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The week's question
In December 2024, in the thread "Re: BRK: Why Not XOM?", BreckHutHigh asked the members: "What about the long road trips with kids?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: Aussi   😊 😞
Number: of 21941 
Subject: Re: o/t, debtors and creditors,
Date: 07/09/24 3:42 PM
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There is no Federal sales tax, only state & local sales tax.

But there is Federal excise tax which has a very similar result to sales tax (money sent to government).

Gasoline is taxed at federal, state and local levels in the U.S. As of January 2024, federal taxes on gasoline amount to $0.184 per gallon (which includes an excise tax of 18.3 cents per gallon and a storage tank fee of 0.1 cents per gallon).

The difference between excise tax and sales tax is that1234:
Excise tax is a specific tax on certain goods, such as luxury items or those with health concerns, while sales tax is a general tax on most goods and services.
Excise tax is often included in the product's price, while sales tax is added at the point of sale.
Excise tax is paid by the manufacturer, while sales tax is borne by the end consumer.
Excise tax is levied on accessible value, while sales tax is based on sale price.

The only real difference between Australia's GST (Goods and Sales Tax) and the US sales tax is that in Australia, the price shown includes the tax. Similar to the US gasoline excise and sales tax. I doubt they had to be explained about sales tax, but why it is not included in the advertised price. I was told it is not included so that the consumer can readily see how much they are paying in tax.

Australians also grumble about tipping which is not included in the bill!

Aussi.

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This community has written 21,448 posts about Berkshire Hathaway. The article-length ones it recommended most:
BRK: Why Not XOM? · 62 recs · 2024
Second quarter comments · 60 recs · 2023
Berkshire's Profit Contributors · 57 recs · 2023
Summary of 2Q 2026 · 54 recs · 2026
3Q Summary · 53 recs · 2024
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