Augusta Free Press: Rising Gas Prices, Health Costs Mitigate Impact of Tax Cuts

Meanwhile, six months after passage of the tax cut law, Virginia’s wealthiest one percent will be watching fireworks at the country club in great comfort knowing that their tax cuts will provide them with a $60,000 average tax cut a year, according to the Institute on Taxation and Economic Policy.

According to figures from GasBuddy.com, the price of a gallon of regular gas in Virginia has risen from $2.18 in January 2017 to $2.61 in July 2018, a jump of 43 cents or 20 percent. This works out to around $6.45 more for a weekly fill-up of a 15-gallon tank, or about $335 a year. Over the same period, gas prices in Richmond rose by 41 cents, or $320 more a year, in Roanoke by 34 cents, or $265 more a year, and in Virginia Beach by 45 cents, or $351 more a year. Read more