If you liked this instalment of Congress pushing the American economy into an artificial crisis, stay tuned.
Most of the national gasoline tax is set to expire on September 30th. Ben Smith at Politico implies that what used to be a routine—or at least do-able—extension could prove difficult with the present Congress.
He cites an accountant’s memo highlighting which parts of the tax will expire September 30th:
-All but 4.3 cents-per-gallon of the taxes on highway gasoline, diesel fuel, kerosene, and alternative fuels (Secs. 4041(a) and 4081(d)(1))
-Reduced rate of tax on partially exempt methanol or ethanol fuel (Sec. 4041(m))
-Tax on retail sale of heavy highway vehicles (Sec. 4051(c))
-Tax on heavy truck tires (Sec. 4071(d))
-Annual use tax on heavy highway vehicles (Sec. 4481(f))
The gas tax essentially acts as a “user fee” for federal highways. Its revenues fund highway expansion and maintenance, as well as mass transit networks around the country.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.