March 23, 2000 | Read Time: 1 minute
The Joint Committee on Taxation has published a detailed review of President Clinton’s recent tax proposals aimed at promoting philanthropy (The Chronicle, February 10).
The joint committee estimates that the Treasury would lose about $20.6-billion in revenue from 2001 through 2010 if Congress adopted Mr. Clinton’s idea to allow people who do not itemize on their federal income-tax returns to write off a portion of their charitable contributions. Individuals would be eligible to deduct 50 percent of the amount of their total contributions that exceeded $1,000 each year until 2006, when the dollar-threshold would drop to $500 a year.
The full text of the Joint Committee on Taxation’s analysis of the president’s budget plan (JCS-2-00) and estimates of the plan’s costs (JCX-20-00) may be found on the committee’s Web site at http://www.house.gov/jct/pubs00.html.
