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Federal Excise Tax on Gasonline and the Highway Trust Fund: A Short History
Federal Excise Tax on Gasonline and the Highway Trust Fund: A Short History
 
Our Price: $20.00
By James M. Bickley (au)
Year: 2012
Pages: 18
Binding Paperback
ISBN 978-1-4578-3798-2

Product Code: 1457837986

Description
 
Excise taxes have long been a part of our countryńˇ╗s revenue history. The states led the way with Oregon enacting the first tax on motor fuels in 1919. By 1932, all states and D.C. had tax rates that ranged between two and seven cents per gallon. The federal government first imposed its excise tax on gasoline at a one-cent per gallon rate in 1932,  to correct a federal budgetary imbalance. It continued to support general revenue during World War II and the Korean War. Economists know the gasoline excise tax as ańˇýmanufacturerńˇ╗s excise taxńˇŁ because the government imposes it at production (i.e., the producer, refiner, or importer) for efficiency in collection. Particularly in the short run, economists recognize that any increase in the gasoline tax ultimately falls on the consumer. The Highway Revenue Act of 1956 established the federal Highway Trust Fund (HTF) for the direct purpose of funding the construction of an interstate highway system, and aiding in the finance of primary, secondary, and urban routes. Each time Congress has extended the Highway Trust Fund it has also extended the federal excise tax on gasoline. Contents of this report: Gasoline Excise Tax for Deficit Reduction ńˇţ 1932; Nat. Defense Requirements; Highway Trust Fund; Gasoline Excise Tax for Deficit Reduction; Reversion from Deficit Reduction to User Tax Status; Extensions in the 112th Congress; Issues. Table. This is a print on demand report.

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