Tuesday, April 22, 2008

Is the gas tax holiday an April Fools Day joke?

The price of gas since January 2007. Data via randomuseless.info

Hillary Clinton and John McCain have decided that the cost of gas has become so oppressive they'd repeal the federal tax on it.
Clinton outlined a series of steps to address the issue [of high gas prices] at the beginning of the show, reflecting the growing importance of pocketbook concerns among voters. “I would also consider a gas tax holiday, if we could make up the lost revenues from the Highway Trust Fund,” she said, without specifying how to make up those lost revenues.


McCain, the likely Republican nominee, called for Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor day last week. Economists have warned that the benefits of such a holiday are short lived.
If we repealed the tax today, we would return to a golden era of cheap prices not seen since .... April 1st 2008.

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