Transition Series:

Revenue Options

OCG-89-3TR: Published: Nov 1, 1988. Publicly Released: Nov 1, 1988.

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GAO summarized issues relating to revenue options proposed to address the budget deficit.

GAO noted that revenue options include: (1) raising income tax rates; (2) broadening the income tax base; (3) enacting a new consumption tax; (4) increasing revenue from federal excise taxes; (5) increasing Internal Revenue Service enforcement of tax laws; and (6) increasing non-tax revenue sources. GAO believes that, since each option has both advantages and drawbacks, Congress and the administration should consider a combination of the options to reduce the federal deficit.

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