The problem with this idea is the problem with most of the ideas of the new way of doing govt. in the USA (IMO this is not limited to the current administration), it lacks enforceability at reasonable cost, it will require more government and large outlays of tax dollars to enforce (plus what do you want to bet that the GPS related electronics lobby has a hand in this).
If government was required to do the business case for each new tax plan most of them would be eliminated, it doesn't make sense to create new agencies and oversight under the guise of collecting revenue to fund specific projects. Let's face it the tax system will never be fair but the IRS is a great example of my statement of the problem, once in place it only grows, no self respecting govt. agency would volunteer to put themselves out of business in favor of efficiency. There should be a standard like we apply to charities, X% of tax collected must go directly to the project, overhead would be limited to some low number like 5%, this alone would free up billions and would put more than half of the govt back into the private sector.
So all I'm saying is that IMO our best course of action is to collect the revenue needed with as little overhead as possible and not one single additional govt employee allowed.