What's going on everyone Sam here late in sports cards rip in one box of 2022 Panini three and two first off the line baseball for one L. So good luck here one Yes, Levi very nice.  We almost made it almost made it. Ah, so close So close So close well, we're back to members only Then two days in a row that guy's he's uh, he's getting persistent now Usually he gives me like a couple he gives me like a week week and a half, but now he was he's right on it to Two days in a row man really must have nothing to do now All right back on members only We've got Corbin Mernz 299 That is Jorge Polanco three out of six for the twins and Bobby with Junior Solans nice three out of 50 he is just some troll that always comes in here Riley Adams that is two out of eight Nice one there for the Nationals And then we've got Pudge Rodriguez five out of six very nice one there That is a really cool patch on the Riley Adams Nice one there. Congrats, man. There you go one. That'll do it for the break. Thanks again one We'll get them right out to buddy


Welcome to the OpenStack Summit, April 2013. This is, I think, a great example of the power of OpenStack, how many open source projects have their own hip-hop group. Not a lot. Although, you know, I do remember them before they went corporate. And I think, you know, some of their original stuff was really good. So, I'm Jonathan Bryce, and I'm the executive director of the OpenStack Foundation. And I am going to cover a few things this morning and have some special guests up here. And I think we're going to have a really good morning with a lot of good speakers who are going to talk about what people are doing with OpenStack out in the wild. It's going to be really exciting. But first, a few housekeeping items. So, these are your badges. A lot of information that you might have a question about is going to show up on the back of that badge if you are wondering how you get to the Wi-Fi, where the parties are, everything is on there. You can see that a lot of that's on the badge here. This upper area registration, general session hall, most of the events are happening downstairs. It's where the food is, the expo hall, the breakout sessions, and the design summit. And I think, you know, that's pretty much it. Keep it simple. How do you guys like the hoodies this time around? Yeah. It's a little different. We've done a lot of t-shirts, so we decided to do a hoodie. Did anybody find the Easter egg on the back? The OpenStack itself is made up of all of the places where we have OpenStack user groups. And I think this just goes to show that OpenStack is made of users. And this is, I think, you know, really an homage to what we're trying to do. We're trying to build great software as a community and get it deployed all around the world.  We are a global community. And in the last day, there have been a couple of tragedies. You probably have all heard about Boston. And overnight there were some earthquakes in India and Iran. And we have community members in all of those places. And I just wanted to take a moment just to pause and just kind of, you know, let them know that our hearts go out to all those who might be affected. So the OpenStack Foundation is a pretty new entity. We have been in existence for just a little over six months, actually. This is the first summit that we've put on and funded. And, you know, I think it's something that has grown incredibly. We have just about twice as many people here as we had in San Diego six months ago. And that's really amazing, you know, doubling in six months.  We have a lot more space. I know that some of the rooms are still crowded. We're going to keep working on it and keep getting better and better at it. But, you know, this is something that's possible because of the support of all of you, all of the individual members, and also the corporate members of the Foundation and the sponsors of the summit itself. There have been a number of things that we've done and, you know, helped the community to execute on over the last six months. Can't talk about all of them, but I just wanted to highlight a few that I think are really excellent examples of the power of community, of harnessing this worldwide group of people who are passionate about OpenStack, who want to go out and do great things with it. One of the things that happened earlier this year was we got a group of people together and put them in a room for a week, and they wrote a book. They wrote the Operations Guide for OpenStack. And this was another great example of just global collaboration. We had authors from Australia, from Canada, from Germany, from the U.S. They all came together in Austin, Texas. And sometimes, you know, Texans think that's a country of its own as well. So you could add that to the count, perhaps. And in a week produced this book. So it was really, I think, a great thing that came out of this. And you can find this on our Doc site. You can find links to it. And we've had thousands of downloads from over 100 countries around the world. So this is already getting a lot of great information into the hands of users all over the planet. Another program that we started was the Nome Outreach for Women, which this is a program that the Nome Foundation organizes and they go out and they work with different projects to sponsor interns and to bring women into different technology projects. And we had three interns that have been working with OpenStack. And it's been awesome to see them get involved in the project, make contributions to code, help with documentation. These three women are in locations around the world and they're here this week. So they're doing a session and I hope that you can find them and talk to them and hear about their experiences. It's also been helpful to hear what it's like for people to come and try to get involved in the community. So that was another thing that I think we did that was pretty great. And then for other news to hear about what we're doing, to tell us what you think we should be doing, we're doing an open house on Thursday afternoon after we kind of wrap up the summit. It's gonna be across the street at the Spirit of 77. It's on the bottom of your badge. So we hope to see a lot of you there. Come and bring your questions, your suggestions, I think we're calling it the open mic