Revenue-raising taxes: General equilibrium evaluation of alternative taxation in U.S. petroleum industries
This paper assesses recent proposals to increase taxes and tariffs in the energy sector to reduce the U.S. federal deficit. The paper estimates the welfare, fiscal and employment effects of the most common proposals. The estimates are derived from a twelve-sector general equilibrium model of the U.S. economy calibrated to 1984. A proposed 25 percent import tariff on crude oil would raise $7.3 billion in government revenue, while a 15 percent excise tax on petroleum products would raise $35 billion. Each dollar of government revenue would come at a loss of 25 cents in welfare in the first case, but at only a one cent loss in welfare in the second…
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