McCain Proposes Plan To Reduce Gas Prices
Apr
John McCain recently proposed a plan that could save Americans an average of $2.35 every time they fill up their tank. The proposed plan is to do away with the federal gas tax which right now is 18.4 cents per gallon. The idea is that from Memorial Day to Labor Day the country could do away with that tax as this is the time when most people travel.
McCain points out that doing this would instantly stimulate the economy by putting more spendable money into the hands of Americans. It may not seem like a lot, but across the country if everyone that fills up saves that kind of money the overall economy would improve, and also it would help give people a better outlook when they look at gas prices in the future.
The federal government currently collects $38 billion per year on gas and diesel taxes while state and local governments bring in an additional $78 billion. These numbers are reported by the Federal Highway Administration. Of course this plan is being met with opposition by some anaylysts who feel that roads would go in desrepair.
What is your thought on this? Do you think it is a good idea?
