Tim wrote
At 10:35 AM -0700 9/12/00, Marshall Clow wrote:
Refinery: 17.2 [ I'm guessing this includes raw oil costs ] Retailer: 4.2 VAT: 12.64 Duty: 50.89
Total 84.9 [ this is the price at the pump ]
that's 74.8% tax, folks.
Which is of course what the original article was saying.
A nit, but "74.8% tax" may be misleading to some. It suggests a tax rate of "only" about 10 times the normal sales tax (normal in the States, for ordinary goods). In fact, the 75% is of course 75% of the final price. Or, roughly a 400% tax on the original commodity.
For example, imagine a Jaguar XK8 costing $60K plus $240K in taxes. 75% in taxes would suggest 60K plus 45K. The oil situation is 400% in taxes.
A nit on a nit: This is ~300% tax, not ~400%. Consider: 10 pounds worth (to the refiner/dealer) of petrol yeilds s the British government about 30 pounds of taxes. ie, 300% of the cost of the item. It's still mind-boggling that a nominally free people will put up with this kind of organized theft. Peter
Welcome to statism.
--Tim May