Did you miss this week's issue of NTUF's Taxpayer's Tab? If so, here's a quick recap.
With gas prices climbing, Congressman Doc Hastings (WA-4) introduced H.R. 1231 to open new ares along the continental shelf to exploration and drilling. The new sites could contain as much as 2.5 billion barrels of oil or 7.5 trillion cubic feet of natural gas.
According to CBO, H.R. 1231 would increase administrative and environmental assessment costs by $12 million. However, once drilling begins, the federal government would start to collect royalties, which are categorized as offsetting receipts (reductions in direct spending) for budgetary purposes, that would range in the hundreds of millions of dollars. H.R. 1231 is Least Expensive Bill of the Week in this week's Taxpayer's Tab .
Other highlights from this week include: H.R. 1628, the Trash Reduction Act of 2011. H.R. 1628, sponsored by Congressman Jim Moran (VA-8), would impose a five-cent tax on the use of plastic bags. Four cents, or 80%, of the tax would be dedicated for conservation programs. Based on the number of plastic bags used each year, H.R. 1628 could raise $4.08 billion each year. Congressman Chris Van Hollen (MD-8) sponsored, H.R. 864, the Keep Our Promise to America's Children and Teachers Act to increase spending for sections of the Elementary and Secondary Education Act (ESEA) and the Individuals with Disabilities Education Act (IDEA). H.R. 1002/S. 543, Wireless Tax Fairness Act of 2011 are the Most Friended bills of the week.
For more details, including NTUF's preliminary cost estimates for each of these bills, read the entire Taxpayer's Tab online.
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