night. So if you want to do a little poetry, you're welcome to do that too. And I think it'll be a good time. You know, about six months ago we had a peaceful transition of power, so to speak, over to the foundation for the OpenStack project. And it was something that a lot of people said, you know, this is really risky to go create a foundation. This project has a lot of momentum. Is it gonna throw it off? I think we've seen that that has not been the case. And I just wanted to take a moment to kind of mention another peaceful transition of power that just happened in the last month. We've had some technical leaders that have really helped to drive OpenStack forward over the last couple of years. And four of them in this last election for our project technical leads, stepped aside and they're still involved in the projects, but they allowed new leadership to step up. And I just wanted to take a moment to thank Vish, Brian, Dan, and Joe for the leadership on their respective projects. You can talk to any of them. PTL is a busy task. It's not an easy job and it's one that a lot of times happens behind the scenes. And we now have new leaders that are stepping up and it really speaks to the depth of our technical bench and OpenStack that this transition has happened and we have great new leaders in these projects who are working with these four still. So thank you to you guys. So I just have a few quick thoughts about what we're doing. This is obviously something that's growing, that's big, that has a lot of interest around it and a lot of contribution around it. But what is it that we're really doing here? Because it's not just software. It's not just a great development community. It's not just about having a bunch of companies and vendors involved. All of those things are important, but any one of them on their own is not enough. And I think that what we're really doing is we're building a new platform ecosystem for the cloud. And so what is that? What is a platform ecosystem? Platform ecosystems are what develop when you have a base level of technology that is widely adopted and extensible and it allows for a lot of innovation to happen around it. Let's do a little audience survey here. So... Somebody loves surveys. How many of you have a smartphone? All right, so this is most of the people. Keep your hand up. All right, so it's pretty much the whole audience. Now, put your hand down if that phone is an iPhone or an Android device. Those are platforms. You know, platforms develop in massive markets and they gain a very large share of those markets. You know, iPhone, Android, they both have half a billion devices in these incredibly large markets. And if we look at what OpenStack is doing, we are creating powerful general-purpose technology that's also in another massive market. We're talking about every data center and everything in that data center. All of the servers, all of the network devices, all of the storage devices, orchestrating all of that, the common API on top of it, letting people extend it, build on top of it, make it more valuable. I mean, that's really incredible to think about what we're doing and what the opportunity is in front of us as we do that. When we think about platforms, there are some influencing factors for them. And I like to fly around in little planes. You know, they don't have jet engines. But, you know, if you've ever studied flight or aerodynamics, there are four forces that act on an airplane that determine, you know, if it stays in flight, if it climbs, if it descends, all of those kinds of things, lift, weight, thrust, and drag. And when we look at a platform ecosystem, we say there are three forces that act within a platform ecosystem. You have to have powerful software, powerful technology. You have to have an innovative ecosystem of people who are collaborating around it, who are extending it, who are adding extra functionality.  We were talking about smartphones a minute ago. You know, that's phone. It comes with an operating system. It probably has the ability to make calls, to send text messages. But what makes it so powerful is, you know, you can get the SCED application on iPhone or Android and see what's going on here this week. You can get games. You can get all sorts of applications that are productive or, you know, enjoy that downtime while you're sitting there waiting for the plane to come. And these three forces, really, the stronger they are, the more they're focused to the center, the more that platform grows and succeeds, and it's like gravity. It creates the center of gravity that continues to pull in more innovation, continues to pull in more development, making the software better, continues to pull in more users. That's the concept to think about and something that really applies to what we're doing with OpenStack. So if we were to break this down a little bit and look at each of these forces and look at the way that OpenStack plays within powerful software. I'm assuming that most of you are familiar with this. If you're not, this is a good place to come and learn about OpenStack and what the software is. We have 250 plus sessions this week along with another couple hundred in the design summit. OpenStack is software for building public and private clouds and doing it at large scale and at small scale. And it's really focused around compute, storage and networking and interacting with those components, controlling them, making them more efficient and more agile. We just had our seventh release, Grisly. So this is exciting every time we have a release and then we get to come together to these summits and celebrate them. And I think that it's worth pointing out, this is the seventh release that we've done on time with all of the major features. So for almost three years now, we've been doing what we say and I think that's a really great mark, especially in the software industry. If we were to look at Grisly just quickly, we've got some screenshots here. We have a video demo on our website if you go to opensack.org slash Grisly and you can check it out in action. But Grisly has a lot of cool features. I think the block storage environment is really great now. It's kind of a true service for storage in the data center. You can manage multiple types of storage behind a single block storage service