30. October 2005 · Comments Off on Getting Gouged At The Gas Pump · Categories: General

This from the Tax Foundation via TaxProf:

[F]ederal and state taxes on gasoline production and imports have been climbing steadily since the late 1970s and now total roughly $58.4 billion. Due in part to substantial hikes in the federal gasoline excise tax in 1983, 1990, and 1993, annual tax revenues have continued to grow. Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenues—more than twice the amount of domestic profits earned by major U.S. oil companies during the same period:

Year

Oil Profits

Federal Taxes

State Taxes

Total Taxes

1977

$26.8

$13.7

$29.0

$42.7

1978

$27.5

$13.0

$28.1

$41.1

1979

$34.9

$11.4

$25.2

$36.7

1980

$41.0

$9.4

$22.0

$31.4

1981

$41.4

$8.5

$21.0

$29.5

1982

$35.8

$8.0

$20.6

$28.6

1983

$30.2

$15.0

$22.0

$37.0

1984

$28.7

$16.2

$23.5

$39.6

1985

$29.3

$15.6

$24.6

$40.2

1986

$9.0

$15.9

$25.7

$41.5

1987

$14.0

$15.0

$27.4

$42.4

1988

$16.9

$15.6

$28.1

$43.8

1989

$14.5

$14.5

$28.3

$42.8

1990

$18.6

$14.5

$29.1

$43.5

1991

$11.0

$21.1

$29.7

$50.8

1992

$10.1

$20.9

$30.8

$51.7

1993

$10.6

$20.9

$31.4

$52.3

1994

$10.8

$27.1

$32.1

$59.3

1995

$7.9

$26.3

$31.9

$58.1

1996

$18.9

$26.8

$32.0

$58.9

1997

$18.8

$26.0

$32.6

$58.6

1998

$9.0

$27.1

$33.1

$60.3

1999

$16.8

$26.5

$33.6

$60.1

2000

$34.9

$25.7

$33.3

$59.0

2001

$35.1

$24.9

$33.6

$58.5

2002

$16.2

$24.5

$33.9

$58.4

2003

$31.7

$24.6

$33.4

$58.0

2004

$42.6

$24.2

$34.2

$58.4

Total

$643.0

$533.0

$810.1

$1,343.1

Hat Tip: InstaPundit

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