"You know what I'd rather have them do - this will make my Republican friends puke - as gas is going to go down here now, we ought to just slap a 50-cent or a dollar tax on a gallon of gas," Akerson told the newspaper. "People will start buying more Cruzes and they will ...
ad valorem tax,value-added tax,VAT- a tax levied on the difference between a commodity's price before taxes and its cost of production gasoline tax- a tax on every gallon of gasoline sold Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc. ...
So, suspending the current state tax on a gallon of fuel in Louisiana would result in a savings of 16.9 cents per gallon of gas sold. Or for a motorist making a 10-gallon fill-up, that would mean a savings of $1.69. That figure is a little more than half of what the consumer savi...
For example, a federal fuel tax is an excise tax of 18.4¢ a gallon on gasoline and 24.4¢ per gallon of diesel. Common tax deductions for small businesses One way to reduce the amount of taxes you owe is to take advantage of tax deductions, which can reduce your business’s ...
especially when fuel prices trend lower. Let's take a step back to 2013 to examine the cost of a gallon of gasoline. In January 2013, the Energy Information Administration said that a gallon of gas at $3.32 per gallon had the following breakdown of costs: taxes,...
Information on gasoline taxes is found to be a significant determinant of household demand additional to tax-inclusive gasoline prices. The equity implications are examined by contrasting the incidence across income distribution of a simulated $0.22/gallon tax increase to that of a market-related ...
The federal gasoline excise tax was first introduced in 1933 at just one cent per gallon. The tax pays for transportation-related infrastructure projects, as well as mass transportation costs across the U.S. Each state additionally tacks its own tax onto every gallon of gas that’s sold there...
It may be the home to Motor City – but don’t expect a discount. With total gas taxes of 62.5 cents per gallon, Michigan ranks sixth in the country in total gasoline prices, and 14th in terms of the average price of a gallon of regular ($2.94). On top of t...
•Largemajorityofstateshavesalestax,withratesbetween2.9%and7.25%.4 Table19.1 RetailSalesTax •Salestaxesgenerallytakeoneoftwoforms:–Aunittaxisagivenamountforeachunitpurchased(e.g.,motorfueltaxthatisacertainnumberofcentspergallonofgasoline).–Anadvaloremtaxiscomputedasapercentageofthevalueofthepurchase...
Excise taxes come in two basic forms: specific and ad valorem, meaning based on value. The 18.4¢ federal tax on a gallon of gasoline is a specific excise tax. A percentage rate tax—say 10% of the cost of a pack of cigarettes—is an ad valorem tax. ...