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A similar sum will be saved by restricting tax relief on pensions.
In November 2006, voters approved an initiative restricting tax subsidies for professional sports teams.
Republicans are adamant about not raising tax rates but appear less dogmatically opposed to restricting tax loopholes.
They point out that many donations come from foundations and trusts, which rely on precisely the sort of big gifts that might be hit by restricting tax relief.
The president's new plan was also criticized by securities brokers, who warned that restricting tax deductions for municipal bond earnings would rattle an already shaky market.
These could include a 1% annual "mansion tax" on homes worth more than £2m, a land tax, and restricting tax relief on pensions to the basic 20p rate.
Similar(40)
Seattle voters approved an initiative in November 2006 to restrict tax subsidies for professional sports teams.
In the next few months, restrict tax loopholes for the rich and the financial sector, including via tax havens.
The bill restricts tax rises to individuals earning $400,000 or more a year and households earning $450,000 or more.
In 2006 rules were introduced to restrict tax relief for those with pension pots of more than £1.5m.
There are a number of ways to structure caps on the property tax, although often they restrict tax increases to around 4percentt, with some exceptions and with the provision that voters can override them.
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