Word: btu
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...WHAT'S A BTU...
...people affected (just about everybody) and vehemence of opposition. Though Administration officials were insisting late last week that the type and amount were still unresolved, the choices had apparently narrowed to either an ad valorem levy, essentially a sales tax on the wholesale price of fuel, or a BTU (British thermal unit) tax based on the heat content of fuel. Either would apply to every kind of energy -- coal, oil, natural gas, nuclear and hydroelectric power -- and for every use -- running cars and trains, heating homes, firing factory boilers, generating electricity. A 5% ad valorem tax would raise about...
Certainly we don't have to do anything to reduce the deficit. The deficit is going to go down anyway as the economy swings into growth. The beauty is that people are going to believe it's due to "Clinton fiscal conservatism." And with Al's pet BTU tax we get the anti-pollution cover...
...BTU...
This is the presumed White House favorite. Its impact on the deficit and on consumers' pocketbooks would be virtually the same as that of the sales tax. Yet it would achieve more pollution control because of its greater impact on coal, which has a high BTU content in relation to its price. Even so, a BTU levy would be far less punitive than a carbon tax. "The BTU tax doesn't cause ^ any big shift in fuel choices," says an official of the United Mine Workers union. "We prefer it to the carbon tax, which could destroy our industry...