Adding Up the Benefit Of Pennies at the Pump
Tuesday, April 29th, 2008
By Chris Fitzsimon
Tuesday, April 29, 2008; A06
Both Sen. John McCain and Sen. Hillary Rodham Clinton have called for a "gas tax holiday" this summer to offer commuters and vacationers some relief from spiraling gasoline prices. They have urged Congress to suspend the 18.4-cent-a-gallon federal tax and 24.4-cent diesel tax between Memorial Day and Labor Day, a step that could cost the government about $10 billion that would be used for transportation projects. The only major candidate to oppose the idea is Sen. Barack Obama, who voted for a similar measure in Illinois eight years ago. Obama now says that consumers would derive little benefit from such a moratorium. So, who is right? (more…)
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