Over the past forty years, one thing about the Kochs has not changed: their willingness to spend their fortune to drive their extreme, self-serving agenda.

Whether it’s the $125 million their organization Americans for Prosperity has committed to spend in this year’s mid-term elections or the massive funds they spent on David Koch’s 1980 Libertarian campaign for Vice President, the Kochs are committed to seeing through their self-serving agenda.

In 1980, that agenda involved attacking Social Security and the minimum wage, and defending tax breaks for big oil.

The 1980 Koch-Clark campaign called Social Security “the most serious threat to the future stability of our society next to the threat of nuclear war” and called for phasing out the program, in addition to proposing to abolish ALL minimum wage laws. What’s more, the 1980 Koch-Clark ticket proposed cutting capital gains tax rates in half and eliminating the “windfall profits” tax on oil companies.

These revelations came from previously unreleased primary source documents discovered by American Bridge.

Primary Source Documents

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Minimum Wage

Clark-Koch Ticket Ran On Platform Calling for Abolishing All Minimum Wage Laws

Clark-Koch Ticket: “We Should Abolish The Minimum Wage Laws.” In his book, “A New Beginning,” Clark wrote: “We should abolish the minimum wage laws and licensing laws so that people can once again be free to compete and to work, so that no bureaucrat or politician backed by special interested can ever again stand between a human being and a chance to work for a living, bringing with it the dignity of self-reliance, not the dehumanizing dependency of helpless poverty and unemployment.” [A New Beginning, p. 97, August 1980]

Clark-Koch Ticket: “The Federal Minimum Wage Law Has Destroyed Hundreds Of Thousands Of Jobs For Teenagers And Minorities.” In his book, “A New Beginning,” Clark wrote: “The federal minimum wage law has destroyed hundreds of thousands of jobs for teenagers and minorities.” [A New Beginning, p. 92, August 1980]

Clark-Koch Ticket: “There Will Be Unskilled Adult Workers Who Are Not Worth The Minimum Wage.” In his book, “A New Beginning,” Clark wrote: “But the minimum wage law doesn’t only hurt teenagers. The teenager who can’t get that first job soon becomes the young man or woman with no work experience, unable to get any job. And there will be unskilled adult workers who are not worth the minimum wage. So the potential employer decides to automate, or to hire one skilled worker instead of two or three unskilled workers, or to let his customers wait on themselves. Hundreds of thousands of jobs for the poor have been destroyed by this one piece of legislation – legislation framed by politicians who seem to think it’s better to be on welfare than to hold down a low-paying job.” [A New Beginning, August 1980]

Clark-Koch Ticket: “Black Opportunities Have In Fact Declined Since The Government To Improve The Condition Of Minorities […] The Impact Of Minimum Wage Laws On Black People Is Vastly Underrated.” In his book, “A New Beginning,” Clark wrote: “Professor Walter Williams, a Temple University economist with a special interest in minority problems, points out that black opportunities have in fact declined since the government made a commitment to improve the condition of minorities. In 1948, black teenage youth actually had a lower unemployment rate than whites of the same age. Dr. Williams is convinced that the tremendous risk in black unemployment is due to ‘the numerous laws that have the effect of reducing employment opportunities,’ and that the impact of minimum wage laws on black people is vastly underrated.” [A New Beginning, p. 92, August 1980]

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Windfall Profits Tax

Clark-Koch Ticket Wanted to Repeal The “Windfall Profits” Tax On Oil Companies. According to Clark: “5. To increase domestic energy production and reduce consumer prices, Ed Clark will repeal the demagogic, misnamed, “windfall profits” tax. Not a profits tax at all, it is actually an excise tax on domestic oil productions and is more accurately referred to as the crude oil excise tax. Its passage could hardly be considered as part of an energy program; rather, it was a political scheme to get more revenue from the federal government while scoring some political points against the oil companies. A tax on any product usually results in reduced supply and higher prices. This is hardly a rational energy program. Consumers will benefit from the Clark administration’s repeal of the crude oil excise tax.” [Clark For President White Paper On Taxing And Spending Reduction, Page 11, 1980]

Clark-Koch Ticket Estimated Repeal of Windfall Profits Tax On Oil Would Reduce Federal Government Revenues by $16 Billion. [Clark For President White Paper On Taxing And Spending Reduction, 1980, 1980]

