America’s infrastructure is crumbling and it’s a rare issue that Democrats, Republicans, unions and businesses all agree on. Unfortunately, that’s where the agreement ends as everyone has their own idea on how to fix the problem.
We’re starting to get a better understanding about President Trump’s philosophy as Fox News reports several lawmakers have confirmed he’s open to increasing the gas tax.
According to Senator Tom Carper, President Trump expressed support for increasing the tax on gasoline and diesel by 25 cents a gallon. The funds raised from the increase would then go towards improving the nation’s roads, bridges and highways.
While some people have expressed optimism about the President’s support, others strongly oppose any move to increase taxes.
CNBC reports Strategas Research ran the numbers and determined the obvious – it would cost drivers billions of dollars. When a government-estimated gasoline price increase of 20 cents per gallon is factored in, Strategas’ head of policy research says “The combined $0.45 per [gallon] 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.”
A White House spokesperson declined to confirm the President expressed support for increasing the gas tax but told Fox News “everything is on the table” and noted the rumored increase has “pros and cons.”
The gas tax currently sits at 18.4 cents per gallon and hasn’t been raised since 1993. A number of politicians have supported increases in the past but the issue typically doesn’t go over well with voters.