and one API. You can manage networks now with a lot of new drivers for a lot of new networking companies, software-defined networking and also kind of traditional networking appliances. The interface for this dashboard has improved and has a lot of new capabilities when you're setting up new instances, figuring networks. One of my favorite features is this network topology view where you can really see a multi-tier application laid out and graphed as you're creating these different resources inside of your cloud. So the software, you know, I think has come a really long way and the development team has come a long way as well. One year ago, we were in San Francisco. Same thing, you know, Summit after the Essex release and we had about 250 developers. They don't all look the same. That was just the easiest way to represent them. If you go from Essex to Grizzly, we've gone from 250 to well over 500 developers. I mean, that's really amazing in a year. And we've added new projects and we've had new talent come in and that's what's powering OpenStack forward. So if you're in the room right now and you contributed to Grizzly, stand up. Let's give them a round of applause. You were making the software and I think that you're going to be excited to see what we have the rest of the day. So this is great progress on the software front and that's a really key pillar of the forces. If we move on, we're talking about the innovative ecosystem and when you think about OpenStack, one of the things that a lot of people say as well, they have all those companies involved and there's a little bit of irony there because I remember when we were getting going, we were all involved. So we didn't have enough, it was all rack space but now we have too many and it's hard to make everybody happy. But the innovative ecosystem is really important in platforms because a platform is a general-purpose technology and it has to have a good level of functionality that meets a lot of needs but there's never any technology that meets all needs and a platform enables different services, different companies, different software to take that platform and make it really valuable for specific use cases and that's really, you know, very critical. So, you know, we go back to 2010. July of 2010, we were actually in this building on the south side, the south side of the building and we were at OSCON and that was where we announced OpenStack and there was, you know, it was an exciting time, people were really excited, but then, you know, there was also some skepticism. Does this sound familiar to anyone? This is something that if you followed OpenStack, you've probably heard this kind of skepticism before. Well, you know, we were we were talking about other things that happened around the same time frame and what's interesting is July of 2010, just a few days before OpenStack, just before, you know, we made the decision and announced the decision to open source this software. There was another group of industry heavyweights that came together and they made a decision as well to form up a team and it was met with the same level of skepticism. About three days before we announced OpenStack was when LeBron James announced he was going to the Miami heat with Dwayne Wade and Chris Bosch. That year they went to the finals, the next year they won the finals. And, you know, I have to say, I think we've had some wins of our own and, you know, it's really exciting to see how we've come together. We were going to get everyone championship rings, but too many of you came so we had to go with hoodies. Sorry. But really, I think that, you know, all of this noise about so many companies involved and the risk and all of that, it's really a red herring. That's driving innovation. We go back to compute storage and networking. There is a lot of work to do there and what those companies are doing is they're bringing in experts like those PTLs we saw, like the new developers that are here this summit. They're bringing those experts and their domain into OpenStack and they're contributing code and they're driving it forward and that is part of the amazing power of OpenStack. And, you know, it's not just about the companies, too. And this is one of the things that I've loved to see over the last year or so. We have a lot of open source projects that are aligning themselves with OpenStack with the way that we do our releases, that we do our process. They are tying into our development tools, our continuous integration, our testing frameworks and I think that is, again, it shows the power of building a platform like this, not just in the cloud but with our development processes and we get innovation all over the place. So that is such a key part of OpenStack and such a key part of platforms. And finally, you know, the real key is successful users. And this is, again, you know, an area that I love to talk about because we have great users and, you know, we have a lot of them here this week and I love that they come to this because we have empowered users. You know, we have users that are ready to come, engage in a design summit, talk to developers, work with the user committee, and help us all make the software better based off of their experiences. But, you know, one of the things that happens is people say when a lot. You know, when are we going to have real companies using OpenStack? And I'm going to make a prediction right now. I'm feeling bold. I think that one day we're going to see companies in industries that we know about running services that we use every day on OpenStack. I mean, that's what this is doing. This is going into all of those areas. And these companies are going to use OpenStack to power the services that we're using every day.  We like to put dates on things and we like to hit them. And we're going to do that on this, on when we're going to hear about these companies doing it. Yes. Right now, we are extremely fortunate to have some users who have come to share their stories today. And I think that it's going to be, you know, really interesting to hear how they're using OpenStack.  So, let's go ahead and get started with this. And what we're going to do is we're going to run through a couple of different users and customers here that got some great stuff to show. And so I'm going to go ahead and start.


