Raising the federal tax on gasoline would help erase 60 percent of the benefit from the tax breaks President Donald Trump signed into law late last year, according to a new report from Daniel Clifton, Strategas Research’s head of policy research.
President Trump reportedly endorsed the idea of raising the gas tax, currently 18.4 cents per gallon, by 25 cents. Gary Cohn, the former Goldman Sachs executive who is now one of Trump’s top economic advisers, has reportedly raised the idea with lawmakers.
The government already expects gasoline prices to rise by 20 cents per gallon, according to Clifton.
“The proposed gasoline tax increase adds another $0.25 per gallon. The combined $0.45 increase in gasoline prices eats away $71.6 billion from the $120 billion in individual tax cuts, or 60 percent of the net tax savings for consumers,” Clifton wrote in a research note. The Strategas analysis was first reported by CNBC’s Patti Domm.
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7 comments:
Gas is artificially cheap in the US because it fails to account for the environmental cost of its use. I am talking about clean up of spills, loss of habitat, etc. Raising a gas tax is an appropriate measure to update infrastructure and is a rational decision by President Trump.
It won't erase any percent if people don't use public transportation or don't drive which is the case in many circumstances. Here's a thought, carpool or get off your but and ride a bike. And don't you dare comment on me or argue. Swallow the pill and use spinach!
The recent tax cuts for citizens expire in 2023. The proposed gas tax will live for eternity. You do the math...
Easy come, easy go.
If this president wants to increase the gas tax, I will happily pay it. The things he does each day out weigh any amount he shoots for. Do I want it, heck no but I want him as president. It beats the clown below or the fat failed nut job he ran out of town.
3:57- "And don't you dare comment on me or argue." You sound like Jeb Bush stating that now is when we applause. Your first sentence shows your idiocy. You meant to say, "if people USE public trans..." What do you mean, " and don't drive which is the case in many circumstances?" Hence, your first sentence is just dribble.
Here is a very simple point a child can understand. Everything you own, came on a truck. Not a guy on a bicycle or from carpooling. "Swallow the pill and use spinach!" What a dumb closer, which substantiates my suspicions of your idiocy. I drive 500 miles a week for work. There is no way to change how I do my job. Get a clue before you "speak." Yeah, I dared to comment and argued with you! What you got?
The gas tax is a user tax, so it's the best way to tax. However, a user or sales tax is regressive, in that it taxes low income people more than higher income pro-rata. So, it won't be very popular. And, if diesel fuel is taxed more, just about everything we buy will cost more.
Our roads are falling apart and we have to figure out how to pay to fix them.
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