEIVED
5241 (R 7/82)
TO REPLY BY MAILGRAM MESSAGE. SEE REVERSE SIDE FOR WESTERN UNION'S TOLL - FREE PHONE NUMBERS
WILLIAM PLACK CARR
6700 FOREST LANE
DALLAS. TEXAS 75230
368-6968
December 20, 1984
The President
The White House
Washington, D. C. 20500
My Dear Mr. President:
If you will compare the percentage of dollars available reaching
the recipient under government programs and private charities, I
know you will find a significant difference in favor of the private
charities. I feel there would be less given to charities under the
"tax simplification" plan proposed by Treasury, and further feel
some of this shortfall would be picked up by the federal government,
resulting in a greater cost to the people as set forth above.
Correct what abuses exist and let the Salvation Armies and Red
Crosses go!
Yours very truly,
WP lase
WPC/cg
Cunyus
CUSTOM HOMES
December 27, 1984
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 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
ecomonic 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 development industries 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 economically 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,
lungurs
Larry P. Cunyus
Vice President
LPC/mac
6703 Levelland, Suite A
Dallas, Texas 75252
214/248-2424
Cúnyus Securities, Inc.
6703 Levelland, Suite A
Dallas, Texas 75252
(214) 248-6060
December 27, 1984
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 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
ecomonic 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 development industries 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 economically damaging and
ineffectual and conflicts with the underlying philosophy of
the Reagan administration and re-election. I, therefore,
urge you, i/n the strongest terms, to publicly oppose the
recent Treasury proposal.
Very truly yours,
Danny J Cunyus
President
DJC/mac
Memor
MASD
and
RESSI
RAY H. EUBANK
Oil and Gas Producer
ONE ENERGY SQUARE
4925 GREENVILLE AVENUE
OFFICE: (214) 691-5465
DALLAS, TEXAS 75206
HOME: (214) 348-1101
December 14, 1984
Mr. James A. Baker, III
Chief of Staff
The White House
Washington, D. C. 20500
Re: Treasury Department's Tax Reform Proposals
Dear Mr. Baker:
The purpose of this letter is to voice strong objections to the
petroleum industry related provisions outlined in the Treasury
Department's Tax Reform Proposals.
These proposals would cause an additional 50 to 75 percent reduc-
tion in exploration by independent oil and gas producers. This
would in turn mean more rig shut downs, more bankruptcies among
drilling contractors and other oil and gas service industries,
more energy related loans being in default creating a hardship on
the banking industry and a heavier dependence on OPEC nations for
our energy supply.
I say this because exploration is risky, and attracting funds is
not going to be successful if the only incentive is the price of
the product, which is heavily taxed by Federal, state and local
governments. Gaining expertise in drilling for and finding oil and
gas is not something you can turn on like a light switch. It takes
many years of education and experience, with some failures to over-
come, to be successful. I am pleading for the younger people in
the industry, and for our country, as much as, or more than, for
myself.
We (the independents, the industry, our country) need the following:
1. Percentage Depletion
2. Expensing of Intangible Drilling Costs
3. Write Off of Dry Hole Costs When They Occur
4. Investment Tax Credit
5. Immediate Repeal of Windfall Profit Tax
Mr. James A. Baker, III
December 14, 1984
Page Two
6. Repeal of Bailer Fuel Laws
7. Other incentives to promote the industry, not try to tax us
out of business.
I fear that all too soon this nation is going to wake, too late, and
discover that we are almost totally dependent upon other countries for
our energy sources who are not at all sympathetic to our needs. We
should have learned by past experience that we need to stay strong and
become less dependent upon the rest of the world so that we do not end
up at the mercy of those who could easily become hostile toward us.
I am, therefore, requesting, for the survival of the energy industry,
as well as other productive industries, an outright public rejection
of these damaging Tax Reform Proposals.
Respectfully yours,
Ray H. Eubank
R. L. FOREE
FIRST NATIONAL BANK BUILDING
DALLAS, TEXAS
December 21, 1984
The Honorable Ronald Reagan
President of the United States
The White House
Washington, D. C. 20500
Dear Mr. President:
As an independent oil and gas operator of more than fifty
years, I am deeply concerned about the impact of the Treasury
Department's tax proposal as it relates to the domestic oil
industry.
