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OCR Page 1 of 5038BF67DC.FIN
Page 51 of 155
electric vehicles and fuel cell vehicles would be extended through
2006. The
President is also proposing tax credits for the purchase of energy-
efficient
homes; for solar energy systems, for the purchase of energy-efficient
heating and
cooling equipment; and for wind and biomass power. The cost of
these proposals
would be $9 billion over 10 years.
ENCOURAGING CHARITABLE GIVING
? Encouraging Philanthropy. President Clinton will unveil a package
of new tax
proposals to encourage philanthropy. First, he will propose allowing
non-itemizers to take a tax deduction for charitable giving. Second, he
will
propose new rules to make it easier for charitable foundations to make
gifts in
times of need. And third, he will propose to raise the limit for
individual
donations of appreciated assets like securities and real property. These
proposals would cost $14 billion over 10 years.
CURBING CORPORATE SHELTERS AND REDUCING
UNWARRANTED TAX SUBSIDIES
The President also proposes sound tax policies, including proposals to
curb
corporate tax shelters and reductions in unwarranted tax subsidies,
which pay for
$96 billion of the targeted tax cuts over 10 years. Tax shelters require
taxes
for everyone else to be higher and create perceptions of unfairness and
disrespect for the system. The budget increases disincentives for
entering into
abusive transactions and attacks specific tax shelter transactions. The
Department of the Treasury will continue to study additional remedies
for
corporate tax shelters and will work with Congress to address this
issue.
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