US Presidency
1961

So that if this trend should continue and more and more Western Europe became the object of American investment, it affects us all and affects the people who work with you. We are attempting to repeal those tax privileges which make it particularly attractive for American capital to invest in Western Europe. We passed laws in the days of the Marshall Plan when we wanted American capital over there, and as the result of that, there are provisions on the tax book which make it good business to go over there. Now we want it all to be fair, and we have stated we are not putting in exchange controls, which we will not. But we recommended in January the passage of a bill which would lessen the tax privileges of investing in Western Europe and which would have given us $ 250 million in revenue and in balance of payments.