Saturday, December 8, 2007

IRS Reacts to Higher Gasoline Prices

Higher gasoline prices continue to fuel inflation. Now even the IRS has taken notice.

The Internal Revenue Service raised for 2008 the standard mileage rates used to calculate the deductible costs of operating an automobile for business to 50.5 cents per mile. This is an increase from the current 48.5 cents for 2007. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile

However, this increase doesn't help the millions of consumers who are paying over 75 cents per gallon more for gas this year and higher prices for food and other consumer goods driven up by higher transportation fuel costs.

Death and taxes may be inevitable. But we can break our dependence upon foreign oil by encouraging the use of alternative fuels developed here in the US.

Source: IRS

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