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Taxing times in the US

A proposed US border levy would lift producers, hit consumers and upend oil markets

American oil executives should probably start brushing up on tax law, some big changes could be on the way. As part of their bid to overhaul the US tax regime, Congressional Republicans and the Trump administration are seriously considering a border adjustment tax (BAT). It would be the most radical shakeup of the US tax code in generations and could have far reaching consequences for US oil company finances, global trade flows and oil prices. Put simply, the BAT is a protectionist measure that would levy imports, at 20% under House leader Paul Ryan's proposal, while making exports tax free. American oil producers would reap a windfall, but it would come at the expense of refiners, and ult

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