 Thank you very much, thank you, thank you very much, thank you, thank you, well thank you very much, and thank you very much Wilson Johnson. Your warm words of welcome touch my heart and believe me it's with a happy heart that I join you today for this important milestone the 40th anniversary of the great National Federation of Independent Business. You know I I remember the day you started and a lot of you can't say that and like good wine you just get better and better. Something else is getting better that gladdens my heart and I hope yours too. America, the world's brightest jewel of hope and agenda. Our country is the keeper of the dreams that nourish the soul and spark fire in our breast. This good and mighty nation is rising from a decade of neglect to reclaim her noble heritage. America is getting well. She's growing strong and together we'll keep her free. I confess that looking at you and looking at your faces I get a lump in my throat because it's you and so many like you who were messengers of courage during our baptism of fire. You were never sunshine patriots. You didn't cut and run. I heard from a great many of you and your letter said in various ways hang in there Mr. President we're sticking with you. A lot of us are hurting but we're tired of seeing America drag down. We're tired of empty promises and quick fixes that only make things worse. You gave me you gave me priceless words of courage that I'll always remember. Do what you know is right and do it with all your might. And there's one man here who epitomizes that unselfish courage that leadership and commitment. He went to the Congress in 1981 and said spending was out of control. We know a lot of people say that but he said more. He said that his organization had no sacred cows and that no program should be spared and to drive home his point he added small business volunteers to go first. How much smaller would the deficit be if we had more of that attitude asking not what our country can do for us but what we can do for our country. And I'm sure by now you know who I'm speaking about your president and my friend Wilson Johnson. We've been in communication many times over the past two and a half years. We could never have accomplished what we have without his and your support. As long as I'm president the door to the Oval Office will always be open to Wilson Johnson and the NFIB. Small business is the gateway to opportunity for those who want a piece of the American dream. One of the most exciting trends in our country is the surge in numbers and size of businesses owned by women. You fellas better watch out you're facing some real competition. Almost three million businesses owned by women bring in about forty billion dollars a year. A solid contribution to the health of our economy at every level of society. At the recommendation of the small business administration we have reactivated the interagency committee on women's business enterprise that was created in 1979. We appointed Bay Buchanan our United States treasurer to be its chairman. The committee will ensure that the activities of the departments and agencies of the executive branch contribute to the establishment and promotion of women's business enterprise. Also I will sign today an executive order that will create the first president's advisory committee on women's business ownership. And we will appoint up to fifteen members with particular knowledge and expertise of women's participation in business. They will they will review the status of businesses owned by women foster further support for women entrepreneurs and provide appropriate advice to me and the administrator of the small business administration. I'm also directing the small business administration to sponsor a series of conferences across the country that will reach thousands of present and potential women business owners. We want to assist them to compete equitably in the total business environment. We'll be asking both the public and private sector to pitch in and help. And I know that NFIB as you have so often before will be there on the front lines to help us. The character and conscience of small business built this nation. You know in his book Wealth and Poverty George Gilder wrote something about entrepreneurs that I've long believed. He said that most contribute far more to society than they ever recover. And most of them win no riches at all. They are the heroes of economic life and those who begrudge them their rewards demonstrate a failure to understand their role and their promise. Well wouldn't it be nice to hear a little more about the forgotten heroes of America. Those who create most of our new jobs like the owners of stores down the street. The faithfuls who support our churches synagogues schools and communities. The brave men and women everywhere who produce our goods feed a hungry world and keep our families warm while they invest in the future to build a better America. That's where miracles are made. Not in Washington DC. We hear so much about the greed of business. Well frankly I'd like to hear a little more about the courage generosity and creativity of business. I'd like to hear it pointed out that entrepreneurs don't have guaranteed annual incomes. Before they can turn a profit they must anticipate and deliver what consumers want. They must risk their money with investments. The truth is before entrepreneurs can take they must give and business begins with giving. And I believe business works best creates the greatest wealth and produces the most progress for all when we're free to follow the teachings of scripture give and you will be given on to search and you will find cast your bread upon the waters and it will return to you many fold. Just think about it in the parable of talents the man with the small business spirit who invested and multiplied his talents his money was praised but the rich who hoard their wealth and are constantly rebuked in scripture. I believe we're meant to use wisely what is ours make it grow then help others to share and benefit from our success. And the secret of success is understanding that true wealth is not measured in material things but in the treasures of the mind and spirit. Oil was worthless until entrepreneurs with ideas and the freedom and faith to take risks managed to locate it extract it and put it to work for humanity. Someday oil itself will be replaced if those driven by great dreams are still free to discover and develop new forms of energy. In his book the secret kingdom Pat Robertson tells the story of when George Washington Carver asked God to explain the mysteries of his universe but according to Pat's book God said little man you're not big enough to know the secrets of my universe I'll show you the secret of the peanut. So Carver began peeling apart the peanut and