U.S. senators want gasoline and diesel tax hike

Posted on 24 June 2014 by Tony Santos

US Fuel Tax Hike

For the first time since 1993, two U.S. senators Republican Senator Bob Corker and Democrat Chris Murphy want to raise the federal gasoline and diesel tax by 12 cents a gallon to fund half of America‘s transportation projects from running out of money in August.

Currently, the gasoline and diesel tax is 18.4 cents and 24.4 cents, respectively. The move for both senators might be untimely for the midterm elections this upcoming November but, “I know raising the gas tax isn’t an easy choice, but we’re not elected to make easy decisions. We’re elected to make the hard ones,” told Murphy in a statement with Reuters.

There might be other ways to fund these transportation projects, in which both senators proposed other tax cuts to offset the fuel tax hike while most lawmakers favored to give U.S. multinational corporations a tax break on bringing foreign profits into the country. Apparently, President Barack Obama opposes this idea of a corporate offshore profit tax repatriation holiday, according to the White House.

Now let us know how do you feel about the proposed fuel tax hike?

 

Categorized | Car News

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