The U.S. petroleum industry is preparing for a campaign to head off proposed energy taxes in President Clinton's economic recovery package. In the course of 5 years, the package is designed to raise $79.3 billion from a BTU tax on energy, $126 billion from higher individual income taxes, and $30.6 billion by boosting the corporate tax rate to 36% from 34%. Other tax measures would bring total revenues to $328.3 billion. A number of energy and business groups quickly attacked the BTU tax proposal, saying it would place a heavier burden on oil than on other fuels. Among those in the energy sector who spoke out, only ARCO and Southern...

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