Reduction of the Deficit and Public Debt Revenue Act of 1987

Summary

Reduction of the Deficit and Public Debt Revenue Act of 1987 - Amends the Internal Revenue Code to impose an excise tax on gasoline and diesel fuel in addition to the present nine cents per gallon tax on such fuels. Sets the rate of such tax at: (1) ten cents per gallon after October 1, 1987; (2) 20 cents per gallon after October 1, 1988; and (3) 30 cents per gallon after October 1, 1989. Imposes a floor stock excise tax of ten cents per gallon on gasoline. Establishes within the Treasury the Public Debt Repayment Trust Fund. Transfers to such trust fund 50 percent of the revenues raised by such additional tax. Appropriates trust fund amounts for the payment of interest on the public debt and payment of U.S. obligations included in the public debt.

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Timeline

1. 19 March 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 March 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 19 March 1987

  Open at official source

Sponsors

• Sen. Weicker, Lowell P., Jr. [R-CT] · R · Sponsor
• · ssfi00 · Standing

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