US Presidency
1974

Their budgets are most vulnerable because a larger part of their income goes for the highly inflated costs of food, fuel, and medical care. The tax reform bill now in the House Committee on Ways and Means, which I favor, already provides approximately $ 1.6 billion of tax relief to these groups. Compensating new revenues are provided in this prospective legislation by a windfall tax, profits tax on oil producers, and by closing other loopholes. If enacted, this will be a major contribution by the Congress in our common effort to make our tax system fairer to all. Number six: stimulating housing. Without question, credit is the lifeblood of housing. The United States, unfortunately, is suffering the longest and the most severe housing recession since the end of World War II. Unemployment in the construction trades is twice the national average. One of my first acts as President was to sign the Housing and Community Development Act of 1974.