Trigger Mike Posted April 11, 2011 Share Posted April 11, 2011 One benefit of higher gas prices is it is a built in tax increase. when gas goes up, tax revenue for the state and federal level also go up. It's our way of helping pay down our debt, now if we can get them to stop adding to how much we owe, we could knock it out in no time. Link to comment Share on other sites More sharing options...
Henry T Harrison Posted April 12, 2011 Share Posted April 12, 2011 One benefit of higher gas prices is it is a built in tax increase. when gas goes up, tax revenue for the state and federal level also go up. It's our way of helping pay down our debt, now if we can get them to stop adding to how much we owe, we could knock it out in no time. It sounds like it would work that way but it doesn’t. As prices go up people drive less, using less gas so the tax revenue actually goes down. A lesson learned from the last round of $4.00 a gallon gas Link to comment Share on other sites More sharing options...
Blackwater 53393 Posted April 12, 2011 Share Posted April 12, 2011 Fed. and most state and local fuel taxes are per gallon, not per dollar. Unless your state has a sales tax on fuels it is unlikely that higher prices will result in more revenue. As people decrease their driving and thus their consumpsion, revenue from fuel taxes decreases too. Link to comment Share on other sites More sharing options...
Rye Miles #13621 Posted April 12, 2011 Share Posted April 12, 2011 It sounds like it would work that way but it doesn't. As prices go up people drive less, using less gas so the tax revenue actually goes down. A lesson learned from the last round of $4.00 a gallon gas This is true, I saw on Fox news that gas consumption is down for this year. I ferget how much but it's down. People drive less, maybe consolodate trips insteading of just driving whenever. Glad I bought a 4 banger in Nov. (Pontiac Vibe) I get 34 mpg hwy. 28 or so city. Better than 16 and 20 on my old Blazer! Link to comment Share on other sites More sharing options...
Abilene Slim SASS 81783 Posted April 12, 2011 Share Posted April 12, 2011 Yep, it's a per gallon tax. Just wait, the tax rate will go up to make up for the lost revenue. That's been happening for some time... Link to comment Share on other sites More sharing options...
The Shoer 27979 Posted April 12, 2011 Share Posted April 12, 2011 there is NO benefit to high gas prices Link to comment Share on other sites More sharing options...
Pay Dirt Norvelle #90056 Posted April 12, 2011 Share Posted April 12, 2011 there is NO benefit to high gas prices This Link to comment Share on other sites More sharing options...
Deja Vous Posted April 12, 2011 Share Posted April 12, 2011 One benefit of higher gas prices is it is a built in tax increase. when gas goes up, tax revenue for the state and federal level also go up. It's our way of helping pay down our debt, now if we can get them to stop adding to how much we owe, we could knock it out in no time. shhhh.. lol.. that is a secret tax increase.. lol Link to comment Share on other sites More sharing options...
Trigger Mike Posted April 12, 2011 Author Share Posted April 12, 2011 Yes the tax is a per gallon, but there is also a percentage sales tax added on top of the flat rate per gallon. Local counties etc also tack on a percentage sales tax as well. http://www.api.org/statistics/fueltaxes/upload/State_Motor_Fuel_Excise_Tax_Update.pdf Link to comment Share on other sites More sharing options...
Marshal Mo Hare, SASS #45984 Posted April 12, 2011 Share Posted April 12, 2011 The real benefits of higher gas prices is that discretionary driving mileage is down among certain high accident rate groups, teenagers and seniors drive less at night leading to lower fatality rates on the highways. Link to comment Share on other sites More sharing options...
Grizzly Dave Posted April 12, 2011 Share Posted April 12, 2011 One thing that irks me is when we are in a drought, they preach conserve water, conserve water, then when people do, their revenue falls so they raise prices, same with the natural gas and electric. Link to comment Share on other sites More sharing options...
Whiskey Business Posted April 12, 2011 Share Posted April 12, 2011 Heaven forbid they try to conserve our money! Link to comment Share on other sites More sharing options...
That Masked Man Posted April 12, 2011 Share Posted April 12, 2011 Who profits from high oil prices? Those who can afford to speculate on the oil futures markets, that's who. Does it still surprise anyone that our economy (read: Government) is run for the benefit of the "moneyed interests"? Did the whole let's-line-the-Banksters'-pockets-because-people-can't-afford-their-mortgages fiasco not teach us anything? Believe me, if Tim Geitner's crooked cronies were suffering from high gas prices, we would see something being done about them! You and me, we don't count anymore. Link to comment Share on other sites More sharing options...
Trigger Mike Posted April 12, 2011 Author Share Posted April 12, 2011 Who profits from high oil prices? Those who can afford to speculate on the oil futures markets, that's who. Does it still surprise anyone that our economy (read: Government) is run for the benefit of the "moneyed interests"? Did the whole let's-line-the-Banksters'-pockets-because-people-can't-afford-their-mortgages fiasco not teach us anything? Believe me, if Tim Geitner's crooked cronies were suffering from high gas prices, we would see something being done about them! You and me, we don't count anymore. That's right, Geitner's (who came from goldman sachs) friends at goldman sachs invest in hedge funds that keep driving up the oil market as do other hedge funds. speculators are the ones who ran up the oil market prior to the crash, speculators in hedge funds who have enough money to influence the market shorted our banks driving some out of business even though they had billions in cash on hand. Hedge fund speculators are running oil and gold back up and one day they will tire of it and short it. Link to comment Share on other sites More sharing options...
Foul Mouth Frank Shutz Posted April 12, 2011 Share Posted April 12, 2011 Who profits from high oil prices? Those who can afford to speculate on the oil futures markets, that's who. Does it still surprise anyone that our economy (read: Government) is run for the benefit of the "moneyed interests"? Did the whole let's-line-the-Banksters'-pockets-because-people-can't-afford-their-mortgages fiasco not teach us anything? Believe me, if Tim Geitner's crooked cronies were suffering from high gas prices, we would see something being done about them! You and me, we don't count anymore. How many of Tim Geitner's crooked cronies (Geitner himself included) get their gas paid for with a GSA credit card? They get richer with their stock holdings and the costs get passed on to us. Link to comment Share on other sites More sharing options...
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