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Thesis Statement on Sin Taxes | Category: Government & Politics
A Tobin tax was originally defined as a tax on all spot conversions of one currency into another. Tobin's tax was originally intended to penalize short-term financial round-trip excursions into another currency. By the late s, the term Tobin tax was being, contrary to its original use, used to apply to all forms of short term transaction taxation, whether across currencies or not. Another term for these broader tax schemes is Robin Hood tax , due to tax revenues from the presumably richer speculator funding general revenue of whom the primary beneficiaries are less wealthy.
Sin Tax Disadvantages
A Pigovian tax also spelled Pigouvian tax is a tax on any market activity that generates negative externalities costs not included in the market price. The tax is intended to correct an undesirable or inefficient market outcome a market failure , and does so by being set equal to the external marginal cost of the negative externalities. Social cost includes private cost and external cost. However, in the presence of negative externalities, the social cost of a market activity is not covered by the private cost of the activity. In such a case, the market outcome is not efficient and may lead to over-consumption of the product.
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