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Capital Gains Tax

The Clark-Koch Ticket Proposed Halving Capital Gains Tax Rate. According to Clark For President White Paper On Taxing And Spending Reduction, Page 10, “This proposal will also cut the capital gains tax in half, a major step toward capital formation and economic growth. When the capital gains tax was increased a few years ago, receipts from the tax actually declined. People made fewer investments in areas subject to capital gains taxation. When the rate was later cut, tax receipts increased, and the U.S. savings rate went up. The rate reduction had a very positive impact on personal savings and investment, producing greater capital formation and economic growth.” [Clark For President White Paper On Taxing And Spending Reduction, Page 10, 1980]

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Social Security

Clark-Koch Ticket Called Social Security The Most Serious Threat To The Future Stability Of Our Society Next To  Nuclear War.

Clark-Koch Ticket Called Social Security “The Most Serious Threat To The Future Stability Of Our Society Next To The Threat Of Nuclear War.” According to a press release from the Clark for President Committee, “Clark said Social Security ‘the most serious threat to the future stability of our society next to the threat of nuclear war.’” [Clark for President Committee, 9/24/80]

Criticisms Of Social Security

Clark-Koch Ticket Criticized Social Security As An Infringement On Freedom Of Choice. According to a press release from the Clark for President Committee, “Clark condemned the compulsory, pay-as-you-go system as ‘an infringement on our freedom of choice and a major source of our economic problems.’ There is at least a $4 trillion unfunded Social Security liability presently and, Clark claimed, it has ‘resulted in a massive capital shortage which in turn is a leading cause of our high unemployment rate.’” [Clark for President Committee, 9/24/80]

Clark-Koch Ticket Said That To Call Social Security Fiscally Sound Was “A Cruel Hoax On The American People – Particularly The Elderly.” According to a press release from the Clark for President Committee, “Clark said government claims that Social Security is fiscally sound are ‘a cruel hoax on the American people – particularly the elderly.’” [Clark for President Committee, 9/24/80]

Clark-Koch Ticket: “The Social Security System Did Not Begin As An Attempt To Sabotage People’s Ability To Plan For Retirement, But It Has Worked Out That Way.” In his book, “A New Beginning,” Clark wrote: “The Social Security system did not begin as an attempt to sabotage people’s ability to plan for retirement, but it has worked out that way. The politicians who originally planned the system probably had no idea how it would turn out. But today’s politicians know the system is rotted, and yet they refuse to make changes necessary to free the American people from it.” [A New Beginning, p. 74, August 1980]

Clark-Koch Ticket Said “If You Think This Sounds Like One Of Those Fraudulent Pyramid Schemes […] You Are Right” Regarding Social Security. In his book, “A New Beginning,” Clark wrote: “To understand how this works, imagine the following scheme: Someone offers to sell you an insurance policy. Weekly payments entitle you to benefits when you retire. Each week, when you send your money to the company, it turns around and pays out that money as benefits to others who were sold the same policy some time ago. The company plans to pay your retirement benefits from the payments made by people who’ll be working after you retire. If you think this sounds like one of those fraudulent pyramid schemes you read about in the papers occasionally, you are right. Would you choose to participate in such a plan if you knew the facts? You are participating in one right now.” [A New Beginning, p. 75, August 1980]

Clark-Koch Ticket: “A Private Company Conducting Business This Way Would Be Charged With Fraud.” In his book, “A New Beginning,” Clark wrote: “Besides this, the Social Security tax increases passed by Congress are unrelated to the benefit structure. There is no certainty that Congress won’t cut benefits when you retire, regardless of what you paid in during your working years. A private company conducting business this way would be charged with fraud. But at the Social Security Administration, it is business as usual.” [A New Beginning, p.76, August 1980]

Clark-Koch Ticket: Social Security Has “Deceived People Into Thinking The Government Takes Care Of Old People When They Retire.” In “A New Beginning,” Clark wrote: “Before Social Security, younger members of families had a sense of responsibility to retired members. Social Security has taken away this by deceiving people into thinking the government takes care of old people when they retire. This has eroded an old and admirable virtue that will be recovered only when the government lets people take care of themselves and their own.” [A New Beginning, p. 79, August 1980]

Clark-Koch Ticket: “The Social Security System Is Impoverishing Us.” In his book, “A New Beginning,” Clark wrote: “The point is that the Social Security system is impoverishing us. At a time when everyone complains about the lack of productivity, capital shortage and sluggish industries, we can’t afford to have the government withdrawing billions from the economy.” [A New Beginning, p. 80, August 1980]

