Revenue-Raising Taxes: General Equilibrium Evaluation of Alternative Taxation in U.S. Petroleum Industries

Jaime de Melo, Julie Stanton and David Tarr

Chapter 24 in Modeling Developing Countries' Policies in General Equilibrium, 2015, pp 505-529 from World Scientific Publishing Co. Pte. Ltd.

Abstract: 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…

Keywords: Applied General Equilibrium Models; Trade Policy; Computable General Equilibrium; Archetypes (search for similar items in EconPapers)
Date: 2015
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Related works:
Journal Article: Revenue-raising taxes: General equilibrium evaluation of alternative taxation in U.S. petroleum industries (1989)
Working Paper: Revenue raising taxes: general equilibrium evaluation of alternative taxation in U.S. petroleum industries (1989)
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