On June 18 Senator Chris Murphy (D-CT) and Senator Bob Corker (R-TN) released their proposal to increase the fuel tax by 12 cents over two years to create revenue necessary to shore up the Highway Trust Fund and pay for a long term transportation authorization bill.
Senator Murphy wrote notes in a press release “…the purchasing power of the gas tax is approximately 63 percent of what it was in 1993…” when last the tax was increased. The Senators’ proposal would increase the federal gasoline and diesel taxes by six cents in each of the next two years. According to the Senators, this increase would provide enough funding to offset current MAP-21 spending levels over the next 10 years and replace all of the buying power the federal gas tax has lost since it was last raised in 1993.
The plan also would index the gas tax to inflation, using the Consumer Price Index (CPI), to ensure that it remains viable into the future.
The press release with a link to a one-page fact sheet is located here:
What are your thoughts on this proposal?