Gas and Taxes- An Opera in Three Parts

This piece came out of a post a dear friend put up briefly on Facebook, from watching gas prices plummet, and a news article recently published in the local rag. My intent is to enlighten one and all with my observations and knowledge gained from reading (along with my education). I do not have a degree in economics (science and engineering were much more challenging), and the few classes I did take in that field both at the undergrad and grad level, I angered and or upset the professors and received a lower grade because of it. They do not like people that can do higher ordinal math, understand logic, and ask questions (both obvious and not so obvious).

Part I-

So the other day a friend posted , an non-fact checked meme about the "hidden" taxes that came into affect the 1st of this year due to the American Care Act. That the top wage earners were going to have to pay more in taxes to help offset the "higher premiums" of health care. In reality, premiums have dropped according to GPO numbers, and I have also personally witnessed these lower premium prices. It continued on to say that the top wage earners are paying around 35% of their salary in taxes, and that it is jumping to just under 40% with these "hidden" increases. This applies to top step salary earning an adjusted gross income of $388k or more. While in reality once again they actually pay just 18% of their salary in taxes (Kiplinger). Also most at this level take their salary in company stock and that does not go as salary and they pay even less, but that is a different kettle of fish. The meme also stated that it was closing loopholes in capital gains, and increasing the amount taxed in this category. I sure hope that part is true and it is about fucking time.

Part II-

The article I read in the local rag is about a report that is now required by the State of Connecticut and released by the end of the year about who in the state pays the largest share in taxes. I was not surprised when it turned out to be the poorest majority with 27% of their income going to taxes. the middle income earners drop to about 15%, and the wealthiest pay less than 8% of their income. So enough of that bullshit that the rich support the government and let the poor ride their coat tails.

Part III-

Now lets look at the the falling gas prices. This is good for everyone, so of course the fiscal conservatives want to raise fuel taxes, to keep prices higher. The say the taxes generated by lower fuel costs is cutting into the tax revenue and they are correct since some of those taxes are based on percentages of the base cost of the fuel. Lower cost equates into lower percentage of tax equates into lower tax revenue. What they are not seeing is this is a tax break for everyone, which is what they preach will build a stable economy. The problem is, this is a tax break for everyone, just not the rich and the corporations, and that hurts the campaign funds. So they, the fucktards now in charge, want to raise the taxes in the name of infrastructure repair, and give those tax breaks solely to the monied, leaving the burden once again on the lower income workers at the pumps.

Aria (Fat lady singing)

Do you not think it is better for the economy as a whole to leave the money into every one's hands. When I was filling up today at the local Quikie-mart, I asked the guy at the register what he thought of the lower prices at the pump. He replied great, his sales of coffee and what not has gone up. Consumer spending is what drives a healthy economy, not lining the pockets of the rich. And their is tax on those sales, that will offset the taxes lost on the lower fuel prices, so it is a wash if you ask me.

So I hope I have made you stop and ponder.