Statement on Signing the
Superfund Amendments and Reauthorization Act of 1986
I
have today signed the reauthorization legislation of the Superfund program. My
overriding concern has been the continuation of our progress to clean up
hazardous waste sites that endanger the health and safety of our citizens. All
Americans can expect no less from their government. While I approve of the programmatic
changes in the Superfund legislation, I have expressed concern in the past
regarding the level of funding and the funding mechanism itself. I am assured
by the Administrator of the Environmental Protection Agency that the Agency
will spend only what is necessary to accomplish the objectives of the program
and no more.
I
have always been opposed to any broad-based tax as a new revenue source for
Superfund; therefore, I have carefully studied the taxing provisions of the
current Superfund legislation. First, it is not a general tax on all American
businesses, but affects only larger corporations that have to pay the
alternative minimum tax -- that is, corporations who, because of special
deductions, exemptions, etc., do not pay the normal tax rate which under the
tax reform act will be 34 percent. Additionally, this tax applies only to
corporations with an alternative minimum tax of $2 million and over, and this
tax is deductible from regular taxable income. Moreover, this environmental tax
is earmarked only for Superfund and goes into a trust fund set up for that
purpose alone. It is not a tax that can be used for general revenue purposes.
I
have been assured by Senator Dole, Senator Stafford, and 48 other Senators that
they will support my vetoing of either a general purpose broad-based tax or an
increase in the amount of this special purpose tax to provide funding for the
Superfund program. It is important that the Federal Government continue the
work of environmental cleanup in a manner consistent with our overall
objectives. I believe that this legislation, although at some variance with our
original proposals, meets these objectives.
Note:
H.R. 2005, approved October 17, was assigned Public Law No. 99 - 499.