A bill to amend the Internal Revenue Code of 1954 to reduce the Federal deficit by increasing the tax on gasoline and other motor fuels.

Amends the Internal Revenue Code to impose an additional excise tax on gasoline, diesel fuel, and special motor fuels. Sets the rate of such tax, per gallon, at: (1) ten cents in 1986; (2) 20 cents in 1987; (3) 30 cents in 1988; (4) 40 cents in 1989; and (5) 50 cents in 1990 and thereafter. Provides that such tax shall be in addition to the nine cent per gallon excise tax currently imposed on gasoline, diesel fuel, and special motor fuels.

Specifies that revenues raised by such additional taxes shall not be transferred to the Highway Trust Fund or the Airport and Airway Trust Fund. Provides that specified exemptions to such excise taxes shall not apply to the additional taxes imposed by this Act.