Skip to comments.Federal gas tax, trumps any tax breaks for big oil
Posted on 05/11/2011 11:33:25 AM PDT by big bad easter bunny
The US uses about 386,000,000 gallons of gas per day, the federal excise tax on gasoline, as of February 2011, is 18.4¢/gal and 24.4¢/gal for diesel fuel.
So lets take an average of 20 cents a gallon; That comes to $77,200,000 collected in taxes every day. Per year is $28,178,000,000, to claim oil companies don't pay their fair share in taxes, you have to pretend there is no tax on the product they produce. Not to mention each state adds their own tax on top of the feds tax. The federal government makes a higher percentage than the oil companies after taxed profit. So who is the lying villain here?
That means the government makes 6x more “profit” per gallon of gas than the oil companies do. They make around .03/gal I believe.