Summary of Revenue Provisions in the President's Fiscal Year 1988 Budget Proposal Jcs-2-87
Summary of Revenue Provisions in the President's Fiscal Year 1988 Budget Proposal Jcs-2-87
United States. Congress. Joint Committee On Taxation
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This proposal would be effective October 1, 1987. Prior Action The Treasury Department's 1984 tax reform study proposed an immediate phase-out of the windfall profit tax as part of its com- prehensive proposal on the taxation of the oil and gas industry.^ However, this provision was not included in the President's 1985 Tax Reform Proposal or in the Tax Reform Act of 1986. During the 99th Congress, the Senate approved legislation that would have repealed the windfall profit tax, effective Octobe...r 1, 1987. The provision was a floor amendment to H.J. Res. 668, a bill to increase the Federal debt limit. H.J. Res. 668 was not enacted. 11. Imposition of Coast Guard User Fees Present Law The Coast Guard provides various services to recreational and commercial boaters, including inspections, licenses, navigation aids, and search and rescue operations. These services are funded from general revenues. President's Budget Proposal The President's budget proposes a phased implementation of user fees for certain Coast Guard services.
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