T.F.N.N. The Tiger. Financial News Network. Update. Good morning, everyone. It was Tuesday the 29th of August. We are looking at the doubt this 10 o'clock Tiger Financial News Network market. Update, up 84 and 34,646, whatever the news report was coming out at this particular moment. Let's see what the futures are doing. Future's liked it. You're at 44.60 in the E-mini, but you have got your leg D in the 5-minute chart, so we'll see what happens during my show. Coming up, the Tiger Technicians Hour. This is kind of important. The Dow is up 104. The S&P is up 20 at 44.63. Still pink. Like the Dow, the 9-period moving average is still under the 14. It's a bit of a drag at this particular point, QQQ. The NDX100 up nicely, up 2.70 at 369.47. Pink is getting close to turning green, but it hasn't yet. IWM, that's the 9-period moving over under the 14-period moving average. In this case, the IWM is up 57 cents at 156. Really struggling here. Gold. Let's see what happened to gold. Gold is up 8 right now at 19.55. Don't forget tomorrow. Tom O'Brien has his special for subscribers only special report coming up. I believe it's at 4 o'clock in the afternoon. Check out the front page of TFNN. Looking at the dollar, did the dollar pull back appropriately? Nope. Well, I'm a little behind. Right now, I've got the dollar up 30 ticks at 104.32. All the tactics are still strong, but it is getting real close to very strong resistance. The bonds, let's go to the TLT. TLT is trading up 50 cents at 95.82. Nice that we got a couple of updates here so the yields can come down. Looking at crude oil, what did crude oil do? Crude oil is just about unchanged down 35 cents at 79.75. Of course, the target technicians are coming up in the next few minutes. Hope you can say, check out my opening call, my daily newsletter. And this is going to be a very important close into the month of August, then the beginning of September, all in one week. So it's going to be a very important couple of days coming. See you in a few moments. Hope you can stay doused.


My fellow citizens, I'd like to speak to you tonight about our future, about a great historic effort to give the words freedom, fairness and hope, new meaning and power for every man and woman in America. Specifically, I want to talk about taxes, about what we must do as a nation this year to transform a system that's become an endless source of confusion and resentment into one that is clear, simple and fair for all. A tax code that no longer runs roughshod over Main Street America but ensures your families and firms incentives and rewards for hard work and risk-taking in an American future of strong economic growth. No other issue goes so directly to the heart of our economic life. No other issue will have more lasting impact on the well-being of your families and your future. In 1981, our critics charged that letting you keep more of your earnings would trigger an inflationary explosion, send interest rates soaring and destroy our economy. Well, we cut your tax rates anyway by nearly 25 percent. And what that helped trigger was falling inflation, falling interest rates, and the strongest economic expansion in 30 years. We have made one great dramatic step together. We owe it to ourselves now to take another. With the sake of fairness, simplicity, and growth, we must radically change the structure of a tax system that still treats our earnings as the personal property of the Internal Revenue Service. Radically change a system that still treats people's earnings similar incomes much differently regarding the tax that they pay. And yes, radically change a system that still causes some to invest their money not to make a better mousetrap but simply to avoid a tax trap. Over the course of this century, our tax system has been modified dozens of times and in hundreds of ways, yet most of those changes didn't improve the system. They made it more like Washington itself, complicated, unfair, cluttered with gobbledygook and loopholes designed for those with the power and influence to hire high-priced legal and tax advisors. But there's more to it than that. Some years ago, an historian, I believe, said that every time in the past when a government began taxing above a certain level of the people's earnings, trust in government began to erode. He said it would begin with efforts to avoid paying the full tax. This would become outright cheating and eventually a distrust and contempt of government itself until there would be a breakdown in law and order. Well, how many times have we heard people brag about clever schemes to avoid paying taxes, or watched luxuries casually written off to be paid for by somebody else, like somebody being you? I believe that in both spirit and substance, our tax system has come to be un-American. Death and taxes may be inevitable, but unjust taxes are not. The first American revolution was sparked by an unshakable conviction. Taxation without representation is tyranny. Two centuries later, a second American revolution for hope and opportunity is gathering force again. A peace for revolution, but born of popular resentment against a tax system that is