Word: valorem
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ENERGY TAXES The big one, in terms of money involved, numbers of 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...
...spread the pain as evenly as possible, Clinton is focusing on the so- called broad-based energy taxes that would hit producers and big customers like public utilities. Such proposals include a levy on the carbon content of each fuel and an ad valorem -- or sales -- tax on the wholesale price of energy. The front runner is a tax that would be levied on the amount of heat produced by a fuel, as measured in British thermal units. This BTU tax would achieve more pollution control than a straight sales tax and would be less draconian than a carbon levy...
...three minor points. First, they agreed to lower levies on turkey drumsticks, breasts, and thighs by using new coefficients for calculating gate prices. Second, they agreed to keep seasoned, uncooked turkey at the bound rate of 17%. Finally, the Community decided to reduce turkey liver levies from 14% ad valorem...
TYPEWRITER IMPORT BAN is sought by U.S. typewriter manufacturers. The Tariff Commission will investigate a petition from Smith-Corona Marchant and Royal McBee asking for a duty of 30% ad valorem per foreign machine, with a minimum fee of $10. Main reason: imports account for a disproportionate 30% of the U.S. market...
IMPORT QUOTAS are being put on woolens and worsteds by President Eisenhower, will help struggling U S. textile industry somewhat but hurt British exporters. Imports above 14 million Ibs. a year will be taxed at 30? to 37½? a Ib. plus 45% ad valorem, almost double the usual tariff. Britain alone sends about 10 million Ibs. a year worth $35 million...