I have been advised by reliable sources that each day a
drilling rig operates it provides jobs for 125 people. The dril-
ling rig count as you may know, is considerably down from its
peak. If the Treasury proposal should become law, a safe guess
would be that the drilling rig count would fall 40 to 50 percent,
and nobody wants that.
With the Carter windfall profits tax; with the severance
tax; and with the ad valorem taxes, the oil industry is carrying
a much heavier burden taxwise than any other industry. The
Treasury proposal would add to the already tax overburdened and
would remove the incentive to search for oil and gas.
The suggested change in the handling of the accounting of
intangible drilling costs would place a roadblock in the actions
of 30 to 40 percent of the independents in their planning and
actions. This proposal of the Treasury Department would increase
our dependency upon imported oil. This is not in the best interests
of the United States of America.
I trust that you would look very seriously at the damage the
Treasury proposal would do to the independent oil and gas operator,
and to the Nation.
Yours truly,
R. L. Foree
RLF/fp
cc: Mr. James A. Baker, III
FOUNDATION
PROPERTIES
December 12, 1984
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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,
Deborah Henduson
Deborah Henderson
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214.352.3923
FOUNDATION
E
PROPERTIES
December 12, 1984
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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,
J. Scott Henderson
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214.352.3923
FOUNDATION
PROPERTIES
December 12, 1984
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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 Johnson truly yours,
Johnny Koons
Executive Vice President
Acquisitions
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214.352.3923
FOUNDATION
PROPERTIES
December 18, 1984
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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,
Clark Lauderdale
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214 352 3923
FOUNDATION
PROPERTIES
December 17, 1984
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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,
Prissy Roughton
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214.352.3923
FOUNDATION
PROPERTIES
December 12, 1984
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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.
Suby Simmons Very truly yours,
Judy Simmons
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214.352.3923
FOUNDATION
PROPERTIES
December 12, 1984
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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,
Robert Simmons
Robert L. Simmons
Executive Vice President
Marketing
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214.352.3923
FOUNDATION
December 12, 1984
PROPERTIES
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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,
By Wallan Ry
R. Reginald Wallace
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214.352.3923
FOUNDATION
PROPERTIES
December 12, 1984
James A. Baker, III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, NW
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 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 is turn will
cripple the construction and development industries resulting in the
loss of millions of jobs, and ultimately creating a sever housing
shortage and higher rents for millions of tenants across the United
States. The proposal is economically 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,
Lais Weeku amme
Lois Welker-Arnold
7621 INWOOD RD. SUITE 333 DALLAS, TEXAS 75209 214.352.3923
J.D. GUFFEY
CAMPBELL CENTRE, SUITE M-2150
DALLAS, TEXAS 75206
December 28, 1984
The Honorable James Baker
Chief of Staff
The White House
Washington, D. C. 20500
Dear Mr. Baker:
I respectfully urge your strong opposition to the Treasury
Department's tax proposal regarding oil and natural gas.
This legislation will force thousands of independent oil
and natural gas producers to severely curtail or stop drilling
new wells. There is evidence that the rate of decline in
drilling will be between 30-40%. Similarly, there will be a
30-40% reduction in new reserves found, thereby increasing this
nation's dependence on foreign oil. Additionaly, thousands of
Americans will lose their jobs.
Respectfully,
fil suffey J. D. Guffey
From the Desk of
Dec14
Diar m. Baker.
an the P residence to
Please use your influence
that he will regest the
Day of the Treasury
independeet producer
I am a very smell
and with the W P TAX,
the lower price of oil,
and the increasing
Cost 8 production
if this tax reform
the come law - we are
for the getrolaun industry
ruined Marian Park Towers C. Guiberson 7E yours Truly
3310 Fairmount
Mireou Chicherm
Dallas, Texas 75201
HEFLIN OIL COMPANY
DALLAS, TX 75230-9990
EVANSVILLE, INDIANA 47710
6750 HILLCREST PLAZA #324
9600 DARMSTADT ROAD
(214) 392-7770
(812) 867-2401
December 10, 1984
The President
The White House
Washington, D.C. 20500
Dear Mr. President:
Being in the oil industry and also being a small independent
oil producer, we are against the repealing of the percentage
depletion and expensing of IDC. This would do great damage to
the small independents who depend on investors for their explor-
ation funds.