unwise, unwanted, and unfair. I've spoken with and received letters from thousands of you, Republicans, Democrats, and independents. I know how hungry you are for change. Make no mistake, we, the sons and daughters of those first brave souls who came to this land to give birth to a new life in liberty, we can change America. We can change America forever. So let's get started. Let's change the tax code to make it fairer, and change tax rates so they're lower. The proposal I'm putting forth tonight for America's future will free us from the grip of special interests and create a binding commitment to the only special interest that counts, you, the people who pay America's bills. It will create millions of new jobs for working people, and it will replace the politics of envy with a spirit of partnership, the opportunity for everyone to hitch their wagon to a star and set out to reach the American dream. I'll start by answering one question on your minds. Will our proposal help you? You bet it will. We call it America's tax plan because it will reduce tax burdens on the working people of this country, close loopholes that benefit a privileged few, simplify a code so complex even Albert Einstein reportedly needed help on his 1040 form, and lead us into a future of greater growth and opportunity for all. We want to cut taxes, not opportunity. As you can see, the percentage of income tax owed would come down, way down for those earning less than $15,000, down for earnings between $15,000 and $30,000, down for earnings between $30,000 and $50,000, and down for those earning more than $50,000. How would the proposal work? The present tax system has 14 different brackets of tax rates ranging from 11 to 50 percent. We would take a giant step toward an ideal system by replacing all that with a simple three bracket system, with tax rates of 15, 25, and 35 percent. Now let me point out right here that under our plan, by taking the basic deductions, the average family earning up to $12,000 or any blind or elderly American living at or below the poverty level would be dropped completely from the tax rolls, not one penny of tax to pay. After taking the basic deductions, the first tax rate of 15 percent would apply to each dollar of taxable income up to $29,000 on a joint return. The second rate, 25 percent, would apply and only apply to taxable income above $29,000 up to a maximum of $70,000. The same principle applies throughout. Only taxable income above $70,000 would be taxed at the third and highest rate of 35 percent. Then no matter how much more you earned, you would pay $0.35 on any dollar to Uncle Sam. That's the top, 35 percent, down from 50 percent today. By lowering everyone's tax rates all the way up the income scale, each of us will have a greater incentive to climb higher, to excel, to help America grow. I believe the worth of any economic policy must be measured by the strength of its commitment to American families, the bedrock of our society. There is no instrument of hard work, savings and job creation as effective as the family. There is no cultural institution as ennobling as family life. And there is no superior, indeed no equal, means to rear the young, protect the weak, or attend the elderly, none. Yet past government policies betrayed families and family values. They permitted inflation to push families relentlessly into higher and higher tax brackets. And not only did the personal exemption fail to keep pace with inflation, in real dollars its actual value dropped dramatically over the last 30 years. The power to tax is the power to destroy. For three decades families have paid the freight for the special interests. Now families are in trouble. As one man from Memphis, Tennessee recently wrote, the taxes that are taken out of my check is money that I need, not extra play money. Please do all that you can to make the tax system more equitable toward the family. Well, sir, that's just what we intend to do, to pass the strongest pro-family initiative in post-war history. In addition to lowering your tax rates further, we'll virtually double the personal exemption, raising it by next year to $2,000 for every taxpayer and every dependent. And that $2,000 exemption will be indexed to protect against inflation. Further, we will increase the standard deduction, raising it to $4,000 for joint returns. Beyond this, we intend to strengthen families' incentives to save through individual retirement accounts, IRAs. By nearly doubling to $4,000, the amount all couples can deduct from their taxable income. From now on, each spouse could put up to $2,000 a year into his or her IRA and invest the money however they want. And the value of the IRA would not be taxable until they approach retirement. Some families could save more, others less. But whether it's $400 or $4,000, every dollar saved up to $4,000 each year would be fully deductible from taxable earnings. Let me add that we would also raise by nearly a full third the special tax credit for low-income working Americans. That special incentive, a credit to reduce the tax they owe, would be raised from the present $550 to a maximum level of over $700. Now let's