3 months. The BRIBE is on!
18.3 cents per gallon. 24.3 cents on diesel.
Won't work. I'll be happy to save some money but it's not a fix.
It's just in time for the election isn't that weird?
What will be the other side of the coin though? The ramifications of losing this tax revenue?
These Federal Gas Taxes are revenue to the Transportation Infrastructure department. So they will lose around 10 billion dollars approximately.
Read:
This week, a group of senators introduced legislation to suspend the federal gas tax through December 2022 amid rising inflation. We estimate the proposed gas tax holiday would reduce gas tax revenues by roughly $20 billion, and could worsen inflation once the holiday expires.
The federal gas tax includes an 18.3-cent-per-gallon tax on gasoline and a 0.1-cent-per-gallon Leaking Underground Storage Tank (LUST) fee. The revenue raised flows into the Highway Trust Fund and is used to pay for most federal transportation spending. The bill would suspend both taxes from the date of enactment (for purposes of our analysis, we assume the gas tax holiday begins on March 1, 2022) through December 31, 2022. As a result, revenue flowing into the Highway Trust Fund would significantly decrease, though the legislation would offset that decrease by transferring general revenue equal to the amount of forgone federal tax revenue into the trust fund.
In this calendar year alone, more than $42 billion in revenue is expected to flow into the Highway Trust Fund, over three-fifths of which will come from the federal gas tax. A federal gas tax holiday that lasts from March through December would decrease trust fund revenue by $20 billion, cutting this year's Highway Trust Fund revenue stream nearly in half. Without the general revenue transfer in this bill, this holiday would advance insolvency of the Highway Trust Fund by a year, from Fiscal Year (FY) 2027 to FY 2026.
While the gas tax holiday may reduce prices at the pump, it will further increase demand for gasoline and other goods and services at a time when the economy has little capacity to absorb it. The result could be even higher rates of inflation in 2023.
They are only talking about 3 months not until December but these fools will probably extend it at the end of 3 months because they have a BAD habit of doing dumb things.
18.3 cents per gallon. 24.3 cents on diesel.
Won't work. I'll be happy to save some money but it's not a fix.
It's just in time for the election isn't that weird?
What will be the other side of the coin though? The ramifications of losing this tax revenue?
These Federal Gas Taxes are revenue to the Transportation Infrastructure department. So they will lose around 10 billion dollars approximately.
Read:
This week, a group of senators introduced legislation to suspend the federal gas tax through December 2022 amid rising inflation. We estimate the proposed gas tax holiday would reduce gas tax revenues by roughly $20 billion, and could worsen inflation once the holiday expires.
The federal gas tax includes an 18.3-cent-per-gallon tax on gasoline and a 0.1-cent-per-gallon Leaking Underground Storage Tank (LUST) fee. The revenue raised flows into the Highway Trust Fund and is used to pay for most federal transportation spending. The bill would suspend both taxes from the date of enactment (for purposes of our analysis, we assume the gas tax holiday begins on March 1, 2022) through December 31, 2022. As a result, revenue flowing into the Highway Trust Fund would significantly decrease, though the legislation would offset that decrease by transferring general revenue equal to the amount of forgone federal tax revenue into the trust fund.
In this calendar year alone, more than $42 billion in revenue is expected to flow into the Highway Trust Fund, over three-fifths of which will come from the federal gas tax. A federal gas tax holiday that lasts from March through December would decrease trust fund revenue by $20 billion, cutting this year's Highway Trust Fund revenue stream nearly in half. Without the general revenue transfer in this bill, this holiday would advance insolvency of the Highway Trust Fund by a year, from Fiscal Year (FY) 2027 to FY 2026.
While the gas tax holiday may reduce prices at the pump, it will further increase demand for gasoline and other goods and services at a time when the economy has little capacity to absorb it. The result could be even higher rates of inflation in 2023.
They are only talking about 3 months not until December but these fools will probably extend it at the end of 3 months because they have a BAD habit of doing dumb things.
