Images (28)
Document
| id |
id
26413662
|
|---|---|
| contentType |
contentType
document
|
| source |
source
import
|
Source image fields (6)
Extracted text
OCR Page 1 of 2805-20-98 38PM
TO 94565542
P001/002
LINDY L PAULL
106TH CONGRESS, 2D SESSION
CHICF OF STAFF
MARY M. SCHMITT
SENATE
HOUSE
DEPUTY CHIEF OF STAFF
(LAW)
WILLIAM V ROTM, JR.. DELAWARE,
BILL ARCHER, TEXAS.
VICE CHAIRMAN
BERNAND A. SCHMITT
CHAIRMAN
JOHN H. CHAFEE, RHODE ISLAND
PHILIP M. CRANE, ILLINOIS
WILLIAM M. THOMAS, CALIFORNIA
Congress of the United States
DEPUTY CHICF OF STAFF
CHARLES GRASSLEY, IOWA
(NEVENUE ANALYSIS)
DANIEL PATRICK MOYNIHAN, NEW YORK
CHARLES B. RANGEL NEW YORK
FORTNEY PETE STARK CALIFORNIA
JOINT COMMITTEE ON TAXATION
MAX BAUCUS, MONTANA
1016 LONGWORTH HOUSE OFFICE BUILDING
WASHINGTON, DC 20515-6453
(202) 225-3621
May 19, 1998
Honorable John McCain
United States Senate
Washington, DC 20510
Dear Senator McCain:
This letter is in response to your request for a revenue estimate of the manager's
amendment to S. 1415 offered May 18, 1998.
In order to complete the estimate of the manager's amendment to S. 1415, we assumed
that the base payment for years beginning in 2003 and thereafter is $23.6 billion before the
volume and inflation adjustments.
Our estimate presents the net revenue effects of the manager's amendment to S. 1415.
These net amounts differ from the gross payments required under the manager's amendment for
several reasons. First, the general tobacco industry payments are converted to fiscal year
payments. Second, the general tobacco industry payments are reduced by an income and payroll
tax offset in the same way that net receipts from an excise tax arc calculated. Third, the higher
price for tobacco products resulting from the proposal reduces net receipts generated from
present-law tobacco excise taxes because of reduced tobacco consumption. Finally, because the
proposal is expected to supercede most of the State-by-State settlements that are implicitinglic
Congressional Budget Office baseline receipts forecast, much of the negative indirect effect of
the anticipated State-by-State settlements on receipts is reversed.
We estimate that the manager's amendment to S. 1415 will have the following effects on
Federal fiscal year budget receipts:
Relations
belongs_to