Clark-Koch Ticket: “Social Security Has Now Become So Unfair To Young People That Serious And Fundamental Reform Of The Program To Correct This Problem Is Absolutely Necessary.” In a white paper, Clark said, “Because of the great magnitude of this difference, social security has now become so unfair to young people that serious and fundamental reform of the program to correct this problem is absolutely necessary.” [Clark For President White Paper On Social Security Reform, p. 6, 1980]

Clark-Koch Ticket: The Social Security Program “Seriously Discourages Private Saving And Capital Accumulation, Causing Major Losses In National Income And Economic Growth.” In a white paper, Clark said, “The social security program has many other major problems as well. The program seriously discourages private saving and capital accumulation, causing major losses in national income and economic growth. The most sophisticate econometric studies indicate that through this effect alone, apart from the program’s other negative effects on the economy, social security is needlessly costing Americans several hundred billion dollars per year lost in GNP.” [Clark For President White Paper On Social Security Reform, p. 6, 1980

Clark-Koch Ticket: “[The Earnings Test] Effectively Reduces The Compensation For Working By Reducing A Beneficiary’s Benefits For Wages Earned Above A Certain Minimal Amount.” In a white paper, Clark said, “A second way in which the program discourages employment is through the earnings test. The test again effectively reduces the compensation for working by reducing a beneficiary’s benefits for wages earned above a certain minimal amount. Reduce compensation again leads to a reduced labor supply and reduced employment.” [Clark For President White Paper On Social Security Reform, p. 25, 1980]

Clark-Koch Ticket: “The Effects Of Social Security In Discouraging Employment Eventually Lead To Inefficiency, Misallocation Of Resources, And A Lower GNP.” In a white paper, Clark said, “The effects of social security in discouraging employment eventually lead to inefficiency, misallocation of resources, and a lower GNP.” [Clark For President White Paper On Social Security Reform, p. 25, 1980]

Clark-Koch Ticket: “Discrimination Against Minorities, And Individuals Who Follow Alternative Lifestyles, Is Inherent In The Basic Structure Of The Current Social Security Program.” In a white paper, Clark said, “Discrimination against minorities, and individuals who follow alternative lifestyles, is inherent in the basic structure of the current social security program.” [Clark For President White Paper On Social Security Reform, p. 31, 1980]

• Clark-Koch Ticket: “Social Security Forces Everyone To Participate In One Big Insurance Program With One Particular Pattern Of Coverage And Benefit Provisions.” In a white paper, Clark said, “Social security forces everyone to participate in one big insurance program with one particular pattern of coverage and benefit provisions. This pattern of coverage and benefits will be best suited to the circumstances and characteristics of the typical, average individuals who predominate in society and who, therefore, comprise the politically powerful majority.” [Clark For President White Paper On Social Security Reform, p. 31, 1980]

• Clark-Koch Ticket: “[Minorities] Will Find That The Uniform Coverage And Benefit Provisions Of The Government’s Social Security Program Are Poorly Suited To Their Needs And Preference.” In a white paper, Clark said, “Members of minority groups, however, tend to have circumstances and characteristics that deviate from the norm. They also do not possess substantial political power. Consequently, they will find that the uniform coverage and benefit provisions of the government’s social security program are poorly suited to their needs and preference.” [Clark For President White Paper On Social Security Reform, p. X, 1980]

Clark-Koch Ticket: “The Poor Pay More In Taxes But Tend To Receive Less In Benefits.” In a white paper, Clark said, “These discriminatory elements all add up to one result – the poor pay more in taxes but tend to receive less in benefits.” [Clark For President White Paper On Social Security Reform, p. 31, 1980]

• Clark-Koch ticket: “Poorer Individuals Tend To Start Working Earlier In Life Than Those In Higher Income Classes, But Social Security Credits These Individuals With Little If Any Additional Benefits.” In a white paper, Clark said, “Poorer individuals tend to start working earlier in life than those in higher income classes, but social security credits these individuals with little if any additional benefits for these additional years of work and tax payments.” [Clark For President White Paper On Social Security Reform, p. 31, 1980]

• Clark-Koch Ticket: “The Poor Also Tend To Die Earlier Than Those In Higher Income Classes And They, Therefore, Receive Less In Benefits.” In a white paper, Clark said, “The poor also tend to die earlier than those in higher income classes and they, therefore, receive less in benefits.” [Clark For President White Paper On Social Security Reform, p. 31, 1980]

