For those of us buying gasoline in North Carolina, the price of that gas is going to go up by about 1% beginning with the New Year:
RALEIGH, N.C. — The new year is already bringing changes to North Carolina drivers in the form of a record high tax on gasoline.
Revenue Secretary David Hoyle said last month the state motor fuels tax would grow by 3.9 cents per gallon to 38.9 cents starting Sunday. That’s the highest-ever state tax on gas. The tax rose by 2.5 cents per gallon in July.
State law directs the tax be recalculated automatically twice a year based on a formula linked to wholesale gas prices.
Right now, gas is about $3.22 before this new tax. This will put gas at about $3.26 beginning January 1.
3.9 cents doesn’t sound like much, but 38.9 cents certainly does. For each gallon of gas I pump I’m paying about $0.40 American. My car has an 18 gallon tank meaning that every time I fill up I’m contributing $6.22 to the state. Every time I fill up.
And this doesn’t count the federal taxes.
It would be interesting to see what both the state and federal governments do with that money. How much of it goes to “infrastructure” projects?