Gasoline/Diesel Tax Rate Increase

 

Speaking to a group of Republican congressional leaders last week, Gary Cohn, White House chief economic adviser, floated the idea of raising the federal tax rate on gasoline and diesel fuel as a means to help pay for a major administration infrastructure program.

Bloomberg:

Gary Cohn Floats Idea of Gas Tax Hike for Infrastructure

The rate has remained flat since 1993 when it was last raised by then President Clinton by 4.3 cents per gallon. The rate has since remained at 18.4 cents per gallon. In the interim the nation's unfunded transportation infrastructure needs have grown dramatically.  While Mr. Cohn did not specify a new rate, the National Association of Manufacturers, which supports the concept, recommends an increase of 15 cents per gallon.

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