CtTaxed.com

Taxes: Punishing Success, Rewarding Failure


« PreviousNext »

Who Benefits From Rising Gas Prices?

20 November 2007

Is it any wonder we just can’t seem to find a solution to higher gas prices?

Last — but by no means least -– is the sizeable chunk of gasoline spending that goes to your government, the second biggest beneficiary of rising gasoline prices. First, you pay 18.4 cents a gallon in federal excise tax. States charge another 25.6 cents (on average, weighted by volume) for a total of 44 cents a gallon.

Pump profits

Crude oil: 54.0%
Refiners: 13.0%
Marketing: 9.0%
Distributors: 6.4%
Retailers: 9.0%
Taxes: 19.0%

Oh by the way in Connecticut we are not average when it comes to taxes. 25.6 cents a gallon is really 35.5+ cents a gallon in cttaxed land. And our tax is a percentage tax, that way the government does not lose out on their fair share when gas prices go up.

Huh?

I’ll have to check my contract and see if I have that nifty feature in my paycheck…………hmm apparently not.
I can’t shake the feeling the smart growth folks are clapping their collective paws with glee at the rise in gas prices.

Given that government is one of the biggest beneficiaries of higher gas prices, I can’t see them working really hard to reduce them.

Not unless we tell our employees to look after our interests.

Posted in Taxes, State Government | Trackback | del.icio.us | Top Of Page

No comments yet

Leave a Reply