look at some examples of families in different income groups to illustrate how dramatically these incentives could help you to better your lives. Take a family of four struggling at a poverty level existence with an annual income of $12,000. By nearly doubling the personal exemption and raising the standard deduction, we will, as I said before, guarantee that that family pays no income tax at all. But what of being industrious, they go out and earn more, say $5,000 more. How much tax would they pay? Only $0.15 on each dollar of the additional $5,000. They would thus pay a total tax of only $750 on $17,000 of earnings. That's less than 5% on their total income. We're offering a ladder of opportunity for every family that feels trapped. A ladder of opportunity to grab hold of and to climb out of poverty forever. Now let's take a larger working family, husband, wife, and four children, earning an income of $26,000 a year. Right away under our plan, the value of that family's personal exemptions would be $12,000. Add to this the new higher standard deduction, and if they save a single IRA, this family could reduce the amount of income subject to tax by $18,000. On earnings of $26,000, they would pay only $1,200 tax, again an effective tax rate of less than 5%. And now they could earn $17,000 more, and it would be taxed at only $0.15 on the dollar. Higher income couples would also see their effective tax rates lowered. A young married couple earning $40,000 and taking deductions could find themselves paying an effective tax rate of barely 10%. The power of these incentives would send one simple straightforward message to an entire nation, America, go for it. We're reducing tax rates by simplifying the complex system of special provisions that favor some at the expense of others. Restoring confidence in our tax system means restoring and respecting the principle of fairness for all. This means curtailing some business deductions now being written off. It means ending several personal deductions, including the state and local tax deduction, which actually provides a special subsidy for high income individuals, especially in a few high-tax states. Two-thirds of Americans don't even itemize, so they receive no benefit from the state and local tax deduction. But they're being forced to subsidize the high tax policies of a handful of states. This is truly taxation without representation. But other deductions widely used. Deductions central to American values will be maintained. The mortgage interest deduction on your home would be fully retained. And on top of that, no less than $5,000 in other interest expenses would still be deductible. The itemized deductions for your charitable contributions will remain intact. The deductions for your medical expenses will be protected and preserved. Deductions for casualty losses would be continued. So too would the current preferential treatment of Social Security. Military allowances will not be taxed, and veterans' disability payments will remain totally exempt from federal taxation. These American veterans have already paid their dues. The number of taxpayers who need to itemize would be reduced to one in four. We envision a system where more than half of us would not even have to fill out a return. We call it the return-free system, and it would be totally voluntary. If you decided to participate, you would automatically receive your refund or a letter explaining any additional tax you owe. Should you disagree with this figure, you would be free to fill out your taxes using the regular form. We believe most Americans would go from the long form or the short form to no form. Comparing the distance between the present system and our proposal is like comparing the distance between a Model T and the space shuttle. And I should know, I've seen both. I've spoken of our proposed changes to help individuals and families. Let me explain how we would complement them with proposals for business. Proposals to ensure fairness by eliminating or modifying special privileges that are economically unjustifiable and to strengthen growth by preserving incentives for investment, research, and development. We begin with a basic recognition. The greatest innovations for new jobs, technologies, and economic vigor today come from a small but growing circle of heroes. The small business people, American entrepreneurs, the men and women of faith, intellect, and daring who take great risks to invest in and invent our future. The majority of the eight million new jobs created over the last two and a half years were created by small enterprises. It was often born in the dream of one human heart. To young Americans wondering tonight, where will I go? What will I do with my future? I have a suggestion. Why not set out with your friends on the path of adventure and try to start up your own business? Follow in the footsteps of those two college students who launched one of America's great computer firms from the garage behind their house. You too can help us unlock the doors to a golden future. You too can become leaders in this great new era of progress, the age of the entrepreneur. My goal is an America