from this storehouse of wonders came a stream of food and products that helped revolutionize southern industry and all because he invested the gifts of knowledge and that God had given him in a spirit of giving to his fellow men. The principles of wealth creation transcend time people in place governments were deliberately subvert them by denouncing God's mothering faith destroying freedom and confiscating wealth have impoverished their people. Communism works only in heaven where they don't need it and in hell where they've already got it. When we came to Washington I said let us renew our faith and our hope we have every right to dream heroic dreams to believe in ourselves to believe that together with God's help we can and will resolve the problems which now confront us. We didn't propose a 20-point federal plan we pursued the one sure plan to get America moving again a renaissance in enterprise everything we've tried to do is guided by three simple words trust the people we wanted to use that special principle of giving by putting America's destiny back in your hands and this meant slowing the growth of an already bloated government and providing you incentives to save to invest and to take risks so more wealth will be created at every level of our society. Take a look at what we've done so far just by sticking together personal tax rates have been cut for every working American for the first time in almost two decades in 1985 tax rates will be indexed to protect you from being pushed by inflation into higher brackets depreciation schedules have been shortened estate taxes on family owned farms and businesses have been cut dramatically to help working wives and mothers we've reduced the marriage penalty and increase the child care credit to give small savers a higher rate of return we've deregulated financial institutions we've introduced strong new incentives for individual retirement accounts extended IRAs to participants in employer sponsored pension programs and doubled the maximum keel contributions further tax breaks for savers will be coming up in 1985 when 15% of interest income up to $450 for single taxpayers and $900 for married couples can be excluded from all taxation I hope I'll be forgiven for reminding our critics that these tax cuts didn't exist when they were in charge these critics say the tax cuts are too big the truth is they're barely big enough to keep people even still I believe it's fair to say this is the most sweeping program of incentives ever passed to help families and firms lift America up and give us all real hope for our future we're doing everything we can to help you rebuild America spending growth has been cut we passed the prompt payment act so that when you deal with the federal government you must get paid promptly we the Small Business Innovation Development Act will direct millions of dollars in research funds to high-tech firms the the paperwork reduction act and the regulatory flexibility act will help your firms you don't have the luxury of hiring extra people just to fill out forms and keep track of new regulations more work needs to be done but by the end of 1983 American industry will have saved 300 million working hours filling out forms and that's a pretty good start take a look at the facts we don't have double-digit inflation anymore it's down to three and a half percent since a year ago from May to May I hope that history will one day judge our progress against inflation as one of this nation's greatest accomplishments of the early 1980s and we haven't stopped yet that terrible 21 and a half percent prime rate that greeted us has been knocked down to 10 and a half percent real wages are improving for the first time since 1978 and the rates of personal saving and productivity have reversed their declines it's clear that recovery is strengthening and spreading throughout the economy venture capital investments have reached record levels new businesses are being formed at near record rates the stock market has awakened from a decade of disappointment to surge into new high ground sunrise industries are springing up like jackrabbits production in autos and steel is regaining strength housing starts in May climbed the highest level in three and a half years factories in May ran at their highest rate in 15 months more and more workers are being called back and as Al Jolson would have said you ain't seen nothing yet but there's an easier way to tell you that our program works that recovery is here and that the economy is beginning to sparkle I've said this a few times before but I'll say it again suddenly our critics are no longer calling the program Reaganomics but just as everything is starting to mesh just as Americans have spotted the dawn of a new age strong growth without a return to runaway inflation and interest rates the guardians of a graveyard philosophy want to resurrect ideas which should remain dead and buried for all time they have a kind of a layaway plan for your lives which never changes it's called Americans make government takes first they tried to raise taxes on typical hard-working families by three thousand five hundred and fifty dollars over the next five years we said no we stopped them now they claim we must cap the third year of the tax cut at seven hundred dollars to reduce projected deficits and ensure fairness well forgive me but truth pierces that story quicker than a hot knife through butter they want to tax more so they can spend more and and you and I must say no and stop them again last year last year they gave me their word that would there would be three dollars in outlay cuts for every additional dollar of revenue that I agreed to in that tax bill they are breaking that promise they voted to balloon domestic spending above our budget request for next year and this is after they bottled up then scuttled a constitutional amendment requiring them to approve a balanced budget and idea back some by some eighty percent of you the American people our critics sob enough about deficits to fill an ocean an ocean of crocodile tears well the same holds true for their argument about fairness capping the third year of the tax cut won't soak the rich but it will drown millions of taxpayers in the middle class the wealthiest earners with incomes above a hundred and ten thousand dollars got their full tax cut in nineteen eighty one and it was a democratic amendment to our tax program that lowered the top rate from seventy to fifty percent in one fell swoop funny how they all forgot about that well I haven't forgotten about it because I think it was a great thing to do the truth of the matter is we're getting more tax revenues at the lower rate from that bracket of people than we were getting when the rate was seventy percent and that's the secret about good taxes but it takes a