4.F49:R32/25 STANDBY REVENUE RECYCLING AUTHORITY TO For sale by the Superintendent of Documents, U.S. Government Printing Office CONTENTS PUBLIC WITNESSES Deloitte Haskins & Sells, Emil M. Sunley, director of tax analysis Hogan, William W., professor, Kennedy School of Government, Harvard Uni- Horwich, George, professor, Purdue University Hubbard, Glenn, graduate student, Economic Department, Harvard Universi- Plummer, James L., Electric Power Research Institute, Palo Alto, Calif Sunley, Emil M., director of tax analysis, Deloitte Haskins & Sells ADDITIONAL INFORMATION Committee press release. Text of S. 1354 Description of S. 1354 by the Joint Committee on Taxation Emil M. Sunley Jonathan Berman Paper called "Rebate Strategies for an Oil Emergency”. Prepared statement of: William W. Hogan Robert C. Fry, Jr., and R. Glenn Hubbard James L. Plummer. George Horwich. James C. Rosapepe. COMMUNICATIONS Pindyck, Robert S., professor of applied economics, Massachusetts Institute of Technology.. STANDBY REVENUE RECYCLING AUTHORITY TO DEAL WITH PETROLEUM SUPPLY DISRUPTIONS TUESDAY, DECEMBER 8, 1981 U.S. SENATE, SUBCOMMITTEE ON ENERGY AND AGRICULTURAL TAXATION OF THE SENATE FINANCE COMMITTEE, Washington, D.C. The hearing was convened, pursuant to notice, at 9:45 a.m., in room 2221, Dirksen Senate Office Building, Hon. Malcolm Wallop (chairman) presiding. Present: Senators Wallop, Durenberger, Bradley, and Long. [The committee press release announcing this hearing; the bill S. 1354, and the description of this bill by the Joint Committee on Taxation follow:] [Press Release No. 81-181] FINANCE SUBCOMMITTEE ON ENERGY AND AGRICULTURAL TAXATION SETS HEARING ON THE TAX ASPECTS OF S. 1354 Senator Malcolm Wallop, Chairman of the Subcommittee on Energy and Agricultural Taxation of the Senate Committee on Finance, announced today that the subcommittee will hold a hearing on the tax aspects of S. 1354 on Tuesday, December 8, 1981. The hearing will begin at 9:30 a.m. on December 8, 1981, in room 2221 of the Dirksen Senate Office Building. S. 1354, which was introduced by Senators Bradley and Percy, would, inter alia, require the President to develop a standby plan to recycle Federal tax revenues during an oil supply disruption. The plan would be required to include emergency changes in income tax withholding rates, and adjustments to the crude oil windfall profit tax. The bill would also require the President to submit a report on the merits of reducing the tax liability on persons who draw down oil reserves during a supply disruption and on the need for tax incentives for the construction of private sector oil storage facilities and the maintenance of increased oil reserves. (1) |