Excise Taxes An indirect tax charged on the sale of a particular good (usually by UNITS of the product rather than a percentage of the cost) Thus, an excise.

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Presentation transcript:

Excise Taxes An indirect tax charged on the sale of a particular good (usually by UNITS of the product rather than a percentage of the cost) Thus, an excise tax is measured by the amount of business done. It is not paid DIRECTLY by the buyer, but INDIRECTLY through a tax charged to the seller (who presumably passes the cost along to the buyer).

Current Gasoline Tax Rates Pennsylvania 31.2 cents/gallon (state) 18.4 cents/gallon (federal) 49.6 cents/gallon (total) Lowest total (federal + state): $0.264 (Alaska) Highest total (federal + state): $0.791 (California) New Jersey 14.5 cents/gallon (state) 18.4 cents/gallon (federal) 32.9 cents/gallon (total)

Cigarette Taxes Missouri:$0.17/pack North Carolina: $0.45/pack Pennsylvania:$1.60/pack New Jersey: $2.70/pack New York (state) $4.35/pack New York (city) $5.85/pack Federal:$1.01/pack (before 2009 it was $0.39/pack)

Cigarette Taxes In a 2012 study conducted on behalf of the New York State Department of Health, it revealed that low-income smokers (those in households making under $30,000), spent an average of 23.6% of their annual household income on cigarettes, compared to 2.2% for smokers in households making over $60,000.