We all are recovering from sticker shock last weekend when we had to keep stopping at gas stations to fill our tanks up. How about hearing some “great” news about Congress debating adding a gas tax increase in the current tax bill they are trying to put together to stick it to the rich.
Remember one rule when dealing with Congress, especially Democrats in Congress. When they say “rich” your definition and theirs are no where ever close. Raising the gas tax is an example of that. In what way does that have to do with “sticking it to the rich?” And I do NOT believe “sticking it to the rich” is a good idea under any circumstance anyway. Even more, I am against ANY tax increases at all.
Currently, the federal tax on 1 gallon of gas is 18.4 cents and hasn’t been changed since 1993. Now back in 2018 one of the most anti-tax organizations out there suggested a MAJOR increase in gas tax. They wanted it to be raised to 43.4 cents per gallon. Can you believe that organization was the U.S. Chamber of Commerce? Let that sink in. Somebody in the leadership of the U.S. Chamber of Commerce needs to be taken out to the woodshed!
President Trump briefly considered it and then dropped it like a rock. Now the new administration has taken this idea back up again. Thank you to the U.S. Chamber of Commerce for planting that ridiculous idea in the minds of politicians. (NOT!)
Here is the latest on this. Congress has decided that putting this tax increase in their “stick it to the rich” bill is a bad idea. Hooray! Maybe they will drop this. Nope! Now it is being added to the “Infrastructure bill” that is being debated right now.
Maybe you think raising the gas tax is a good idea because we need to keep the roads in good shape. OK. What do you think? Would you rather see the gas tax collected by the state of Nevada, so you are guaranteed that the money is spent on Nevada roads, or do you trust the U.S. government to take your money and spend it in Nevada? Reality, Congress will take the money from you in Nevada and give it to some organized crime-laden construction company in New York.
What are the odds of Congress passing this gas tax increase? Very high. They may try to make it easier by only raising it by 10 cents a gallon over a couple of years.
I can hear some of you saying, “This isn’t my problem, I drive a Tesla.” Think again. Congress is considering how to tax you too. Also, the state of Nevada is working on figuring out how to tax you electric car owners in your annual vehicle registration.
So, plan on seeing the price at the pump go up further, thanks to Congress. I would be very surprised it this tax doesn’t end up happening sometime this year.
Have you heard? Nehemiah 2:16a says, “The rulers didn’t know where I went, or what I did.”
Kelly Bullis is a Certified Public Accountant in Carson City. Contact him at 882-4459. On the web at BullisAndCo.com. Also on Facebook.