Tuesday, June 03, 2014

It's coming, folks! They're coming for your hard earned money. Even those of you on "free" gov'ment moolah-------Federal Gas Tax Hikes Proposed by Senator Carper (democrat)

Federal Gas Tax Hikes Proposed by Senator Carper | Tax Foundation:
"The Federal Highway Trust Fund is due to go bust this summer, in part because the federal gas tax of 18.4 cents per gallon has not been raised since 1994.
In these 20 years, inflation has effectively reduced the tax rate by about one third.
Senator Carper of Delaware has recently proposed raising the gas tax “three or four cents a year for up to four years” and then indexing it to inflation.
The Congressional Budget Office (CBO) says increasing the federal gas tax 35 cents from the current 18.4 cents to 53.4 cents, and indexing it to inflation would raise $30 billion in the first year and $40 to $50 billion a year after that due to inflation.
CBO is counting the reduction in income tax and payroll tax revenue resulting from the increase in business costs."

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