Clark-Koch Ticket: “The Program’s Negative Impacts On The Poor Also Negatively Impact Blacks Since Blacks As A Group Have Characteristics Very Similar To The Poor As A Group.” In a white paper, Clark said, “It should be noted that the program’s negative impacts on the poor also negatively impact blacks since blacks as a group have characteristics very similar to the poor as a group.” [Clark For President White Paper On Social Security Reform, p. 32, 1980]

Clark-Koch Ticket: “The Program In Particular Discriminates Against Working Women, Childless Women, And Single Women.” In a white paper, Clark said, “The program in particular discriminates against working women, childless women, and single women.” [Clark For President White Paper On Social Security Reform, p. 33, 1980]

• Clark-Koch Ticket: “The Program Provides Many Additional Benefits To Individuals With Spouses And Dependent Minor Children. Yet A Single Or Childless Individual Who Can Never Receive Such Benefits Must Pay The Same Taxes.” In a white paper, Clark said, “The program provides many additional benefits to individuals with spouses and dependent minor children. Yet a single or childless individual who can never receive such benefits must pay the same taxes.” [Clark For President White Paper On Social Security Reform, p. 33, 1980]

• Clark-Koch Ticket: “A Married Woman With Children Is Penalized For Working Because She Must Either Forego The Benefits She Has Earned On Her Own Earnings Record…Or Forego The Wife’s Benefits On Her Husband’s Earnings Record.” In a white paper, Clark said, “In addition, a married woman with children is penalized for working because she must either forego the benefits she has earned on her own earnings record, and, therefore, receive nothing for her years of tax payments, or forego the wife’s benefits on her husband’s earnings record.” [Clark For President White Paper On Social Security Reform, p. 33, 1980]

• Clark-Koch Ticket: “Social Security Has Also Discriminated Against Women By Denying Benefits On Their Past Tax Payments And Tax Earnings Record For Their Husbands, While Paying Benefits On The Tax And Earnings Record Of Men For Their Wives.” In a white paper, Clark said, “Social security has also discriminated against women by denying benefits on their past tax payments and tax earnings record for their husbands, while paying benefits on the tax and earnings record of men for their wives.” [Clark For President White Paper On Social Security Reform, p. 33, 1980]

Clark Proposed Phasing Out Social Security Program

Clark-Koch Ticket: “The First Major Reform To Be Effected Is The Elimination Of The Payroll Tax.” In his book, “A New Beginning,” Clark wrote: “The first major reform to be effected is the elimination of the payroll tax (the Social Security tax). The payroll tax is regressive, falling most heavily on lower-income workers. And as we have seen, it has devastating consequences for our economy, withdrawing billions of dollars from productive investment.” [A New Beginning, p. 81, August 1980]

Clark-Koch Ticket Said “For Those Individuals Who Neglected To Provide For Their Own Retirement […] Voluntary Charitable Organizations Could Provide Assistance.” In his book, “A New Beginning,” Clark wrote: “For those individuals who neglected to provide for their own retirement, normal welfare programs – and increasingly, under a revitalized economy, voluntary charitable organizations – could provide assistance.” [A New Beginning, p. 82, August 1980]

Clark-Koch Ticket Wanted To Abolish The 13.3% Social Security Payroll Tax. According to a press release from the Clark for President Committee, “In his White Paper Clark proposed abolishing within three years the 13.3% Social Security payroll tax (the half of the tax paid by the employer is simply an added labor cost, said Clark, which is ultimately borne by the employee in the form of lower wages) and funding future payments out of general revenues.” [Clark for President Committee, 9/24/80]

Clark-Koch Ticket Wanted To Remove Those Under 40-Years Of Age From The Social Security System. According to a press release from the Clark for President Committee, “A key element in the proposal would be the removal of all Americans under 40 from the system. Individuals over 40 would be guaranteed benefits now due them.” [Clark for President Committee, 9/24/80]

Clark-Koch Ticket Wanted To Create Tax-Free IRA-Type Accounts That Would Give Individuals More Retirement Income Than Social Security. According to a press release from the Clark for President Committee, “Tax-free IRA-type accounts would be established under the plan, which Clark said would allow most workers to ‘end up with significantly more retirement income than Social Security would provide.’” [Clark for President Committee, 9/24/80]

