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74.549 : R 32/25

STANDBY REVENUE RECYCLING AUTHORITY TO
DEAL WITH PETROLEUM SUPPLY DISRUPTIONS

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U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1982

88-828 O

HG 97-65

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington, D.C. 20402

COMMITTEE ON FINANCE

ROBERT J. DOLE, Kansas, Chairman BOB PACKWOOD, Oregon

RUSSELL B. LONG, Louisiana WILLIAM V. ROTH, JR., Delaware

HARRY F. BYRD, JR., Virginia JOHN C. DANFORTH, Missouri

LLOYD BENTSEN, Texas JOHN H. CHAFEE, Rhode Island

SPARK M. MATSUNAGA, Hawaii JOHN HEINZ, Pennsylvania

DANIEL PATRICK MOYNIHAN, New York MALCOLM WALLOP, Wyoming

MAX BAUCUS, Montana DAVID DURENBERGER, Minnesota

DAVID L. BOREN, Oklahoma WILLIAM L. ARMSTRONG, Colorado

BILL BRADLEY, New Jersey STEVEN D. SYMMS, Idaho

GEORGE J. MITCHELL, Maine
CHARLES E. GRASSLEY, Iowa

ROBERT E. LIGHTHIZER, Chief Counsel
MICHAEL STERN, Minority Staff Director

SUBCOMMITTEE ON ENERGY AND AGRICULTURAL TAXATION

MALCOLM WALLOP, Wyoming, Chairman STEVEN D. SYMMS, Idaho

BILL BRADLEY, New Jersey
DAVID DURENBERGER, Minnesota

GEORGE J. MITCHELL, Maine
LLOYD BENTSEN, Texas

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CONTENTS

PUBLIC WITNESSES

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Deloitte Haskins & Sells, Emil M. Sunley, director of tax analysis
Electric Power Research Institute, Palo Alto, Calif., James L. Plummer ......
Hogan, William W., professor, Kennedy School of Government, Harvard Uni-
__versity .............................................................................

.................................................................
Horwich, George, professor, Purdue University .......
Hubbard, Glenn, graduate student, Economic Department, Harvard Universi-

ty ......................................................................................
Plummer, James L., Electric Power Research Institute, Palo Alto, Calif..
Rosapepe, James C., Rosapepe, Powers & Associates ...
Sunley, Emil M., director of tax analysis, Deloitte Haskins & Sells ..........

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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.

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