Tuesday, June 06, 2006
Great Day in History
Today marks the 74th anniversary of the implementation of the national fuel tax in the United States by President Herbert Hoover. On June 6th of 1932, the Revenue Act of 1932 was officially signed into law. Among other things, it raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent.
And we wonder why the Great Depression lasted so long?
Anywho, celebrate this day, as a great day in history and take great joy in paying that extra 18.5 cents of federal fuel tax and that extra 25 cents of state tax. We should all rejoice in the high prices and thank our lucky stars that President Hoover had the foresight to protect us from ourselves. Can I get an 'Amen'?
For more info, check out these websites:
Fuel tax info
History of Gasoline Tax
And we wonder why the Great Depression lasted so long?
Anywho, celebrate this day, as a great day in history and take great joy in paying that extra 18.5 cents of federal fuel tax and that extra 25 cents of state tax. We should all rejoice in the high prices and thank our lucky stars that President Hoover had the foresight to protect us from ourselves. Can I get an 'Amen'?
For more info, check out these websites:
Fuel tax info
History of Gasoline Tax
Comments:
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Well, I don't know the history of the issue, but considering the time period I would imagine that the increases were motivated more by a desire to close the budget deficit than concern for protecting citizens from themselves.
But, as faras the gas tax is concerned, I'm still not convinced it is a bad idea. In fact, From an efficiency standpoint, it might be greatly justifiable.
From a more philosophical standpoint? Who knows. I don't have a taste for utilitarianism and rights based arguments against taxation fall like a house of cards when examined closley. Or so it seems.
But, as faras the gas tax is concerned, I'm still not convinced it is a bad idea. In fact, From an efficiency standpoint, it might be greatly justifiable.
From a more philosophical standpoint? Who knows. I don't have a taste for utilitarianism and rights based arguments against taxation fall like a house of cards when examined closley. Or so it seems.
# posted by 
: 10:19 AM
: 10:19 AM
It is a very efficient tax, however I am not sure how that justifies the existence of the tax itself.
If there must be taxes, efficient is good approach though.
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If there must be taxes, efficient is good approach though.
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