Monday's Internet Edition, September 08, 2008.
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Staff Writer
- In the first days of 2006, one horoscope might read, “Consumers can expect see their budget growing thinner.” This not a warning but a reality that North Carolinians will have to adjust to.
Sunday marked the first day of a 10 percent state gas-tax increase, as the gas-tax increased by nearly three cents at the pumps.
The state gas tax increased by 2.8 cents, from 27.1 cents to 29.9 cents per gallon, for the largest tax increase in over 16 years. According to the N.C. Department of Revenue, each penny produces $53 million a year in revenue for the state. The state's gas tax rate is adjusted biannually, on Jan. 1 and July 1, based on the average wholesale price of gasoline over a six month period.
Three-fourths of the state tax revenue is allotted towards improvement of county roads and the state highway system federal highway fund. The remaining one-fourth goes towards the Highway Trust Fund for building new roads.
In 2005, the gas-tax was increased by 5.3 cents — which now makes the state’s gas tax the third highest in the nation, after New York and New Jersey.
Don’t want to drive to pay your bills — you could try mailing them instead, if you don’t mind paying a little extra.
As it is, not just state gas-tax prices are increasing this year, but costs of postal rates will increase on Jan. 8 when the price for a first-class stamp goes up two cents for the first time since 2002. The price adjustment is due to a 2003 federal law that requires the U.S. Postal Service to establish a $3.1 billion escrow account each year, starting in 2006.
The cost of first-class one-ounce letter at the U.S.P.S. will increase from .37 cents to .39 cents on Sunday. Other prices increases will be the first-class two-ounce letter, which will go up from .60 cents to .63 cents, and a postcard rate, which will rise one cent from .23 to .24 cents. The cost of priority and express mail also will increase to $14.40 and $18.80, respectively.
Post Offices around the state are stocking up on .01 and .02 cent stamps to “aid” customers to use with the old .37 cent stamps. More than 2.5 billion stamps have been produced for the mark-up.
Given the economy, one New Year’s resolution might be to start carpooling.
(Jan. 3)