Should We Repeal Gas Taxes?!

Ah, the repealing of taxes. Something about it sparks up some major Boston Tea Party nostalgia. 🫖🤠 Except this time, it's gas taxes not tea taxes and we're definitely NOT throwing any of that precious black gold overboard...

President Biden recently proposed a three-month gas tax holiday and urged Congress to pass it ASAP. While they're at it, could we get a few extra stimmy checks? *Turns on money printer*🤑🖨️

Here’s Five Fast Facts about all things gas tax:

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1. 📊 Tax Facts - Currently, the federal gas tax is 18.4 cents per gallon. Diesel is a bit higher at 24.4 cents per gallon. 
2. ⛽ It's Five Somewhere - As of July 1st, the average price of gas is $4.84 a gallon. Again, no one cares about your Tesla. 
3. 🚨 PA For The Win - The average state gas tax across the nation is about 57 cents a gallon. Alaska has the lowest tax (33 cents) and Pennsylvania has the highest (59 cents). Hashtag can't believe it's not California, TBH.
4. ⏸️ Press Pause - A handful of states already suspended their state gas tax. In Connecticut, they just extended their pause through November. 
5. 💰 For Your Convenience - Some think putting a pause on the gas tax won't do much, and that it's more of a political gimmick. It's also possible that gas station owners might keep the savings instead of passing them to their customers. And, no, free Slurpee vouchers don't count.

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🔥Bottom line: It's a mixed bag. Suspending the gas tax would lower costs and give drivers a bit of a break at the pump. However, it's up to the refiners, gas station owners, and overall market itself to make sure we feel it as motorists. Also, gas taxes go towards road improvement projects. So, suspending them could put a pause in the pothole patching...even more so than we're used to.

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What are your thoughts on a gas tax repeal? Love it? Hate it? Don’t give a damn?

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Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!

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