Clark-Koch Ticket Supported A Program Where Taxpayers “Would Be Able To Take The Amount They Would Have Otherwise Paid In Social Security Taxes And Invest It Individual Retirement Accounts.” In a white paper, Clark said, “Taxpayers under 40 would be freed from further social security taxes and would no longer be eligible for social security benefits. They would be able to take the amount they would have otherwise paid in social security taxes and invest it individual retirement accounts. These accounts, like present day IRAs, would be tax-exempt. These accounts would provide better retirement benefits than social security promises.” [Clark For President White Paper On Social Security Reform, p. 3, 1980]

Clark-Koch Ticket: “The Only Way To Eliminate Completely The Program’s Discrimination…Is To Change The Basic Structural Cause Of Such Discrimination, The Imposition Of One Particular Insurance Plan On Everyone.” In a white paper, Clark said, “The only way to eliminate completely the program’s discrimination against minorities and other politically less powerful groups is to change the basic structural cause of such discrimination – the imposition of one particular insurance plan on everyone.” [Clark For President White Paper On Social Security Reform, p. 33, 1980]

Clark-Koch Ticket Supported Private Alternative To Social Security

Clark-Koch Ticket “Instead Of Operating On A Pay-As-You-Go Basis, The Private Alternatives To Social Security Operate On An Invested Basis, Where Each Individual’s Payments Into The System Are Saved And Invested For His Own Benefit.” In a white paper, Clark said “Instead of operating on a pay-as-you-go basis, the private alternatives to social security operate on an invested basis, where each individual’s payments into the system are saved and invested for his own benefit.” [Clark For President White Paper On Social Security Reform, p. 14, 1980]

• Clark-Koch Ticket “Since The Investments Made Through Such A System Would Earn Full Market Rates Of Return, The Benefits Which This System Can Pay Would Be Much Greater Than The Benefits In A Mature Pay-As-You-Go-System.” In a white paper, Clark said, “Since the investments made through such a system would earn full market rates of return, the benefits which this system can pay would be much greater than the benefits in a mature pay-as-you-go-system.” [Clark For President White Paper On Social Security Reform, p. 14, 1980]

• Clark-Koch Ticket “The Basic Reason Why An Invested System Can Earn This Higher Rate Of Return And Pay These Higher Benefits Is That The Investments Made Through Such A System Actually Increase Production. This Increased Production Finances The Return On These Investments.” In a white paper, Clark said, “The basic reason why an invested system can earn this higher rate of return and pay these higher benefits is that the investments made through such a system actually increase production. This increased production finances the return on these investments and this return can be used to finance higher benefits. These higher benefits do not result from making others worse off since they are financed solely through increased production.” [Clark For President White Paper On Social Security Reform, p. 14, 1980]

Clark-Koch Ticket: “Even Under Assumptions Which We Deem Too Conservative, We Find The Retirement Benefits Which Could Be Paid By The Private System To Be Remarkably Superior In Monetary Terms To Those Which Could Be Paid By Social Security.” In a white paper, Clark said, “Even under assumptions which we deem too conservative, we find the retirement benefits which could be paid by the private system to be remarkably superior in monetary terms to those which could be paid by social security. Most of these assumptions came from the Social Security Administration, which each year makes projections of the program’s future performance based on three alternative sets of assumptions.” [Clark For President White Paper On Social Security Reform, p. 16, 1980]

Clark-Koch Ticket: “The Social Security Program Contains Many Welfare Elements Which Operate To Pay Poor Workers Relatively More In Benefits Compared To Their Past Taxes Than Higher Income Workers. Yet Even Poor Workers Would Do Substantially Better Under The Private Alternative System Than Under Social Security.” In a white paper, Clark said, “The social security program contains many welfare elements which operate to pay poor workers relatively more in benefits compared to their past taxes than higher income workers. Yet even poor workers would do substantially better under the private alternative system than under social security.” [Clark For President White Paper On Social Security Reform, p. 19, 1980]

Clark-Koch Ticket: “The Key Characteristic Of This New System Is That It Will Rely On Voluntary, Cooperative, Decentralized Market Institutions.” In a white paper, Clark said, “The key characteristic of this new system is that it will rely on voluntary, cooperative, decentralized market institutions to perform many of the functions of the current social security system, instead of centralized, bureaucratic, coercive, government institutions.” [Clark For President White Paper On Social Security Reform, p. 36, 1980]

