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REV-36
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1993-02-17
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REV-36 INCREASE ENERGY TAXES
Annual Added Revenues
(Billions of dollars) Cumulative
Addition to ----------------------------------------- Five-Year
CBO Baseline 1994 1995 1996 1997 1998 Addition
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Impose Tax on
Domestic and
Imported Oil
($5 per barrel) 15.8 22.6 22.7 22.6 22.6 106.2
Impose Oil
Import Fee
($5 per barrel) 7.3 10.8 11.2 11.6 11.9 52.8
Increase Motor
Fuel Taxes by 12
Cents per Gallon 8.8 12.0 11.8 11.7 11.8 56.0
Increase Motor
Fuel Taxes by
10 Cents per Gallon
Each Year for
Five Years 7.4 17.2 26.7 35.4 43.7 130.4
Impose Broad-
Based Tax on
Energy
Consumption
(5 percent
of value) 13.0 18.7 19.4 20.3 21.3 92.7
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SOURCE: Joint Committee on Taxation.
NOTE:Estimates are based on an effective date of January 1, 1994, and are
net of reduced income and payroll tax revenues. Increases in federal
government expenditures for energy products under these options are
not estimated. The revenue estimates are based on CBO's baseline oil
price forecast of $22.00 per barrel in 1994, rising to $25.50 per
barrel in 1998.
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