07-19-2008, 11:55 PM
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Commentator
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Join Date: Apr 2008
Location: Republik of Kalifornia
Age: 50
Posts: 1,637
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Dream of gas tax holiday falters over job losses
Quote:
Dream of gas tax holiday falters over job losses
By JIM ABRAMS, Associated Press Writer 1 hour, 45 minutes ago
WASHINGTON - 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.
Despite calls from the presidential campaign trail for a Memorial Day-to-Labor Day tax freeze, lawmakers quickly concluded — with a prod from the construction industry — that having $9 billion less to spend on highways could create a pre-election specter of thousands of lost jobs.
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.
"Some economists don't think much of my gas tax holiday," he said in a speech this month. "But the American people like it, and so do small business owners."
Senate Democrats in May tried to add $5 billion to an aviation overhaul bill to replenish the highway trust fund next year; Republicans objected. Democrats tried again in June, but this time for $8 billion; Republicans objected to that, too.
Congress should first reduce spending on pet projects, known as earmarks, argued Sen. Jim DeMint, R-S.C. "I'm not going to let the Senate spend all this money when nobody is looking, especially when we refuse to stop wasting billions of taxpayer dollars on earmarks."
http://news.yahoo.com/s/ap/20080720/...6UQyouhQA8KbIF
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If the Democrats remain in control of the Senate and the House, you can expect a whole lot more tax increases. it's what they do, it's who they are. During Jimmy Carter's presidency, the democrats held both houses and the White House. Interest rates climbed to over 20%. As an example say you buy a $250,000 house, at 6% for 30 years it would be $1498 per month. Now at 19.5% the same house would cost you $4074 per month.....get the picture?
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Barack Obama's Executive Flop
If Obama couldn't lead such a small organization as the Chicago Annenberg Challenge to success, how can any one bellieve he can lead this country to it?
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