As a congressional deadline to repeal federal regulations nears, a new report revealed Tuesday that just 13 rules scrapped by President Trump and Congress will have an immediate savings of $3.7 billion and a potential windfall to taxpayers of $86 billion, potentially more than $700 per taxpayer.

The report from American Action Forum also said that the Trump actions will eliminate 4.2 million hours of paperwork for businesses, state workers and individuals.

"Congress and the administration have made a lasting impact on regulation so far in 2017. With more than a dozen Congressional Review Act resolutions, they have removed at least $3.7 billion in total regulatory costs," said report author Sam Batkins, director of policy for AAF.

In the report, provided to Secrets, he added that the cuts via the CRA "marked the first step in an aggressive effort to reform the administrative state."

An earlier report indicated that the long range savings could top $86 billion.

What's more, Trump is just getting started on repealing regulations and is pushing his departments, notably the Environmental Protection Agency, to look for ways to strike a balance with businesses.

And there are two large repeals still being considered by the Senate, one on fracking and another on state retirement regulations, that could boost savings to $5.5 billion.

"As of this writing, there are two other resolutions that the Senate could adopt before the expiration of the expedited review period, a $1.8 billion fracking rule and a state retirement rule. If so, that would bring the total amount saved to $5.5 billion, or $1.4 billion annually. In addition, Congress is taking a more formal approach to repeal of a rule from the Department of Transportation on 'Metropolitan Planning.' This non-CRA bill would save another $86 million, and curiously, it enjoys overwhelming bipartisan support. Both the House and Senate bills are sponsored by Democrats from the Chicago area. The Senate passed the legislation by unanimous consent and the House by a 417 to 3 margin," explained Batkins.

See his full report and the list of repealed regulations here.

Paul Bedard, the Washington Examiner's "Washington Secrets" columnist, can be contacted at pbedard@washingtonexaminer.com