greater leap of faith to trust the motivation and wisdom of the self-proclaimed champions of fairness we're now attacking the middle class and make no mistake capping the third year would raise taxes on millions of two earner couples earning less than fifty thousand dollars for example a working married couple who together earn just over thirty five thousand dollars in taxable income will go from a thirty three percent tax rate to a thirty seven percent tax rate under the tax cap plan I question whether that couple working to men make ends meet would consider itself rich let's remember that just to keep up with inflation that couple had to double its income in the last ten years the couple which earns thirty five thousand dollars is no more wealthy today than when it earns sixteen thousand dollars in nineteen seventy three capping the tax cut would also raise taxes on two point four million small businesses including three hundred and fifty thousand family farms which file personal not corporate tax returns these people will invest in the new jobs products and technologies for the twenty first century the century that will belong to our children and our children's children putting a cap on small business would put a cap on our recovery and future growth the tax cap is not a fairness bill it's a jobs destruction bill it would cut out on her cut off our nose despite our face Larry Kirby of Greensboro North Carolina wrote me that he and his wife are risking everything they have in a new venture because of the opportunities in our American free enterprise system he said we pay taxes on personal rates and will be hiring another employee this summer we need every incentive that you can allow us and the loosening of red tape Larry I hear you and believe me your dreams and your struggle are what this job of mine is all about you know I try to bite my tongue but I just have to ask would you agree that those who saddle this nation with double digit inflation the highest interest rates in more than a hundred years and the worst tax button burden in our peacetime history are the last people who should be giving sermons about fairness and compassion would you agree that if we're to rebuild our beloved land then those who practice the politics of envy who pit one group against another must rise above their ranker and join us in a new dialogue to encourage honor and reward every citizen who strives to excel and make America great again I have one other request as representatives of Main Street America would you please send Washington a message get your hands out of our pockets get control of your own budget and let us get on with the job of rebuilding America I promise you the full and final portion of the tax cut the 10 percent due July 1st will go into effect in nine days and it will be followed by indexing in 1985 but I must and will oppose the congressional budget resolution it's not good enough to reduce the deficit on paper when in reality you're running up the white flag on controlling domestic spending the last thing we need is more taxes for more spending and if they can't get that through their heads then I am prepared to veto their budget busting bills again and again and again tax rates are prices prices for working saving and investing and when you raise the price of those productive activities you get less of them and more activity in the underground economy tax shelters and leisure pursuits you in small business understand that you can't force people to buy merchandise that isn't selling by raising your price but too many in Washington and across the country still believe that we can raise more revenues from the economy by making it more expensive to work save and invest in the economy we can't repeal human nature president John Kennedy said in 1963 the most urgent task facing our nation at home today is to end the tragic waste of unemployment and unused resources it has become increasingly clear he said that the largest employment or single barrier I should say to full employment and a higher rate of economic growth is the unrealistically heavy drag of federal income taxes on private purchasing power initiative and incentive I would only add that the total tax burden on working Americans is higher today than it was when John Kennedy said that we cannot compromise on fundamental principles without compromising ourselves in our future we're not asking the Congress to do what's easy we're asking them Democrats and Republicans alike to work with us to do what's right on that note let me interject a word about our bipartisan responsibility to reduce the risks of war so that our societies can truly prosper in peace we're determined to assure the effectiveness of our deterrent through the modernization of our aging strategic forces and to do everything we can to achieve deep reductions to equal and more stable levels of us and Soviet nuclear forces we are taking important and positive steps in the negotiations in Geneva on intermediate and strategic forces regarding the intermediate force negotiations I have stated that while we continue to favor the complete global initial elimination of the entire class of land-based intermediate range missiles we will agree to any proposed equal number of warheads on which us and Soviet missiles and upon which we can agree two weeks ago I announced that Ambassador Ed Rowney our negotiation in the strategic arms reduction talks the ones we call start was going to Geneva with new instructions to give us greater flexibility in the talks our proposal incorporates the recommendations of the Skokrov Commission on strategic forces it reflects a growing consensus and support crucial to effective negotiations the Soviet Union has not yet responded positively we sincerely hope they will the aspirations for genuine arms reductions stability and peace are shared by all mankind and I pray the day will come when nuclear weapons no longer exist anywhere on earth we're not going back to that old road where government decides it knows better than us what should be done with our earnings and how we should live our lives we're not going back to fear envy and failure we're going forward on a new road that's bold and filled with hope and opportunity so let us remain united and true to our vision of progress a vision that begins with your families your churches your synagogues and schools and neighborhoods we don't ask you to trust us we say trust yourselves trust the values that made us a good and loving people working together giving and trusting each other and trusting in God and we'll do what is right to preserve our freedom and America the last best hope of man on earth and now I'm delighted to sign the executive order creating the first presidential advisory commission on women's business ownership thank you and God bless you all