Gasoline Prices - 1309 Words

Gasoline Prices and State Sales Tax. According to Singers(Aug 24,2017), ITEP’S (July 2017), (July 2017), (Aug 2011), and(December 2011), higher sales and gas tax in Connecticut have consequences and a solution proposed to reduce tax burden on low income family. Based on the readings and my understanding of this topic, I conclude that increasing sales and gas taxes in Connecticut to fix a budget crisis will be financially harmful to low income families and needs to be addressed with the new policy. Singer(Aug 24,2017), pointed out that, Connecticut legislators are deciding to increase the sales tax from its current level to 6.85 percent to fix a budget deficit, estimated to reach $3.5 billion in two years and improve state aid to towns.†¦show more content†¦Comparing sales tax to other states shows that, Connecticut’s sales tax is not among the highest. According to Singers (Aug 24, 2017), the Connecticut 6.35 percent sales tax ranks thirty-two in the US. It is higher than certain state such as Mas sachusetts, and lower than others, such as Rode Island and New York. As Connecticut tries to grow its economy and fix it budgets crisis with higher sales tax, will create a financial problem for the lower and middle classes. â€Å"Based on estimate produced by ITEP data, low income families spend seventy-five percent of their income on items subjected to sales tax, higher than fifty percent spent by middle-income families and seventeen percent spent by the richest families†(ITEP). Considering this, the tax do not affect upper income families, but low and mid-income people who cannot afford the tax. Comparing gas tax to other states shows that, Connecticut’s gas tax is not among the highest. According to the graph provided by the ITEPS research report (July 2017), Connecticut’s four percent gas taxes is higher than certain states such as Kentucky, South Dakota, and Michigan, but lower than other states such as Alaska, Louisiana and New Mexico. As Connecticut trie s to grow its economy andShow MoreRelatedFactors, Fluctuating Gasoline Prices2323 Words   |  10 PagesMarch 2008. AMERICANS START TO CURB THEIR THIRST FOR GASOLINE. SLIDE 2 In recent years, the world s appetite for gasoline and diesel fuel grew so quickly that suppliers of these fuels had a difficult time keeping up with demand. We all know the situation with gasoline prices for the resent several years. The prices for gasoline had been changed rapidly. Mostly increasing, while the demand for it did not. For example, gasoline prices by Feb. 2008 rose to an average of $3.13 a gallon, thatRead MoreThe Price Of Gasoline Prices1662 Words   |  7 PagesIn the last ten years, gasoline prices have been increasing in Canada. Consumer spending on gasoline holds a large amount of total household expenditures. In 2009, the Consumer Price Index (CPI) calculated on average that Canadians spent about six percent of their total household budget on gasoline (Statistics Canada, 2013). 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According to Stephen Singer’s article (2017, August 24); Connecticut legislators are deciding to raise state sales tax and gas prices from its current rate to 6.85% to close a budget gap that’s predicted to reach $3.5 billion over two years to help lower state aid cut to towns. I disagree with the decision the legislators of Connecticut are making to fix budget gap with higher taxes on retail products and gasoline prices becauseRead MoreGasoline Prices702 Words   |  3 Pagespaper is Gasoline prices and potentially high state sales tax. According to Stephen Singer’s article (2017, August 24); Connecticut legislators are deciding to raise state sales tax and gas prices from its current rate to 6.85% to close a budget gap that’s predicted to reach $3 .5 billion over two years to help lower state aid cut to towns. 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