The Road to New Taxes?

Sanchez, Humberto
June 2003
Bond Buyer;6/25/2003, Vol. 344 Issue 31664, p1
Trade Publication
Representative Thomas E. Petri said he favors increasing the federal gas tax over bonding as a way of boosting spending for the nation's transportation projects over the next six years. Petri strongly supports a plan proposed by Transportation Committee chairman Don Young, that would provide $375 billion for highways, mass transit, and safety initiatives by raising the gas tax by roughly eight cents over six years to account for inflation. The proposal would replace the current transportation funding law known as the Transportation Equity Act for the 21st Century, or TEA-21, which is expected to provide $218 billion for highways, mass transit, and safety over six years. Petri's comments came as the Congressional Budget Office released a report that stated a hypothetical bonding proposal � similar to a proposal offered by the American Association of State Highway and Transportation Officials � would cost about 2% more than simply appropriating the money from general funds. Another scenario discussed in the report is similar to a plan under consideration by the leaders of the Senate Finance Committee in which the Treasury would be authorized to issue taxable tax-credit bonds and designate the proceeds be used to fund transit projects.


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