zerohedge.com / by Tyler Durden on 06/04/2015 12:54
When gas prices tumbled in late 2014 and early 2015, many states quietly considered, and some proposed, to take advantage of the “gas savings” and quietly institute a tax surcharge to fill up empty state coffers: after all it is much easier to implement price increases when the prevailing prices are lower than recent benchmark levels. So now that gas prices have resumed their climb in the footsteps of the price of crude oil, many assumed such “tax” proposals would quickly disappear, especially since all the speculation about a gas savings-driven spending surge by the US middle class turned out to be bogus.
It turns out such assumptions would be incorrect. According to the Hill, California is now officially considering increasing the amount of money drivers in their state will have to pay at the pump to help pay for transportation projects as federal road funding dries up.
Legislation has been in introduced in the California state Senate that would increase the state’s approximately 47 cents-per-gallon gas tax by 10 cents.
Presenting California’s latest tax: