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Category: Money

Gas Tax, On the Rise

Written on November 13, 2010 by Japhet Writ

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A task force charged with reining in U.S. debt is proposing a 15 cent per gallon increase in the federal gasoline tax. Due to this, another course of debate is stirring up inside the White House.

The US task force charged with reigning in is proposing a 15 cent per gallon increase in the federal tax. Furthermore, the draft proposal calls for the increase to begin in 2013.

According to a senior Committee staffer, taxes would rise by one cent every three months starting January 2013. This will be done until a 15 cent increase has been reached. Currently, the stand of is at 18.4 cents per gallon for gasoline, and 24.4 cents for diesel . Albeit the raise seems dramatic, gasoline price have been fluctuating by that amount for a couple of weeks now.

The proposal for increase wants the funds to be fully dedicated in capitalizing the transportation trust funds. In recent years, the trust fund has been bailed out of the government’s financial outlays for transportation. Due to the nation’s massive deficit, the shortfalls have had to be covered by the federal government’s general funds.

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