President Reagan and Republicans on the Senate Budget Committee are proposing $95 billion in new taxes over the next three years, a target that will require approval of major new revenue sources.
The Budget Committee can only set overall revenue and spending goals, but its chairman, Pete V. Domenici (R-N.M.), has identified several major taxes that could be enacted to reach this goal, according to aides.
The tax proposals, in many cases very similar to those under consideration by Sen. Robert J. Dole (R-Kan.), chairman of the Finance Committee that must enact tax legislation, include:
* Elimination of the tax break given those who deduct payment of state and local sales taxes, producing $800 million in 1983 and shoot up to $5.4 billion in 1984 and to $6 billion in 1985.
* Elimination of the deduction for interest on consumer loans, except for automobiles, producing $900 million in 1983, $6.3 billion in 1984 and $6.7 billion in 1985.
* Placement of a ceiling on the amount employers may deduct for payments to employe health programs. If the ceiling were set at $60 monthly for a single person and $150 monthly for a family, it would raise $2.6 billion in 1983, $4.5 billion in 1984 and $5.6 billion in 1985.
* An excise tax on luxury items, including jewelry, furs, expensive cars and yachts. Revenue would vary on the scope of goods to be covered and the rate, although aides are considering revenues of about $1.5 billion annually.
* Raising from 3 to 10 percent the amount of income that must be spent on medical costs before a taxpayer can declare deductions. This would raise $300 million in 1983, $2.3 billion in 1984 and $2.5 billion in 1985.
* An oil import fee designed to raise from $6 billion to $7 billion annually.
Decisions about which taxes to raise will be made by the Senate Finance Committee and then the full Senate.
The Budget Committee could become involved only in the details of specific taxes if Congress first approved a budget resolution mandating a specific tax increase and the Finance Committee then failed to produce the required amount.