Sunday, June 6, 2010

An anniversary of sorts...

From the Cajun.
1932 – The Revenue Act of 1932 is enacted, creating the first gas tax in the United States, at a rate of 1 cent per US gallon (1/4 ¢/L) sold. Today the taxes FAR exceed the profits that greedy Big Oil gets on a gallon. But few people know that. You see, the state-run media wants you to think of EVIL Big Oil, not Big Government…
The current Federal tax on gas is 18.4 cents per gallon. In North Carolina I pay an additional 48.6 cents per gallon. Profits for the oil and gas industry on what’s left is about 9.5% per this article. At he current price of $2.63 a gallon the evil oil Companies get about 18.6 cent a gallon [I know. It varies from state to state]. Government [all flavors included] profit more than the oil companies. Maybe they want to consider that as they screw with “big oil”. Oh that’s right; taxes on “alternative energy” will make up the difference. Oh, and this doesn’t even address whether gas taxes need to be this high to begin with or even exist.

No comments: