Seven Reasons For A $1 Gas Tax Increase

"With the midterm election around the corner, here's a wacky idea you won't often hear from our elected leaders: We should raise the tax on gasoline. Not quickly, but substantially. I would like to see Congress increase the gas tax by $1 per gallon, phased in gradually by 10 cents per year over the next decade. Campaign consultants aren't fond of this kind of proposal, but policy wonks keep pushing for it."

Mankiw lists reasons like simpling regulation, balancing the federal budget, the environment, and national security. And he's optimistic that such a tax could be instituted in the U.S.

"Even after a $1 hike, the U.S. gas tax would still be less than half the level in, say, Great Britain, which last I checked is still a democracy. But don't expect those vying for office to come around until the American people recognize that while higher gas taxes are unattractive, the alternatives are even worse."

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Thanks to Mark Boshnack