Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Connecticut Imposes Two Gas Taxes

Details

  • Description

    Connecticut State Senator Donald Williams Jr. explains what they are doing to moderate gas costs.

  • Duration 3:34
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

And a half percent there as well.

Was -- gas prices aren't high end up paying double tax on a gallon of gas drivers in Connecticut are doing it every time they fill up the tank.

One state senator says he's trying to ease the pain at the -- by putting caps on wholesale tax I'm joined -- Donald Williams the democratic state senator from Connecticut.

Senator thanks for joining us on spell out for us what this plan is and what exactly does it.

Well it puts a cap on these so called gross receipts tax which is a percentage tax on the wholesale price of gasoline.

So every time the wholesale price goes up.

The gross receipts tax goes up.

So we worked with our Republican colleagues this is a bipartisan effort and capture the gross receipts tax of three dollars wholesale.

So it's not something that's going to reduce.

The pricing gasoline any significant way that right now it's really -- protection.

Against increasing taxes as the price of gasoline.

I continues to rise and in addition to that we also strengthened our price gouging laws tightening Connecticut in terms of wholesale or retail.

Price gouging that may occur but -- we see the biggest increase coming in gasoline prices yeah is through -- speculation and the world market.

-- senator -- that yourself but not really gonna do that much for drivers what happens attacks on hiatus and give drivers a break for a little while help -- you know in your statement.

While that's a good question -- our dollars go -- to improving the infrastructure.

That we have in Connecticut right now we've got numerous deficient bridges we want to make sure that we don't have a repeat.

-- what we saw in the early 1980s.

The -- and it's river bridge collapse on interstate 95 so it's very important to us to keep the revenue stream that improves our transportation infrastructure but also.

To cap this tax.

So that if the price -- gasoline were to go up to five dollars retail we -- we hope that doesn't happen.

But if it did we can saving eight or nine cents a gallon -- terms of avoided tax.

But sir I mean how much revenue do you really neat if there's a tax on the wholesale gas.

And then when the retailer buys it resells it to -- or pay tax again -- on the same gallon attack at gas.

You you tax it twice for being taxed twice do you really need that much revenue for the roads can you give drivers a break.

Well we we have heavy traffic in the northeast as you know on our roads and our bridges.

We're smack dab between New York City and Boston.

When you look at that the gasoline taxes and -- holes in New York.

And the gasoline taxes and the polls in Massachusetts.

Connecticut is either in line or lower than those other two states we have no tolls -- whatsoever in the state of Connecticut.

Senator has anyone -- you why bother this isn't gonna make a big difference.

Crack.

-- and I know -- went eleven.

-- no absolutely not I mean as a matter of fact.

We -- Republicans and Democrats.

A fully support this of past 36 to nothing in the senate -- 146.

20 -- in the the house.

We want to be able to do everything we can at the state level knowing that world forces and and Wall Street forces do a lot to drive up the pricing gasoline still we want to do everything that we can't the state level.

-- to moderate and hold down costs.

Okay.

-- I don't think you are doing everything you can't -- I I think you're sort of impervious my questioning here so at stake you so much for coming on senator we have really we're we're doing everything we can and still keep our infrastructure strong in terms of roads and bridges and headed.

All right I hear you I appreciate your time thank you.

Load More