Why is gas so high?
The beginning year budget compromise only raised capital gains 5%. Not enough to discourage making billions on oil hedge funds.
2011 the first year of the Tea Party, 441 million barrels were paper stock.
2012 the second year of the Tea Party, 422 million barrels were paper stock.
2013 we are already at 220 million barrels in paper stock.
Regular Gas will be $3.73 a gallon very soon, the highest since 2008.
It is nice we will see 5% more in tax revenue off of capital gains. However to achieve that it also means the average family will now pay over $5000 in gas costs per car. Without the influence of hedge funds that cost would be $700 less, or over $4300 per car.
Coupled with a 2% payroll tax increase, this recent gas spike is drying up the economy. Wal*mart is already freaking out over a record loss of its first of the year’s sales.
Without a growing economy, we are in for more of the same economic gloom we’ve had the past 2 years, ever since the Tea Party was elected..
Nothing will change until we peg capital gains to the income tax rate. 42%.
Suddenly because hedge funds will no longer be profitable, no one will invest in them. Our gasoline prices will continue to remain low, and the economy will boom….
The silver bullet to growing the economy is raising taxes overall and really sticking it to capital gains…..
Leave a comment
Comments feed for this article