OTHER NEWS - May 29, 1996
Lapsed Taxes Have Cost Treasury $2 Billion: The government’s losses are mounting daily because it isn’t collecting industry taxes that died because of haggling between Congress and the White House. Beneficiaries range from petroleum and chemical companies, no longer paying millions into the Superfund for toxic waste cleanup, to airline passengers saving a few bucks each after a federal tax on air tickets expired. Two other environmental taxes have lapsed. One hit gasoline and other fuels to pay for pollution from leaking underground storage tanks, and the other targeted crude oil to finance cleanups of major oil spills. If agreements can be reached to reauthorize the lapsed taxes, lawmakers could recover some revenue losses by passing retroactive laws.
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