Posted on 07/28/2008 11:25:41 AM PDT by bs9021
Good Money After Bad
by: Bethany Stotts, July 28, 2008
When gas prices are at record highs and American families are feeling the economic pinch, Congress may just decide to boost gas prices even higher. Their reason will be to save jobs.
As the Washington Post reported on July 20, “Now, lawmakers quietly are talking about raising fuel taxes by a dime from the current 18.4 cents a gallon on gasoline and 24.3 cents on diesel fuel.”
The discussion arose out of a presentation by Congressmen James Oberstar (D-Minn.) and Peter DeFazio (D-Ore.), who calculate that states will lose millions in funds and thousands of construction jobs should a gas tax holiday occur.
“The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere,” writes Associated Press writer Jim Abrams for the Washington Post.
On July 23 the House passed the Highway Trust Fund Restoration Act, which would transfer $8 billion from the Treasury to the Highway Trust Fund (HTF). But this is seen as a temporary fix, as the HTF is expected to have a shortfall of several billion next year.
However, supporters of increasing funds to HTF may be overlooking the fact that the fund had a $10 billion surplus just three years ago.
The bill faces a veto threat from the White House and opposition from House Republicans Paul Ryan (Wisc.) and Jerry Lewis (CA), reports the International Herald Tribune (IHT)...
(Excerpt) Read more at campusreportonline.net ...
I personally love all the current state budget shortfalls. Seems to lend an air of humility to our paid civil servants now that they actually have to pinch pennies (as they should have been from the get-go).
It's a shame I tell ya, a damn, cryin' shame. [/sarcasm off
You'd think they were talking about their own money, not mine.
One more example of why anyone who votes for a Democrat is an idiot.
You're really going to love 2009. As I'm sure you're aware, property taxes for this year were based on 2007 figures, before the stuff hit the fan. I'd say a minimum expectation for next year is that property taxes will be down 10%, more in CA and FL.
Promises to be a bull market for experienced tax professionals. State revenue departments are going to be working overtime to bring in extra $$$.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.