Now there’s a proposal that just might help the family budget across the nation- give Americans a gas-tax holiday this summer, and double the child tax credit. Of course after yesterday, our tax consciousness is about at its limit right now, but for those with children this could really reduce taxes going forward.
Senator John McCain’s proposal isn’t as strange as it sounds, especially with the price of gallon of gas pushing past a national average of $3.30. And with fuel prices continuing to rise, it’s about time somebody does something to lessen the cost. Something else needs to give, and if we could find a way to lessen the speculative fever that might help.
But do you know how much you pay in taxes for each gallon of gas in your state?
The federal government charges 18.4 cents per gallon of gasoline and 24.4 cents per gallon of diesel fuel. And where I live our state charges us 18 cents tax on each gallon of both gasoline and diesel. Which is not too bad considering that some states charge as much as 31 cents or more!
API is a national trade association representing the oil and natural gas industries. Remember all those API specifications for oil and such? Lots of useful info if you’re in the industry, but it’s mumbo-jumbo to most of us. But they have some really nice charts regarding the taxes we pay for fuel in America.
Total Gasoline Taxes by State
Do you drive a diesel engine vehicle? With clean-diesel technology becoming a lot more popular, expect more demand there as well. I remember when diesel was much cheaper than regular gasoline, but not any more.
Total Diesel Taxes by State
If you live where gas prices are the highest, then you probably pay some of the highest fuel taxes too. It’s no wonder fuel costs so much in California!
Senator McCain has a few other ideas about reducing taxes for Americans, but I wonder if he’ll try to keep the Bush tax cuts in place instead of letting them expire in 2010? He voted against them in the past, but now says the middle class in American needs more help and lower taxes. Maybe he’s finally coming around. I just wish a few more Democrats would see the light on lower taxes as well.
For a daily picture of the national average for fuel prices, check out AAA’s Daily Fuel Guage Report. If you’re thinking about moving or close to retirement, the Retirement Living Information Center has some great tax-related info and can give you an idea of each state’s tax burden. And here’s a list of the national averages by state for gas prices from GasBuddy.com.
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