The Republicans in Washington are desperate for new ways to raise revenue to pay for promised tax cuts, and may turn to a tax on foreign oil as prospects for a broader import levy fade, a prominent U.S. energy economist said on Wednesday.
Philip Verleger has been tracking the prospect of a border-adjustment tax since it was first raised by Republican leaders in the U.S. House of Representatives last summer as a means to raise revenue needed to cut corporate and personal income-tax rates. At the request of the Canadian Association of Petroleum Producers (CAPP), he was in Ottawa on Wednesday to brief federal officials on the potential impact a U.S. tax on foreign crude would have on the Canadian industry.
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