bursting with opportunity, an America that celebrates freedom every day by giving every citizen an equal chance, an America that is once again the youngest nation on earth, her spirit unleashed and breaking free. For starters, lowering personal tax rates will give a hefty boost to the nearly 15 million small businesses which are individual proprietorships or partnerships. To further promote business formation, we propose to reduce the maximum corporate tax rate, now 46% to 33%. And most small corporations would pay even lower rates. So with lower rates, small business can lead the way in creating jobs for all who want to work. To these incentives, we would add another, a reduction in the tax on capital gains. Since the capital gains tax rates were cut in 1978 and 1981, capital raised for new ventures has increased by over 100 fold. That old tired economy wheezing from neglect in the 1970s has been swept aside by a young, powerful locomotive of progress, carrying a trainload of new jobs, higher incomes, and opportunities for more and more Americans of average means. So to marshal more venture capital for more new industries, the kind of efforts that begin with a couple of partners setting out to create and develop a new product, we intend to lower the maximum capital gains tax rate to 17.5%. Under our new tax proposal, the oil and gas industry will be asked to pick up a larger share of the national tax burden. The old oil depletion allowance will be dropped from the tax code, except for wells producing less than 10 barrels a day. By eliminating this special preference, we'll go a long way toward ensuring that those who earn their wealth in the oil industry will be subject to the same taxes as the rest of us. This is only fair. To continue our drive for energy independence, the current treatment of the costs of exploring and drilling for new oil will be maintained. We're determined to cut back on special preferences that have too long favored some industries at the expense of others. We would repeal the investment tax credit and reform the depreciation system. Incentives for research and experimentation, however, would be preserved. There is one group of losers in our tax plan. Those individuals and corporations who are not paying their fair share, or for that matter, any share, these abuses cannot be tolerated. From now on, they shall pay a minimum tax. The free rides are over. This, then, is our plan, America's tax plan, a revolutionary first for fairness in our future, a long overdue commitment to help working Americans and their families, and a challenge to our entire nation to excel, a challenge to give the USA the lowest overall marginal rates of taxation of any major industrial democracy, and, yes, a challenge to lift us into a future of unlimited promise, an endless horizon lit by the star of freedom, guiding America to supremacy and jobs, productivity, growth, and human progress. The tax system is crucial, not just to our personal material well-being and our nation's economic well-being. It must also reflect and support our deeper values and highest aspirations. It must promote opportunity, lift up the weak, strengthen the family, and, perhaps most importantly, it must be rooted in that unique American quality, our special commitment to fairness. It must be an expression of both America's eternal frontier spirit and all the virtues from the heart and soul of a good and decent people. Those virtues held high are the Statue of Liberty standing proudly in New York Harbor. A great national debate now begins. It should not be a partisan debate, but the authors of tax reform come from both parties, and all of us want greater fairness, incentives, and simplicity in taxation. I'm heartened by the cooperation and serious interest already shown by key congressional leaders, including the Chairman of the Senate Finance Committee, Republican Bob Packwood, and the Chairman of the House Ways and Means Committee, Democrat Dan Rostadkowski. The pessimists will give 100 reasons why this historic proposal won't pass and can't work. Well, they've been opposing progress and predicting disaster for four years now. Yet here we are tonight, a stronger, more united, more confident nation than at any time in recent memory. Remember, there are no limits to growth and human progress when men and women are free to follow their dreams. The American dream belongs to you. It lives in millions of different hearts. It can be fulfilled in millions of different ways. And with you by our side, we're not going to stop moving and shaking this town until that dream is real. For every American, from the sidewalks of Harlem to the mountaintops of Hawaii, my fellow citizens, let's not let this magnificent moment slip away. Tax relief is in sight. Let's make it a reality. Let's not let prisoners of mediocrity wear us down. Let's not let the special interest rays of the few rob us of all our dreams. In these last four years, we've made a fresh start together. In these next four, we can begin a new chapter in our history, Freedom's Finest Hour. We can do it. And if you help, we will do it this year. Thank you. God bless you. Good night.