We certainly hope you and your advisors would consider long and
hard before you proposed any changes in the federal tax structure
which would adversely affect the independent operator.
Respectfully yours,
Kyle Kyhn Wood D. Wood
Vice-President
KDW/prh
CC: Edwin Meese
James A. Baker
The Hononable Don Hodel
Dick Lugar
Rick McIntyre
UMG
JAMESPOINT
MANAGEMENT
COMPANY
8111 LBJ Freeway, Suite 955, Dallas, Texas 75251 / (214) 644-2909
Division of Charlan Enterprises, Inc.
December 10, 1984
James A. Baker III, Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washinghton, D.C. 20500
Re: Treasury Department Tax Reform Proposals
Dear
I urge you to immediately take a strong position against the tax
refrom proposals recently issued by the U. S. Department of Trea-
sury. The uncertainty of 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 development industries re-
sulting 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 economically damaging
and ineffectual and conflicts with the underlying philosophy of
the Regan administration and re-election. I, therefore, urge you
in the stongest terms, to publicly oppose the recent Treasury pro-
posal.
President
CCL/fl
Jefferson - Williams
ENERGY CORPORATION
January 2, 1985
The Honorable Ronald Reagan
President of the United States
The White House
Washington, D.C. 20500
Dear Mr. President:
We have been studying, with increasing concern and alarm,
the Treasury Department's tax reform proposals as they relate to
the petroleum industry. For the past several years, our industry
has been suffering a steady decline of drilling activity,
decreased product sales and gradual but consistent reductions in
the price of petroleum products on a domestic and worldwide
basis. Yet, with the Windfall Profit tax imposed by the Carter
Administration, the oil industry holds the distinction of being
the heaviest taxed industry in the country.
The proposals in question will have the greatest impact on
the small, independent petroleum companies, many of whom have
already been forced to drastically cut their operations, sell out
at firesale prices or seek refuge in the Bankruptcy Courts.
According to an article appearing in the October 22, 1984 edition
of The Oil and Gas Journal, these same companies are expected to
drill 84.2% of the total number of new wells in the United States
during the coming year, forming the most important bulwark
against this Nation having to again rely so heavily on the import
of foreign petroleum products. In order to live up to this
responsibility, we depend almost entirely on our investors having
the incentives to continue to risk their funds on new and
innovative attempts to discover oil and gas, incentives which are
virtually eliminated by the so called reforms.
The predictions of additional tax revenues flowing into the
Treasury as a result of these changes have to be considered, at
best, fanciful. Placing additional blockades in the path of an
already stagnant industry can only stiffle the continuation of
the very activities required to produce what taxable income there
is now, much less hope to create a larger taxable base.
For these and other reasons, we earnestly solicit your
support in the rejection of these proposals and your cooperation
in an attempt to devise substitute provisions that more closely
reflect existing conditions and more equitably meet the goals of
a true simplification and reform act.
Sincerely,
B. Robert Jefferson, President
CC: Vice President George Bush
Edwin Meese III, Counselor to the President
James A. Baker, III, Chief of Staff
Robert C. McFarlane, Assistant to the President
Donald Regan, Secretary of the Treasury
William Clarke, Secretary of Interior
Don Hodel, Secretary of Energy
Randall E. Davis, Special Assistant to the President
HENRY S. MILLER CO., REALTORS" 2001 BRYAN TOWER 30TH FLOOR DAI LAS TEXAS 75201-2183 (214) 748-9171
AUSTIN DALLAS EL PASO FORT WORTH HOUSTON SAN ANTONIO BRUSSELS MUNICH TELEX 73-2459
December 17, 1984
The Honorable James A. Baker III
Chief of Staff and Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Reference: 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 Department of Treasury.
