• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 10 hours US top CEO's are spending their own money on the midterm elections
  • 8 hours EU to Splash Billions on Battery Factories
  • 7 hours The Dirt on Clean Electric Cars
  • 18 hours Petrol versus EV
  • 3 hours Satellite Moons to Replace Streetlamps?!
  • 12 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 10 hours The Balkans Are Coming Apart at the Seams Again
  • 23 hours E-mopeds
  • 8 hours Uber IPO Proposals Value Company at $120 Billion
  • 10 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 15 hours 10 Incredible Facts about U.S. LNG
  • 13 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day These are the world’s most competitive economies: US No. 1
Alt Text

Carbon Pricing Won't Kill Big Oil

Big oil has agreed to…

Alt Text

Oil Price Rally Boosts Electric Car Sales

While $100 oil is believed…

Alt Text

Elon Musk Plans First Commercial Flights To Mars

Despite the headwinds he faced…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Trending Discussions

Gasoline Taxes About To Rise In These 12 States

Gas Pump

Nearly 20 states have raised gas taxes or recalculated gas-tax formulas in recent years to generate additional revenues. Which, of course, is an extremely politically expedient way to raise taxes on the unsuspecting masses since, when gas prices soar, those price increases can later be blamed on those evil oil corporations.

As the Wall Street Journal points out, the ease with which higher gas taxes have been passed through state governments over the past two years have emboldened at least a dozen more states, all of which are now actively considering additional gas taxes.

Tennessee Gov. Bill Haslam is putting his fellow Republican lawmakers to the test, with a plan to raise the state’s gas taxes for the first time in nearly three decades.

In Alaska, Gov. Bill Walker, an independent, proposed tripling the state’s gas tax to 24 cents a gallon by 2018. The state has the lowest gas tax in the country and hasn’t raised it since 1970. In his recent state of the state address, Mr. Walker said he is trying to deal with a $3 billion fiscal gap, after state revenues collapsed by more than 80 percent from four years ago, due in large part to the drop-in oil and natural-gas prices.

New Jersey’s Republican Gov. Chris Christie raised the state’s gasoline tax last year by 23 cents a gallon, his first tax hike in two terms as governor, which he offset with some other tax reductions.

On Thursday, the Republican-dominated Indiana House voted 61 to 36 in favor of increasing the state gas tax from 18 cents a gallon to 28 cents with annual adjustment increases possible through 2024. The bill now goes to the state Senate. Related: Panic In Vienna: OPEC Needs To Bring Down Costs To Compete With U.S. Shale

In yet another map that looks eerily similar to the 2016 electoral college map, here is where states currently stand on gas taxes. Of course, the irony here is that the ultra-liberal states of the Northeast and West coast have the highest gas taxes...and while that might play well with their global warming narrative, gas taxes are among the most regressive forms of tax as they disproportionately impact lower-income families.

Despite serving as an easy scapegoat, as the U.S. Energy Information Administration notes, only 48 percent of the price that Americans pay at the pump actually goes to the evil oil companies for crude production. Meanwhile, on average, nearly 20 percent of gas costs get sent to various federal, state and local government entities with the highest taxed states like PA, WA, NY and CA collecting even more.

 

By Zerohedge

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment
  • Michael Mueller on March 01 2017 said:
    Maybe I missed it. Which 12 states are raising taxes?
  • Justin Smith on March 02 2017 said:
    You did not miss it. No mention of the other states raising taxes.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News