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let me bring in Texas Congressman August fluger hes a member of the homeland security Energy and Commerce Committee Congressman the womans story is so upsetting she lost two sons because they were poisoned by Fentanyl and when the president was first asked about this heres how he reacted watch isnt she amazing she was very specific recently saying that a mom a poor mother who lost two kids to fentanyl that that I killed her sons the interesting thing is that fentanyl they took came during the last Administration anyway I dont want to get started extraordinary Congressman your reaction well Maria its one more incident in the Biden administrations completely out of touch approach to the problems in America I had the chance to talk with miss kiesling her story is heartbreaking our heart goes out to her prayers are with her but theyre also with 110 000 other people in this country and it doesnt matter if that happened during the last Administration we have a problem right now tha

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How do you calculate excise tax supply and demand?

Excise Tax Formula and Calculation The equilibrium price (P) becomes two new prices to be balanced: the price that consumers will pay (Pc) and the price that producers will see (Pp). The price producers will see will equal the price consumers pay reduced by the amount of excise tax (t), such that Pp = Pc - t.

What is an example of an excise tax?

What is an example of excise tax? The federal gas tax is an excise tax. The US federal government charges 18.4 per gallon of gasoline and 24.4 per gallon for diesel fuel. These excise taxes stay the same regardless of other price inputs and are baked into the advertised price.

What is the meaning of excise duty?

WHAT IS IT? Excise duties and levies are imposed mostly on high-volume daily consumable products (e.g. petroleum and alcohol and tobacco products) as well as certain non-essential or luxury items (e.g. electronic equipment and cosmetics).

How do I calculate excise duty?

The sales price of an item is INR 23,000. The assessable value for excise is INR 20,000. The assessable value for VAT is INR 21,000.Example: Excise duty. LayerThe amount or tax represented by the layerTax2100 per cent of 20000 = 200003100 per cent of 21000 = 2100040516 per cent of 20,0003200.006 more rows

What is the best example of an excise tax?

Key Takeaways. An excise tax is similar to a sales tax, but its levied only on certain products or services. The most common excise taxes are imposed on tobacco, alcohol, and gasoline.

What is the Tennessee excise tax employee retention credit?

In 2021, employers can get an ERC of up to $7,000 per Employee each quarter. Employees are eligible for credits worth 70% of their qualifying salaries and related qualified health plan expenditures.

How is Massachusetts vehicle excise tax calculated?

The excise rate is $25 per $1,000 of your vehicles value. It is charged for a full calendar year and billed by the community where the vehicle is usually garaged. If your vehicle is registered in Massachusetts but garaged outside of Massachusetts, the Commissioner of Revenue will bill the excise.

What is the TTB excise tax on firearms?

HOW MUCH IS THE FEDERAL EXCISE TAX? A tax of 10 percent is imposed on the sales price of pistols and revolvers. A tax of 11 percent is imposed on the sales price of other firearms (for example, rifles and shotguns) and ammunition (shells and cartridges).

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