The uncertainty of future legislation is causing havoc in the
investment community. This uncertainty is likely to result in
an acceleration of the recessionary pressures already beginning
to build in the present economic climate.
I believe that, if enacted, certain provisions contained in the
Treasury proposal would create a disincentive for capital forma-
tion, thus greatly damaging the economy of the United States.
This, in turn, will cripple the construction and development in-
dustries, resulting in the loss of millions of jobs and ulti-
mately creating a severe housing shortage and higher rents for
millions of tenants across the United States. The proposal is
economically damaging and ineffectual and conflicts with the
underlying philosophy of the Reagan administration, which I
supported financially in the recent elections. I, therefore,
urge you, in the strongest terms, to publicly oppose the recent
Treasury proposal.
The need for tax reform is unquestionable, and I support the
efforts of this administration to develop a fair, sensible, and
more simplified approach to the task of raising revenue. There
is one thing, however, that legislators and economists must not
overlook. Business is not built on a basis of either supply-side
for demand-side economics. The foundations of business are
deeply rooted in our system of taxation. Radical and indiscrimi-
nate changes in the law could drastically affect the economy of
this nation and have exactly the opposite results of that which
we do earnestly strive to achieve.
Respectfully yours,
Joseph Joe Days P. Doye, Jr.
JD:sd
INDIVIDUAL AND CORPORATE MEMBERS INSTITUTE OF REAL ESTATE MANAGEMENT SOCIETY OF INDUSTRIAL REALTORS URBAN LAND INSTITUTE
AMERICANINSTITUTE OF REAL ESTATE APPRAISERS AMERICAN SOCIETY OF REAL ESTATE COUNSE. ORS NTE RNATIONAL REALESTATE FEDERATION
HENRY S. MILLER CO., REALTORS® 2001 BRYAN TOWER, 30TH FLOOR. DALLAS. TEXAS 75201 TELEPHONE 214/748-9171
AUSTIN DALLAS EL PASO FORT WORTH HOUSTON SAN ANTONIO BRUSSELS FRANKFURT TELEX 73-2459
Hal Mayfield
Vice President
Executive Investment Group
December 13, 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 Department of Treasury. The uncertainty
of future legislation is causing havoc in the investment community. This
uncertainty is likely to result in an acceleration of the recessionary
pressures already beginning to build 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 development industries, 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 economically damaging and ineffectual and conflicts with the
underlying philosophy of the Reagan administration, which I supported
financially in the recent election. I, therefore, urge you, in the
strongest terms, to publicly oppose the recent Treasury proposal.
The need for tax reform is unquestionable, and I support the efforts of
this administration to develop a fair, sensible, and more simplified
approach to the task of raising revenue. There is one thing, however,
that legislators and economists must not overlook. Business is not
built on a basis of either supply-side or demand-side economics. The
foundations of business are deeply rooted in our system of taxation.
Radical and indiscriminate changes in the law could drastically affect
the economy of this nation and have exactly the opposite results of that
which we SO earnestly strive to achieve.
Respectfully yours,
maylined
Hal Mayfield
HM:mla
INDIVIDUAL AND CORPORATE MEMBERS INSTITUTE OF REAL ESTATE MANAGEMENT SOCIETY OF INDUSTRIAL REALTORS URBAN LAND INSTITUTE AMERICAN INSTITUTE OF REAL
ESTATE APPRAISERS AMERICAN SOCIETY OF REAL ESTATE COUNSELORS INTERNATIONAL REAL ESTATE FEDERATION NATIONAL ASSOCIATION OF INDUSTRIAL AND OF PARKS
HENRY S. MILLER CO., REALTORS* 2001 BRYAN TOWER 30TH FLOOR DALLAS TEXAS 75201 TELEPHONE 214 748-9171
AUSTIN DALLAS EL PASO FORT WORTH HOUSTON SAN ANTONIO BRUSSELS FRANKFURT TELEX 73 2459
Mike McAuley
Executive Vice President
Executive Investment Group
December 14, 1984
Mr. James A. Baker, 111
Chief of Staff &
Assistant to the President
The White House
1600 Pennsylvania Avenue, N.W.
Washington, D.C. 20500
Reference: 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 Department of Treasury. The
uncertainty of future legislation is causing havoc in the investment
community. This uncertainty is likely to result in an acceleration of the
recessionary pressures already beginning to build 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 development industries, 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 economically damaging and ineffectual and conflicts with the
underlying philosophy of the Reagan administration, which I supported
financially in the recent elections. I, therefore, urge you, in the
strongest terms, to publicly oppose the recent Treasury proposal.