• Clark-Koch Ticket: “Under The New System, Individuals Would Use The Money They Would Otherwise Pay On Social Security Taxes To Buy, From These Private Market Institutions, Packages Of Insurance And Investment Plans That Would Cover All Of The Major Insurance Contingencies.” In a white paper, Clark said, “Thus, under the new system, individuals would use the money they would otherwise pay on social security taxes to buy, from these private market institutions, packages of insurance and investment plans that would cover all of the major insurance contingencies covered by social security today.” [Clark For President White Paper On Social Security Reform, p. 36, 1980]

Clark-Koch Ticket: “Restrictions On The Types Of Investments That Can Be Made Through An IRA…Should Be Eased To Allow Individuals More Freedom Of Choice And The Ability To Earn Higher Rates Of Return On Their Investments.” In a white paper, Clark said, “Today there are severe restrictions on the types of investments that can be made through an IRA. These restrictions should be eased to allow individuals more freedom of choice and the ability to earn higher rates of return on their investments.” [Clark For President White Paper On Social Security Reform, p. 36, 1980]

Clark-Koch Ticket: “The Restriction On Investments That Can Be Made By Pension Funds And Other Financial Institutions Which Might Invest IRA Funds For Individuals Should Similarly Be Eased.” In a white paper, Clark said, “The restriction on investments that can be made by pension funds and other financial institutions which might invest IRA funds for individuals should similarly be eased.” [Clark For President White Paper On Social Security Reform, p. 36, 1980]]

Clark-Koch Ticket: “To Ensure That Individuals Receive The Full Benefits From These Retirement Accounts That They Should, A New System Of Tax Rules And Exemptions Should Be Enacted For All Investments Made With Such Funds.” In a white paper, Clark said, “To ensure that individuals receive the full benefits from these retirement accounts that they should, a new system of tax rules and exemptions should be enacted for all investments made with such funds.” [Clark For President White Paper On Social Security Reform, p. 37, 1980]

• Clark-Koch Ticket: “The Goal Of This New System Would Be To Allow Individuals To Receive The Full, Real, Before-Tax Rate Of Return On Their Retirement Investments.” In a white paper, Clark said, “The goal of this new system would be to allow individuals to receive the full, real, before-tax rate of return on their retirement investments.” [Clark For President White Paper On Social Security Reform, p. 37, 1980]

• Clark-Koch Ticket: “The New IRAs Should Have At Least The Same Tax Exemptions As IRAs Do Today.” In a white paper, Clark said, “To begin with, the new IRAs should have at least the same tax exemptions as IRAs do today. Thus, individuals should not have to pay any income tax on that portion of their incomes which they save in these accounts each year.” [Clark For President White Paper On Social Security Reform, p. 37, 1980]

• Clark-Koch Ticket: “Individuals Should Not Have To Pay Any Income Tax On The Amounts Earned Directly By The Investments Held By Such Accounts.” In a white paper, Clark said, “In addition, individuals should not have to pay any income tax on the amounts earned directly by the investments held by such accounts. Thus, any dividends paid on stock held by a retirement account would be tax exempt, as would any interest paid on mortgages, bonds and notes.” [Clark For President White Paper On Social Security Reform, p. 37, 1980]

• Clark-Koch Ticket: “Any Capital Gains Made From The Sale Of Assets Held By These Accounts Should Also Be Free Of Tax.” In a white paper, Clark said, “Any capital gains made from the sale of assets held by these accounts should also be free of tax. Thus, if the assets in these accounts were invested in apartment buildings, land, hotels or other real estate and this property was sold for a profit, this profit would be returned to the account tax free.” [Clark For President White Paper On Social Security Reform, p. 37, 1980]

• Clark-Koch Ticket: “A Corporation Whose Stock Had Been Completely Purchases By These Retirement Accounts Should Have All Of Its Profits Free From Tax Since They Are All Ultimately Earned By The Accounts.” In a white paper, Clark said, “In addition to these more traditional types of tax exemptions, new and more innovation exemptions should be enacted. A corporation whose stock had been completely purchases by these retirement accounts should have all of its profits free from tax since they are all ultimately earned by the accounts.” [Clark For President White Paper On Social Security Reform, p. 37, 1980]

• Clark-Koch Ticket: “Non-Corporate Businesses Or Ventures Should Also Have Their Income Tax-Exempt To The Extent That They Are Owned By These Accounts.” In a white paper, Clark said, “Similarly, non-corporate businesses or ventures should also have their income tax-exempt to the extent that they are owned by these accounts.” [Clark For President White Paper On Social Security Reform, p. 37, 1980]