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Using Tax Expenditures to Achieve Energy Policy Goals

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Author Info
Gilbert Metcalf

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Abstract

Tax expenditures are a major source of support for energy related to activities in the federal budget exceeding direct budget support for energy by a factor of nearly six. Focusing on the policy goals of reducing greenhouse gas emissions and petroleum consumption, I find these tax expenditures highly cost ineffective at best and counterproductive at worse. The tax credit for ethanol is an example of a cost ineffective subsidy. The cost of reducing CO2 emissions through this subsidy exceeded $1,700 per ton of CO2 avoided in 2006 and the cost of reducing oil consumption over $85 per barrel.

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File URL: http://ase.tufts.edu/econ/research/documents/2008/metcalfTaxExpenditures.pdf
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Paper provided by Department of Economics, Tufts University in its series Discussion Papers Series, Department of Economics, Tufts University with number 0715.

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Date of creation: 2008
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Handle: RePEc:tuf:tuftec:0715

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References listed on IDEAS
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  1. Gilbert E. Metcalf, 2006. "Energy Conservation in the United States: Understanding its Role in Climate Policy," NBER Working Papers 12272, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Doug Auld, 2008. "The Ethanol Trap: Why Policies to Promote Ethanol as Fuel Need Rethinking," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 268, July. [Downloadable!]
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