The need for tax reform is unquestionable, and I support the efforts of
this administration to develop a fair, sensible, and more simplified
approach to the task of raising revenue. There is one thing, however,
that legislators and economists must not overlook. Business is not built on
a basis of either supply-side or demand-side economics. The foundations
of business are deeply rooted in our system of taxation. Radical and
indiscriminate changes in the law could drastically affect the economy of
this nation and have exactly the opposite results of that which we so
earnestly strive to achieve.
Respectfully yours
Miler McAuley milhiley
MFM:sc
NDIVIDUAL AND CORPORATE MEMBER INSTIT TE DERLA F TATE MANA REMENT AMERICANIN
ESTATE APPRAISERS AMERICAN SOCIETY FREAL 1ATE NEUR NTERNA NAI REALE A' NORINE "
HENRY S. MILLER CO., REALTORS 2001 BRYAN TOWER 30TH FLOOR DALLAS TEXAS 75201 TELEPHONE 214 748-9171
AUSTIN DALLAS EL PASO FORT WORTH HOUSTON SAN ANTONIO BRUSSELS FRANKFURT TELEX 73-2459
Bart Roberson
Associate
Executive Investment Group
December 18, 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 Department of Treasury. The uncertainty
of future legislation is causing havoc in the investment community. This
uncertainty is likely to result in an acceleration of the recessionary
pressures already beginning to build 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 development industries, 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 economically damaging and ineffectual and conflicts with
the underlying philosophy of the Reagan administration. I, therefore,
urge you, in the strongest terms, to publicly oppose the recent Treasury
proposal.
The need for tax reform is unquestionable, and I support the efforts of
this administration to develop a fair, sensible, and more simplified
approach to the task of raising revenue. There is one thing, however,
that legislators and economists must not overlook. Business is not
built on a basis of either supply-side or demand-side economics. The
foundations of business are deeply rooted in our system of taxation.
Radical and indiscriminate changes in the law could drastically affect
the economy of this nation and have exactly the opposite results of that
which we so earnestly strive to achieve.
Respectfully yours,
Bart Roberson
Bart Roberson
BR:mla
NOMIDUAL AND CORPORATE MEMBERS IN TIT REALESTATE MANAGEMENT 'CETY OFINCE TRALHEAUT OR PRANTAND TF AMER
ESTATE APPRA SERS AMERICAN SOCIETY OF REALESTATE COUN ELGAS INTERNAT ONALREAL ESTATETEDERAT IN NATIONALA 4* NOFINE PT
HENRY S. MILLER CO., REALTORS* 2001 BRYAN TOWER 30TH FLOOR DALLAS TEXAS 75201 TELEPHONE 214 748 9171
AUSTIN DALLAS FL PASO FORT WORTH HOUSTON SAN ANTONIO BRUSSELS FRANKFURT TELEX 73-2459
Woody Thames
Associate
Executive Investment Group
December 11, 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 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 development industries, 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 economically 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.
Respectfully yours,
Woodythams
Woody Thames
WT:mla
NOVE AL AND 100 IRATEMEMBERS FREA E ATEMANA EMENT L', TF
ESTATE APPRAIN AMERICAN or ETY TA'L N.E. NTERNA NALREALE NAT NALA
PACIFIC REALTY CORPORATION
December 28, 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: Tax Reform Proposals
Dear Mr. Baker:
I wish to state to you my strong objections to the tax reform proposals
recently issued by the U.S. Department of Treasury and to urge you to
take a strong position against those same proposals. The uncertainty of
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, will cripple
the construction and development industries resulting in the loss of
millions of jobs across the United States. The proposal is economically
damaging and ineffectual and conflicts with the underlying philosophy of
the Reagan administration and re-election. I, therfore, urge you, in
the strongest terms, to publicly oppose the recent Treasury proposal.
