A bill to repeal withholding on interest and dividends and, to compensate for the revenue reduction resulting from such repeal, to impose a tax on imported petroleum products.

Amends the Tax Equity and Fiscal Responsibility Act of 1982 to repeal the provisions which require the withholding of tax on interest and dividends.

Amends the Internal Revenue Code to impose a $1.80 tax on each barrel of petroleum products entered (or withdrawn from warehouses) for consumption or use in the United States.