Your Taxes Already Up $700

by CalWatchdog Staff | March 10, 2011 5:32 am

[1]John Seiler:

Jerry Brown’s $12 billion tax increase, which he wants on a June ballot, comes to about $1,000 a year per family.

Reuters just reported[2] that the average American family will pay $700 more a year in gas costs, due to the skyrocketing price at the pump:

The average U.S. household will spend about $700 more for gasoline in 2011 than it spent last year, bringing total motor fuel expenses up 28 percent to $3,235, based on an annual pump price of $3.61 a gallon, the department’s Energy Information Administration said.

Retail gasoline prices soared by 38 cents over the last three weeks to $3.52 per gallon, according to the EIA, because of high crude oil costs due to unrest in the Middle East.

A better analysis is that since 2001 the Federal Reserve Board has been inflating the value of the dollar, as I detailed here on CalWatchDog.com[3]. It’s much like what happened in the 1970s.

And inflation is a tax[4]. So we already face $700 in tax increases for the next year. If Brown has his way, then we’ll have another $1,000 in taxes. That’s $1,700 in new taxes.

And let’s not forget increasing costs, from inflation, for food, heating oil and so much else.

No wonder the California economy is stagnating.

March 10, 2011

Source URL: https://calwatchdog.com/2011/03/10/your-taxes-already-up-700/

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