10% Off of Price of Gasoline
April 4, 2012 Toronto – With today’s gasoline prices in the range of $1.40/litre, Freedom Party leader Paul McKeever is encouraging Members of the Ontario Legislature to make a revenue-neutral tax tweak that would shave $8.46 off of the price of a 60 litre tank of gasoline. The full particulars are set out in Freedom Party of Ontario’s 2012 Opposition Budget (available here). However, one of the budget proposals in the Freedom budget is that Ontario’s small-revenue consumption taxes be eliminated, and that the revenue from those taxes be completely recouped by raising the HST rate by 2.4 points to 15.4%. A calculation demonstrating the effect of that proposal on the price of gasoline today is set out below. Continue reading »