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Though neither Mr. Trump nor congressional leaders have proposed such an oil-import levy, Mr. Verleger said they will reach a point in their budget-making process when they will have to find money to pay for other priorities or run a massive deficit. (CARLOS BARRIA/REUTERS)
Though neither Mr. Trump nor congressional leaders have proposed such an oil-import levy, Mr. Verleger said they will reach a point in their budget-making process when they will have to find money to pay for other priorities or run a massive deficit. (CARLOS BARRIA/REUTERS)

GOP could resort to crude-import levy to fund tax cuts: U.S. economist Add to ...

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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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