Government Increases Gas Prices Again

CARBON TAX CHANGES

TAKE EFFECT JULY 1

The pump price for gasoline takes another jump with the addition of the 'revenue-neutral' carbon tax the provincial government has crafted in order to get more feathers from the goose!

According to the following press release the tax is supposed to be revenue neutral; who believes you can send Victoria $1 and actually get $1 back? Further how many people are going to start riding a bike in order to save 2 or 3 cents at the pump?? Give us a break, we aren't as dumb as you seem to think we are. Or are we?

You will also notice there seems to be little relationship between pump prices and crude oil prices these days. As usual we don't seem to mind transferring our hard earned money into the hands of big oil and government these days. After all that is the Canadian way.

Government Press Release (Spin) follows:

The Province’s revenue-neutral carbon tax rate will increase July 1 to $15 per tonne of carbon dioxide (CO₂e) emissions from $10 per tonne. This works out to be an increase of 1.17 cents per litre of gasoline and of 1.35 cents per litre of diesel or home heating oil.

The increased revenue from the carbon tax will finance significant tax reductions and credits:

• The Low Income Climate Action tax credit will increase by five per cent on July 1, meaning low-income families and individuals will be eligible for $105 per adult and $31.50 per child annually. The credit is paid quarterly.
  

• Individual British Columbians have seen their personal provincial income taxes reduced by five per cent on taxable income up to $70,000. Individual taxpayers pay the lowest provincial income tax on earnings up to $116,000.

• B.C. has also been able to reduce the general corporate income tax rate from 12 to 11 per cent and the small business corporate income tax rate from 4.5 per cent to 2.5 per cent.

The carbon tax puts a price on carbon emissions to encourage people and businesses to make sustainable choices. In 2008/09, the revenue-neutral carbon tax generated about $300 million, all being returned in the form personal and business income tax cuts estimated at about $338 million. As a result, the tax cuts returned $38 million more to taxpayers than the amount of carbon tax collected.

Government has passed legislation to reduce greenhouse gas emissions by 33 per cent from 2007 levels by 2020 and 50 per cent by 2050. The government also passed legislation that creates a framework for B.C. to participate in a comprehensive cap-and-trade system. The carbon tax will be integrated into a cap and trade system to avoid unfairness and double taxation. These initiatives reduce greenhouse gas emissions, spur growth in new green technologies and help build a strong clean-energy economy.

It is estimated that the B.C. carbon tax will save up to three million tonnes of CO₂ emissions annually – equal to taking almost 800,000 cars off the road each year.

For more information about the carbon tax, visit: www.fin.gov.bc.ca/scp/tp/climate/carbon_tax.htm