Beware the Pump: Another Gas Tax Is on the Way

If you’ve had enough with California’s high gas prices, then you might not want to keep reading, because just when you thought things couldn’t get any worse, they are about to. That’s because when 2015 rolls around California residents are going to have to pay another new gas tax. In fact it’s a double-digit hike and many people aren’t even aware of the increase.

New Gas Tax

However, aware or not, starting next year a new law kicks in that will boost the price of gasoline by 12 cents at the very least. It’s all part of the state’s effort to reduce greenhouse gas emissions. Because this latest increase is aimed specifically at transportation fuels, diesel and gas will likely feel the brunt of the increase. However, the fuel trade market is anything but stable, which means the increase could reach as high as 40 cents a gallon.

Not For Road Improvements

At least the extra money will go to help repair state freeways and other roads, right? Unfortunately no. That’s right, none of the revenue collected from this new tax will go towards road construction or improvement.

When Is Enough, Enough?

This is another example of citizens paying more taxes than they really should. In fact, with this latest increase, California residents could be paying as much as a dollar a gallon or more next year in gas taxes alone. If you need help learning how to save as much of your income in other areas, then GROCO can help. Just click here.

http://www.ocregister.com/articles/new-615000-gas-tax.html

We hope you found this article about “Beware the Pump: Another Gas Tax Is on the Way” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

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