The Proposals’ Price
President Clinton has proposed a series of new government programs this week, with an overall price tag of $8.5 billion over six years. The following is the cost of each proposal and how Clinton proposes to pay for them. All dollar figures refer to the cost over a six-year period.
THE COST
$1.75 billion in new money for a literacy program announced Tuesday. Another $1 billion would be shifted to the literacy program from the existing Americorps national service program.
$1.9 billion for environmental programs announced Wednesday.
$3.4 billion for a series of new urban initiative designed to ease the pain of the new welfare reform bill, which will be annouced in the acceptance speech Thursday night.
$1 billion in tax relief from a capital gains cut to be targeted for owner-occupied homes, which has not yet been announced.
No cost to the federal government for a new gun control initiative announced Monday.
HOW TO PAY FOR IT
$5.3 billion by ending a tax break that allows some multi-national companies to pay taxes on only 50% of their exports.
$541 million by charging owners of corporate jets a $225 per flight fee for air traffic control.
$500 million by auctioning off some part of the communication spectrum.
$420 million by increasing fees companies pay to have mergers reviewed by anti-trust officials.
$280 million by repealing some Medicare-Medicaid loopholes.
$475 million by suspending for one year a tax credit for producers of alternative fuels.
$200 million by increasing penalties on companies that substantially underpay taxes.
$200 million by changing single-family limits on FHA loans.
$200 million by changing the current corporate tax deduction for dividends received.
Source: White House, Office of Management and Budget