With Gas Prices Down, Could Gas Taxes Be Going Up?
Rich or poor, young or old, no one likes high gas prices – with the possible exception of oil and gas companies. In any case, the recent drop in gas prices around the country has no doubt brought some relief to just about everyone in America, including big corporations that own large fleets of vehicles.
However, just when everyone was starting to get excited by the continuing decline in the prices at the pump, some lawmakers think that now might be the perfect time to add a little more tax to price of gas. The federal gas tax currently sits at 18.4 cents a gallon and it hasn’t increased since 1993. In addition to the federal gas tax, most states also charge additional gas taxes, with the average rate per state being 23.5 cents a gallon.
Despite the fact motorists hate any type of increase in gas prices, lawmakers have seen the real value of the gas tax diminish thanks to inflation since 1993. In fact, the gas tax only generates about two-thirds the amount of real dollars it did 21 years ago. Because the real buying power of that gas tax revenue has declined that means there is now less money to repair bridges and roads.
Because America’s roads, both locally and nationally, are reportedly in such bad condition and the federal Highway Trust Fund is essentially broke, lawmakers are seriously considering raising gas prices.
However, that being said, the conversation about raising gas taxes has yet to reach the forefront of hot topics in Washington, as the government still has many other issues to settle that are more pressing.
Meantime, if you need help saving a little more on your next return or planning for this coming year’s taxes, then contact GROCO today by clicking here.
Qualified Small Business Stock: An Opportunity for Investors
Qualified Small Business Stock: An Opportunity for Investors Updated: 11/16/10 Aiming to give a boost to developing small businesses, Congress granted an unusual tax break, allowing taxpayers who buy newly issued shares of qualified small business stock (QSBS) and hold it for five years to exclude from taxation half of their capital gain realized on…
Are You Still Waiting For Your Tax Refund?
Does it feel like this year is just flying by? The Calendar on your wall is right. The year is almost half over already. Where did all that time go? More importantly, where the heck is your tax return? It’s one thing to still be waiting for your return if you waited to file it…
IRS Amended Return
Source: IRS.gov Posted: 4/23/2013 What should you do if you already filed your federal tax return and then discover a mistake? Don’t worry; you have a chance to fix errors by filing an amended tax return. This year you can use the new IRS tool, ‘Where’s My Amended Return?’ to easily track the status of…
How to Fix Errors Made on Your Tax Return
If you discover an error after you file your tax return, you can correct it by amending your return. Here are 10 tips from the Internal Revenue Service about amending your federal tax return: When to amend a return. Generally, you should file an amended return if your filing status, number of dependents, total income,…