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CONTENTS
Introduction.......
I. Revenue Areas Addressed By the President's 1988
Budget Proposals .......
A. EMPLOYMENT TAX PROVISIONS
1. Extend Medicare payroll tax to all State and
local government employees.....
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IX
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2. Expand employer share of FICA tax to include all
cash tips
3. Extend FICA tax to inactive duty earnings of
military reservists and certain other earnings.....
4. Treatment of group-term life insurance as wages
under FICA.....
5. Railroad retirement tax proposals.........
a. Increase in railroad retirement payroll tax..
b. Partial rail sector financing of vested dual
benefits......
c. Extend FUTA tax to railroad employment.
B. EXCISE TAX PROVISIONS.
1. Proposals relating to black lung benefits.
a. Increase in coal excise tax
b. Inclusion of black lung cash benefits in gross
income...........
13
2. Repeal of current gasohol, bus, and State and
local government highway excise tax exemp-
tions
3. Airport and Airway Trust Fund excise taxes
4. Imposition of air and ship travel tax
5. Repeal of crude oil windfall profit tax
C. PBGC PREMIUMS........
D. CERTAIN NEW USER FEES
1. Internal Revenue Service .........
2. Bureau of Alcohol, Tobacco and Firearms
3. Customs Service...
4. Coast Guard......
II. Other Possible Revenue Options
A. EXCISE TAXES ......
1. Alcoholic beverage excise taxes.
2. Tobacco products excise taxes...
3. Telephone excise tax
4. Luxury excise taxes
5. Firearms excise taxes
6. Pollution excise taxes
a. Excise tax on sulfur and nitrogen emissions
c. Oil import tax..
8. Motor fuels excise taxes..
a. Increase in excise tax rates.........
b. Collection of gasoline and diesel fuel excise
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45
48
50
51
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taxes........
c. Income tax credit and excise tax exemption
for certain alcohol fuels..........
9. Gas guzzler excise tax
10. Increase Trust Fund excise taxes by an amount
to offset implicit general fund contributions
11. Federal Unemployment Tax Act (FUTA) provi-
sions .......
a. Index FUTA wage base
b. Extension of portion of FUTA due to expire
after 1987........
B. GENERAL CONSUMPTION TAXES
1. Value added tax (VAT)...........
2. Business alternative minimum tax (BAMT)
C. SECURITIES TRANSFER EXCISE TAX
D. INCOME TAX PROVISIONS
1. Individual and corporate tax rates and surtaxes....
2. Reduction in individual and corporate tax prefer-
ences...........
3. Individual income tax provisions.
a. Credit for child and dependent care expenses.
b. Interest expense deduction on home equity
loans........
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c. Other itemized deductions
96
(1) Disallowance of deduction for nonbusi-
ness personal property taxes
(2) Imposition of floor under aggregate
itemized deductions for higher-income
taxpayers
98