Gas tax suspension too good to be true? - WALB.com, South Georgia News, Weather, Sports

Gas tax suspension too good to be true?

May 2, 2008

Washington D.C. - With rising fuel costs and a weakened US dollar, two presidential hopefuls are calling for a national holiday tax break on fuel prices.

"Just for the summer, why don't we give the American people a little break," said Republican presidential candidate Sen. John McCain during an April 24th interview.

Both Senator McCain and Senator Hillary Clinton are suggesting that the 18.4 cent a gallon federal gas tax should be suspended between Memorial Day and Labor Day. But experts conclude the 3 month gas tax suspension would only save consumers around $25.00 to $30.00 and result in losses upwards of $10 billion for highway construction projects.

Many leaders on Capitol Hill agree the plan won't work.

"This has happened before and it has not accrued to the benefit of the consumer because it doesn't have to be passed on to the consumer.," said House Speaker Nancy Pelosi.

However, some lawmakers are saying that big oil companies should pick up the tab by having their profits taxed.

"Big oil companies ought to pay for it. Take some of the money out of the royalties. Take some of the money out the windfall profits and reduce that gas tax," said Rep. Charles Schumer, (D) New York.

But with the proposal seemingly going no where in Washington, it appears that consumers will see little change in the growing prices at the pump.

Feedback: news@walb.com?subject=gastax

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • The Latest: Irma weakens into a tropical depression

    The Latest: Irma weakens into a tropical depression

    Monday, September 11 2017 3:27 AM EDT2017-09-11 07:27:29 GMT
    Tuesday, September 12 2017 2:42 AM EDT2017-09-12 06:42:09 GMT
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
  • Rodent renders Bainbridge powerless

    Rodent renders Bainbridge powerless

    Friday, September 22 2017 12:16 PM EDT2017-09-22 16:16:54 GMT
    (Source: WALB)(Source: WALB)

    A city-wide power outage left Bainbridge without power when a squirrel got into the substation and tripped breakers. 

    More >>

    A city-wide power outage left Bainbridge without power when a squirrel got into the substation and tripped breakers. 

    More >>
  • President Carter honored with GSW Presidential Plaza dedication

    President Carter honored with GSW Presidential Plaza dedication

    Friday, September 22 2017 11:40 AM EDT2017-09-22 15:40:11 GMT

    Dedication of Georgia Southwestern State University's "Presidential Plaza"  is scheduled for 11:00 a.m. at the Wheatley Administration Building Lawn, on the Georgia Southwestern State campus in Americus. This new area on campus serves as the centerpiece to the University's signature entrance.  The west or front side of the plaza features a set of planted hedges that spell "GSW." The east or plaza side includes a mounted hand signature in cement from Pre...

    More >>

    Dedication of Georgia Southwestern State University's "Presidential Plaza"  is scheduled for 11:00 a.m. at the Wheatley Administration Building Lawn, on the Georgia Southwestern State campus in Americus. This new area on campus serves as the centerpiece to the University's signature entrance.  The west or front side of the plaza features a set of planted hedges that spell "GSW." The east or plaza side includes a mounted hand signature in cement from Pre...

    More >>
Powered by Frankly