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Our administration is already encouraging certain low-income public housing residents to own and manage their own dwellings. It's time that all public housing residents have that opportunity of ownership. The Federal Government can help create a new atmosphere of freedom.
Our price support legislation must be adapted to these objectives. The authority of the Commodity Credit Corporation to provide adequate storage space for crops should be restored. Our program for farm prosperity should also seek to expand the domestic market for agricultural products, particularly among low-income groups, and to increase and stabilize foreign markets.
In response to the extreme heat conditions affecting many parts of the country during 1980, I directed the Community Services Administration to make available over $27 million to assist low-income individuals, especially the elderly, facing life threatening circumstances due to extreme heat.
We must empower the poor with the pride that comes from owning a home, getting a job, becoming part of things. My plan would encourage real estate construction by extending tax incentives for mortgage-revenue bonds and low-income housing. And I ask tonight for record expenditures for the program that helps children born into want move into excellence: Head Start.
To this group a tax adjustment would result in a saving that could be used to buy the necessities of life. The credit would be extended to all taxpayers, but it would be particularly helpful to those in the low-income group. It is estimated that such a tax credit would reduce Federal revenue by $3.2 billion.
The legislation has had strong bipartisan support, which should continue as the details of the bill are completed. The food supplements under WIC have been shown to effectively prevent ill health and thereby reduce later medical costs. The Family Planning program has been effective at reducing unwanted pregnancies among low-income women and adolescents.
Under the continued leadership of the vice president, we propose to triple the number of empowerment zones to give business incentives to invest in those areas. We should. We should also give poor families more help to move into homes of their own, and we should use tax cuts to spur the construction of more low-income housing.
Extension of the advantages of insured lending to private credit engaged in this task of rehabilitating obsolete neighborhoods; Insurance of long-term, mortgage loans, with small down payment for low-income families; and, until alternative programs prove more effective, Continuation of the public housing program adopted in the Housing Act of 1949.
We must empower the poor with the pride that comes from owning a home, getting a job, becoming part of things. My plan would encourage real estate construction by extending tax incentives for mortgage-revenue bonds and low-income housing. And I ask tonight for record expenditures for the program that helps children born into want move into excellence: Head Start.
Exclusions and exemptions cause similar incomes to be taxed at different levels. Low-income families face steep tax barriers that make hard lives even harder. The Treasury Department has produced an excellent reform plan, whose principles will guide the final proposal that we will ask you to enact. One thing that tax reform will not be is a tax increase in disguise.
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