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Essay / Research Paper Abstract
This 5 page paper discusses the local, state and federal taxes on goods; in this case, cars. It answers questions as to whether the tax is levied on consumers or producers; how it affects supply and demand; and how changes in tax can affect equilibrium price and quantity. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: D0_HVTaxGds.rtf
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Unformatted sample text from the term paper:
the powers it needed to accomplish everything entrusted to its care, including "superintending the national defense" and keeping the peace (Hamilton, 1788). He also wrote that "revenue is the essential
engine" by which these needs are met, and therefore "the federal government must of necessity be invested with an unqualified power of taxation in the ordinary modes" (Hamilton, 1788). Since
the Constitution leaves to the states matters that are not expressly handled at the federal level, states levy taxes as well, as do local governments. Taxes have thus been
built into the fabric of the United States since the beginning. This paper considers local, state and federal taxes of a specific good; whether or not the tax is levied
on the producers or consumers or both; how the tax affects supply and demand, and how it affects the equilibrium price and quantity. Local, State and Federal Taxes Since everyone
knows what they are, almost everyone has one, and the taxes are high enough to make a significant difference to the purchase price, well consider the automobile as the "goods"
in this paper. Who levies taxes on car purchases? The short answer is: almost everybody. The federal government levies excise taxes on new cars and the states levy taxes on
new cars. The federal excise taxes include a "gas guzzler" tax that is "imposed on new cars that fail to meet federal fuel economy standards"; the federal government also levies
a "luxury tax" on very expensive models (Excise taxes on new cars). The luxury tax is (or was, in 2001), a "4 percent tax ... on any portion of the
sales price of a car that exceeds $38,000" (Excise taxes on new cars). The amounts are less important here than the fact that the federal government levies taxes on new
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