Gas Prices...

TennesseeRains

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Joined
Nov 21, 2001
Messages
14,050
Location
Hixson,TN
I was reading the Feb-2013 issue of the Kiplinger Letter and noticed that there is talk of the Feds changing the tax on gasoline from a fixed rate to a percentage. The reasoning is this...it would increase the government's cut - but camouflage it so we can continue to blame Big Oil. So I did some digging...

OIL COMPANY PROFIT ON $1.00 OF GASOLINE PURCHASED IS:$0.07 (Exxon-2011)

FEDERAL GOVERNMENT TAX ON $1.00 OF GASOLINE PURCHASED IS:$0.18

STATE GOVERNMENT TAX ON $1.00 OF GASOLINE PURCHASED VARIES.

$0.08 IN ALASKA ON UP TO $0.49 IN NEW YORK

LOCAL GOVERNMENT CAN ALSO LEVY TAXES.

LOS ANGELES, CA -$0.12
SKOKIE, ILL -$0.03
EUGENE, OR -$0.05
LAS VEGAS -$0.10

PUT ALL THIS TOGETHER AND THE FEDERAL, STATE, AND LOCAL GOVERNMENTS TAKE IN FAR MORE MONEY ON GASOLINE SALES THAN ALL OF THE OIL COMPANIES COMBINED.

Diesel is worse...the current fixed federal tax rate is $0.24 per $1.00 purchased
 

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