Argues that the US government should impose a gasoline tax.
Written in 2008; 760 words; 5 sources; APA; $ 27.95
Paper Summary:
This paper argues that the US government should tax gasoline because doing so would help discourage gasoline consumption and demand and, therefore, dependence on foreign oil.
From the Paper:
"Taxation is an effective tool for government to control the economy, and it is the primary source of funds for use in national improvement. However, it also brings trouble to people who oppose the current high price of gasoline. It affects the prices of other products and survival of many businesses. Nevertheless, the government stills need to tax gasoline because this tax can discourage gasoline consumption demand and dependence on foreign oil.
"The gasoline tax will raise the supply price and shift the market supply curve to the left, which causes the equilibrium price to increase and the equilibrium quantity to decrease. Although the correspondence from price elasticity of demand is less in the short run, it will be much larger in the long run. A1 percent increase in gasoline price will reduce 0.25 percent of the quantity demanded in the short run and 0.92 percent in the long run (Managerial economics in a global economy, 2007, p.107). The reason is consumers not ready to change immediately and require time to shift to other substitutes."
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