Jack Mintz: Stacked carbon taxes are unfair and inefficient. It's time for an overhaul fpcomment
By 2030 the federal fuel tax will be 34 cents per litre Ottawa forecasts the CFR will raise gasoline prices by 17 cents per litre. Federal and provincial excise taxes will add another 23 cents a litre, while federal and provincial sales taxes will add another nine cents. That’s 83 cents per litre in total.
The other day, unleaded gasoline in Toronto was selling at over $1.60 per litre, of which 37 cents was tax. Back in March 2019, before the federal government introduced the carbon tax, gasoline prices were $1.26, of which 28 cents was tax. Yes, gas prices have increased because of. The 19 per cent increase in the West Texas Intermediate price explains 24 cents of the price increase from four years ago.
The combined impact of these four or six separate taxes on fossil fuel consumption is both distortionary and complex. The CFR is particularly cumbersome, falling as it does onto an existing carbon tax with its own complex system of taxes and refining tax credits. Unlike the carbon tax, which applies to a broader range of products, the CFR primarily affects motor fuels.
And with the onset of new carbon levies, why do we still have fuel excise taxes? They apply to a very narrow range of products.
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