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There’s a lot of talk in Washington about a compromise infrastructure bill that would include a hike in the federal tax on gasoline and diesel fuel. Bad idea! This segment of What’s Ahead lays out why.
Proponents say this tax hasn’t risen in years, and is thereby lagging inflation. And they also point to the concept of user fees. Tolls are meant to finance and maintain particular roads and bridges. Fuel taxes are another tool to do the same for the Interstate and other toll-free facilities.
Trouble is, the Highway Trust Fund for the Interstate Highway System was created for precisely that purpose—and has been raided by politicians for other uses. The same has happened to other dedicated funds.
But more to the point, hiking fuel taxes now would harm a badly needed recovery.
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,
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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.
Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.
Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).
Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.
In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.
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