Why We Need to Increase the Federal Gas Tax
Some groups have recently criticized the U.S. Chamber of Commerce’s suggested 25-cent hike in the federal gas tax. However, these groups ignore the fact that without it, our roads and infrastructure will continue to crumble, and undermine our nation’s economic competitiveness.
The federal gas tax serves as the federal government’s main funding source for the Highway Trust Fund, which provides aid for repairs to interstates and transit systems throughout the United States. The Highway Trust Fund has operated at a deficit for the last six years due to more fuel efficient vehicles and the lack of increase to the gas tax for the last 25 years, despite rising inflation rates. Without any additional funding, the Congressional Budget Office has projected that the Highway Trust Fund will run dry by 2021. In order to fix deteriorating roads, bridges, and airports – and ensure the future economic success of our country – the gas tax must be increased.