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Conversation 368-036

TapeTape 368StartThursday, October 19, 1972 at 10:34 AMEndThursday, October 19, 1972 at 10:40 AMParticipantsNixon, Richard M. (President);  Shultz, George P.;  White House photographerRecording deviceOld Executive Office Building
AI Summary

President Nixon met with Treasury Secretary George P. Shultz to review preparations for Shultz’s upcoming press conference and discuss the political landscape surrounding economic policy. The conversation focused on the implementation of a simplified 1040-A income tax form despite resistance from industry professionals, as well as the administration's efforts to pass a federal spending ceiling against election-year pressures from Congress. Nixon and Shultz also touched upon broader economic metrics, including GNP growth, and coordinated the logistics for future economic meetings.

Income tax reformFederal spending ceilingEconomic policy1972 electionGeorge P. ShultzGNP
AudioNARA Description

On October 19, 1972, President Richard M. Nixon, George P. Shultz, and White House photographer met in the President's office in the Old Executive Office Building from 10:34 am to 10:40 am. The Old Executive Office Building taping system captured this recording, which is known as Conversation 368-036 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 368-36

Date: October 19, 1972

                                         (rev. Oct-06)

Time: 10:34 am - 10:40 am
Location: Executive Office Building

The President met with George P. Shultz; the White House photographer was present at the
beginning of the meeting.

         Photograph
             -Oliver F. (“Ollie”) Atkins
             -Seating arrangements

         Schultz’s forthcoming press conference
             -Taxes
                  -Income tax form revision
                       -Short form [1040-A]
                           -Availability
                                -Number of taxpayers
                                -Wage, salary, income
                                    -Dividends and interest income limit
                                -Pensions
                           -Resistance to form revision
                                -Accountants, lawyers
             -John F. Kennedy
             -Spending ceiling
                  -Congress
                       -Election year pressures
             -George S. McGovern's proposals

         Economy
            -Gross National Product [GNP]
            -Meeting
                -Camp David
                -White House
                -Camp David
                    -Helicopter
                -Timing

Shultz left at 10:40 am.

                                        (rev. Oct-06)
Transcript (AI-Generated)

This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

All right.
I don't know if it's been put available because there are two things back there.
The photo side is that.
This is the front.
That's the back.
And there's a lot.
And basically, it's taxable income.
But that is all income.
uh, before death comes and so forth, probably, you know, it's a little bit out of range.
Although, it is not restricted as to the amount of wage and salary that comes with the, you know, integrity of this account.
So, if you have, this is only, you know, wage and salary income.
The wage and salary you have due to that income doesn't exceed the amount that comes with this account.
Well, those are the best ones.
Well, they are.
They don't fit.
They don't fit in there.
No, they don't fit at all.
What else?
What's it done?
Well, it's not bad.
Well, it's not bad.
It's not bad.
This is the result.
The other people who voted against this law were some accountants.
Some people are some accountants and lawyers.
And I think we can get my other business here.
Okay, I'm going back.
And this expert here comes along.
They're hired for the panel.
They love it.
or this kind of thing, or this kind of thing.
This is better.
This is the best number.
This is what I was looking for.
I don't know if it's good.
I don't know.
I don't know.
I don't know.
I don't know.
I don't know.
I don't know.
I don't know if they have a decision whether or not to consider this bill in the election year, but I think it should be present.
Well, the president feels that he has to resist some other president.
The one who has to represent all of them.
And he understands that all members of the House and Senate have to do that.
The election has to happen in some very different way.
The governor came back for one of his new appearances in the Senate this year.
The vote for him against the Senate is going.
And I thought I'd win a great election as president.
I'd like to see a big spending pass at the end of it.
I don't know.
I don't know.
And then with the GNP, I think it's very important to say that this is the end of the trip.
It's been a great time.
And now, it's a kind of a movement toward, you know, to pull it back into the rest of the system.
So, this is important.
This is really, this is the key time that we must not feel the violence and the pressure that we have to enact the end of the trip.
And I would also like to say that we are going to have a speaking campaign.
Oh, no, we'll have it here.
I decided not to go there.
Let's say we're going to do it later, but the president don't say where it's going to be.
Because I decided it's going to be the same business, like all of our business.
Either way, I decided not to do it.
I decided not to do it.
I decided not to do it.
I decided not to do it.
I decided not to do it.
I decided not to do it.
Okay, thank you.
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