Deficit Reduction Gasoline Surtax Act of 1987

Deficit Reduction Gasoline Surtax Act of 1987 - Amends the Internal Revenue Code to increase by nine cents per gallon the excise tax imposed on gasoline and gasohol.

Decreases by one cent (from 5-2/3 cents to 4-2/3 cents per gallon) the tax imposed on certain sales of gasoline that has been separated from gasohol.

Directs the Secretary of the Treasury to pay to certain users of gasoline for noncommercial aviation purposes a credit, determined in accordance with a specified formula, to offset the increased gasoline tax paid.

Exempts from the surtax: (1) gasoline used on farms; (2) gasoline used for certain nonhighway purposes or by local transit systems; and (3) fuels not used for taxable purposes.

Imposes a floor stocks tax on taxable gasoline which, on the effective date of the excise tax increase, is held by a dealer for sale and with respect to which the increase has not been paid. Sets the amount of such tax to equal the amount of the excise tax increase, nine cents per gallon.

Establishes in the Treasury the Deficit Reduction Trust Fund. Appropriates to such trust fund the revenues raised by the tax surcharge. Limits the use of such funds to the retirement of outstanding obligations of the United States.