$90 per barrel oil is here

On October 19, 2007, in General, by Neil Stevens

Oil just went over $90/barrel for the first time ever, and it’s not just because the dollar is down. According to Bloomberg, crude oil prices are up 35% this year in Euros as well.

This should be an opportunity for Republicans in most states, as well as nationally, to push for a tax cut on poor and middle class Americans.

Nationally we should repeal the federal gas tax of 18 cents per gallon. With the average price of gasoline in the US at $2.80 per gallon, this tax amounts to a 7% tax on the money all Americans, rich and poor, spend on the gasoline they need in their daily lives. Even those without cars of their own pay higher prices whenever they go shopping for food, clothing, or essentials, all of which must be shipped by truck.

In the states we should consider both repeals of state gas taxes (which in some states go over 30 cents per gallon) and exemptions of sales tax for gas (which itself threatens to go over 30 cents per gallon when gas exceeds $3.00/gallon in states with 8% sales tax).

All combined, this combination tax relief could save Americans seventy five cents on every gallon of gas. Now is the time to act to prevent this regressive taxation from putting any more strain on those Americans who can afford it least.


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