Shipping officials ask government to spend dredging surplus

07/16/2009 | Forbes

Shipping officials have asked the federal government to spend the $4.7 billion surplus collected from a federal harbor maintenance tax. The purpose of the 23-year-old tax is to fund dredging projects for the nation's waterways, but only half of the $1 billion collected each year is spent on dredging. The remainder goes into a surplus fund, which counts towards a reduction of the deficit in the federal budget.

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