This proposal may appear to somewhat lower the Federal tax for low to
moderate income households. However, it completely ignores the intent
embodied in the existing tax code to help provide decent and affordable
housing for low to moderate income households. In today's marketplace,
fully 35 to 40% of the total rental housing capital investment is equity
which is compensated solely through tax deferral and conversion with no
current yield. Current rent will only support a market competitive cash
yield for 60 to 65% of the construction cost (typical mortgage
financing). If the pass through tax benefits are eliminated under the
Treasury proposal, new rental construction will stop and rents on
exisiting rental housing will quickly adjust to increase, thereby
costing the average American renter about $2,000 per year. In essence,
Treasury proposal is a government mandated rent increase.
Very truly yours,
PACIFIC REALTY CORPORATION
Clay/Slack II
Clay Slack
14180 Dallas Parkway
Suite 300
Dallas, Texas 75240
Phone (214) 991-3333
PALO PETROLEUM, INC.
December 18, 1984
President Ronald Reagan
The White House
Washington, D.C. 20500
Dear President Reagan:
My company is a small, independent oil and gas company that employs
approximately twenty people. In addition to our full time employees,
we employ numerous consultants and small oil field service companies.
I am fearful that the Treasury Department's proposed changes to the
Tax Code will put my company and the many people with which we do business
out of business.
I am sure that you are aware that the elimination of the intangible
drilling deduction and the depletion allowance will have a devasting
impact on the independent oil producers and associated industries in
this country. Any short term increase in taxes will be overwhelmingly
outweighed by decrease in oil and gas production, increased unemployment
and increased dependence on foreign oil. This will all result in
decreased revenues to the Treasury.
During the last election we sent out hundreds of letters to our
business associates and royalty owners urging contributions and votes
for all Republican candidates. The Treasury Department's proposal,
generated under a free enterprise Republican Administration, is like
a stab in the back from a good friend. I am apalled and very disappointed
that Republicans would not only support, but give birth to a proposal
that will threaten the jobs of so many hard working Americans.
When your tax bill is sent to Capitol Hill, I implore you not to
support the elimmination of the IDC or depletion provisions. Thank
you for your help in this matter.
Sincerely,
PALO PETROLEUM, INC.
Jars James P. Graham
President
JPG/dle
CC: Honorable James A. Baker, III
Chief of Staff
1212 Expressway Tower Dallas, Texas 75206 (214) 691-3676
SANDELL INVESTMENTS
5750 Pineland Drive
Suite 100
Dallas, TX 75231
December 13, 1984
James A. Baker III, Chief of Staff
and Assistant to the President
The White House
1600 Pennsylvania Ave., N.W.
Washington, DC 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 future legislation is causing
havoc in the investment community. This uncertainty is likely
to result in an acceleration of the recessionary pressures al-
ready 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 industries 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 economically damaging and ineffectual and conflicts with the
underlying philosophy of the Reagan administration and re-elec-
tion. I, therefore, urge you, in the strongest terms, to
publicly oppose the recent Treasury proposal.
Very truly yours,
Bay hulth
Barry T. Milton
BTM/jw
S/B
Drilling Partnership, Ltd.
Oil & Gas Investments
December 12, 1984
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 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 forma-
tion, thus greatly damaging the economy of the United States. This
in turn will cripple the construction and development industries
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 economically 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,
Peter 0. Boylan
sb
6750 LBJ FREEWAY, SUITE 1100
DALLAS, TEXAS 75240
(214) 385-0500
JOHN M. STONE COMPANY
Real Estate, Oil & Gas
John Morris Stone, CCIM, CPM
December 18, 1984
Mary Banks Stone, GRI
Reply to Dallas
John Madison Stone, GRI (1925-1982)
Joy L. Tully
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
202/456-6797 Office
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 un-
certainty of 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.
