Should Congress suspend the gas and diesel tax from Memorial Day through Labor Day 2008?

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5/10/2008 11:32:27 AM

It's a very stupid idea, for many reasons. First of all, the politicos do not identify the spending cuts that would pay for tax cut. It means, that the $30 billion or so will be borrowed -- from China most likely -- compounding the current budget problems. Also, lower price will increase demand which means the price will grow; at the end of the "holiday" period  the return of the tax will be felt like an additional kick in the teeth; there will be les money for highway maintenance. Ugh. I wrote a bit on that in my blog.

previous version of issue

Should Congress suspend the gas and diesel tax from Memorial Day through Labor Day, 2008?

  • Yes
  • No
4/23/2008 5:30:38 PM

I agree with brian: If there are PFs supporting it (and apparently there are), it's an issue!

4/23/2008 5:05:33 PM

If there are people supporting it besides McCain then lets get it up. I have read and heard many ridicule this idea to no end.

4/23/2008 5:04:37 PM

"Gas-tax" holiday is a joke. I don't think we should give it any credibility. Wow, Clinton has backed it too. She's shameless!

4/22/2008 12:16:39 PM

I really thought this story would die a short death. I think we should still wait to see if it really gains traction. But I'm also not opposed to approving, necessarily.

 

i don't think we need a comma.

4/22/2008 12:11:15 PM

Do we need the comma before 2008?

4/22/2008 12:05:13 PM

Clinton's joined him, Andrew Sullivan thinks they're both idiots.

4/18/2008 6:43:31 PM

Yeah, I'm not totally het up about it either.    Keep seeing references to it though, and we have so much on the Dem side of things, would be good to have something both current and more Republican.

4/18/2008 2:41:42 PM

I heard about this a few days ago... haven't been following it much, but we probably should be covering it.

4/18/2008 12:28:54 PM

Lots of opinions out there about McCain's proposed "gas-tax holiday":

 

PITTSBURGH (AP) - John McCain called Tuesday for the federal government to free people from paying gasoline taxes this summer and ensure that college students can secure loans this fall, proposals aimed at stemming the public's pain now from the troubled economy.

[...]

"We know from experience that no serious reform of the current tax code will come out of Congress, so now it is time to turn the decision over to the people," McCain said in a sweeping economic speech at Carnegie Mellon University a week before Pennsylvania's primaries.

To help people weather the downturn immediately, McCain urged Congress to institute a "gas-tax holiday" by suspending the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day. He also renewed his call for the United States to stop adding to the Strategic Petroleum Reserve and thus lessen to some extent the worldwide demand for oil.

 

AP