April 26, 2006
Dems Propose Tax Cuts?Well, not exactly. The Democrats have proposed a 60-day gas tax holiday.
The Menendez Federal Gas Tax Holiday Amendment, an amendment to the Supplemental Appropriations Bill being considered by the Senate, will remove the 18.4 cents per gallon federal tax on gasoline and the 24.4 cents per gallon federal tax on diesel fuel for 60 days.Let me say this, I'm all for lower taxes, but the issue at hand here is gas prices, not gas taxes. This 60-day quick fix does absolutely nothing to solve the problem of high gas prices. It won't build new refineries. It won't bring about new technologies or renewable sources of energy. It won't reduce our dependence on foreign sources of oil.
Let's actually fix the problem and not temporarily cover it up.
Posted by Matt Margolis on April 26, 2006 08:31 AM
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Comments
Most would argue about your statement that we suffer from 'high gas prices'. In fact, I argue that consumers don't really care here.
Posted by: Fersboo at April 26, 2006 12:44 PM
The gas taxes are the main reason for the high gas prices. I've shown on my blog site that at $3.00 per gallon, $2.35 was the actual cost of the gas and $0.65 went to federal, state and local taxes. If you fill a 16 gallon tank, it would cost $48.00 (at $3.00/gallon) of which $10.34 is the TAX CHARGE. The oil companies are only making 12 cents per gallon or $1.92 per 16 gallon tank. The goverment takes out OVER FIVE TIMES more than what the oil companies are getting in profit. The oil companies are the ones that buy the oil, ship it to the refineries, refine the oil into gas & other products, and then ship it to the gas stations. Why does the government need all that gas tax. We not only need a tax holiday from the federal government, we need a holiday from the state, county and city governments that have their hand in the till. Better yet we need tax caps for what the federal, state, county and city goverments can levy on oil and gas products.
Posted by: Arthur R at April 26, 2006 05:20 PM
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