This proposal may appear to somewhat lower the Federal tax for low to
moderate income households. However, it completely ignores the intent
embodied in the existing tax code to help provide decent and affordable
housing for low to moderate income households. In today's marketplace,
fully 35 to 40% of the total rental housing capital investment is equity
which is compensated solely through tax deferral and conversion with no
current yield. Current rent will only support a market competitive cash
yield for 60 to 65% of the construction cost (typical mortgage financing).
If the pass through tax benefits are illuminated under the Treasury proposal,
new rental construction will stop and rents on existing rental housing
will quickly adjust to a 50% increase, thereby costing the average American
renter about $2,000 per year. In essence, Treasury proposal is a government
mandated rent increase.
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 development industries 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 economically damaging and ineffectual and conflicts with
the underlying philosophy of the Reagan administration and re-election.
6060 North Central Expressway, Suite 512, Dallas, Texas 75206, 214/368-7133
1324 Olive Street, Texarkana, Texas 75501, 214/794-7338
P. O. Box 299, 711 Park Highway, Minden, Louisiana 71055, 318/377-6585
Shreveport-Bossier City, Louisiana, 318/222-8139
1500 Worthen Bank Building, Little Rock, Arkansas 72201, 501/372-3374
D-FW Metro 214/263-8091
Page Two
Mr. James A. Baker, III
December 18, 1984
I, therefore, urge you, in the strongest terms, to publicly oppose the
recent Treasury proposal.
Sincerely,
JOHN M. STONE COMPANY
John M. M. Stone, CCIM, CPM
JMS:jlt
JOHN M. STONE COMPANY
Tex-Sun Realty, Inc.
5440 Harvest Hill Road, Suite 200
Dallas, Texas 75230
(214) 960-0660
Telex # 791685
December 17, 1984.
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:
We 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 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.
We believe that if enacted, certain provisions contained in the
Treasury proposal would create a disincentive for capital
formation, thus greatly damaging the economy of United States.
This in turn will cripple the construction and development
industries 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
economically damaging and ineffectual and conflicts with the
underlying philosophy of the Regan administration and
re-election. We therefore, urge you, in the strongest terms, to
publicly oppose the recent Treasury proposal.
Very truly yours
Michael S. Tomas
President
MT/ah.
Commercial Real Estate Services
Leasing
Management
Sales
Investment Properties
J. CLEO THOMPSON & JAMES CLEO THOMPSON, JR.
OIL PRODUCERS
4500 REPUBLIC NATIONAL BANK TOWER
DALLAS, TEXAS 75201
742-1991
December 28, 1984
James A. Baker III
Chief of Staff
The White House
1600 Pennsylvania Avenue
Washington, D.C. 20500
Dear Mr. Baker:
As an independent oil operator, I respectfully urge your strong opposition
to the Treasury Department's tax proposal regarding oil and natural gas. This
legislation will result in a 30-40% curtailment of drilling and a similar
reduction in reserves of oil and natural gas, and will definitely increase our
dependence on foreign oil and result in the loss of jobs to thousands of
Americans.
Elimination of the Intangible Drilling Cost Deduction and the Percentage
Depletion Allowance incentives will make it impossible to raise capital
necessary to continue drilling. It appears that the Treasury Department is
dismissing the independents and turning the industry over to the majors.
Wells not drilled generate no tax.
When your tax bill is sent to Capitol Hill, I urge you not to support the
elimination of the Intangible Drilling Cost and Depletion Provisions.
Very truly yours,
Jumes Cleo Thompson
James Cleo Thompson, Jr.
JCT/mw
December 13, 1984
James A. Baker III, Chief of Staff
and Assistant to the President
The White House
1600 Pennsylvania Ave., N.W.
Washington, DC 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 future legislation is causing
havoc in the investment community. This uncertainty is likely
to result in an acceleration of the recessionary pressures al-
ready 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 industries 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 economically damaging and ineffectual and conflicts with the
underlying philosophy of the Reagan administration and re-elec-
tion. I, therefore, urge you, in the strongest terms, to
publicly oppose the recent Treasury proposal.
Very truly yours,
Eldon L. Frost
President
ELF/jw
THE WALDON COMPANY
5750 Pineland Drive Suite 100 Dallas, Texas 75231 (214) 373-6611