Published: Wed, May 03, 2017
World | By Lorena Waters

Trump says he's willing to consider raising gas tax

Trump says he's willing to consider raising gas tax

"It's something that I would certainly consider", Trump said Monday in an interview with Bloomberg News.

Fuel taxes have not been raised since 1993, as vehicles have become increasingly fuel efficient and construction costs have climbed rapidly. We had a great meeting with the leadership last week. In his inaugural address Trump said, "For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost...."

Mnuchin said he has been working with congressional leaders to push tax reform and he hopes for bipartisan support.

Speaking earlier at an event during the Milken Institute Global Conference, Mnuchin said plans to overhaul of the tax system, offer regulatory "relief" and improve the terms of trade deals will help produce 3 percent USA economic growth that can be sustained.

There were other ways to raise revenue to offset tax cuts with revenue boosted by a faster pace of economic growth and a lot of deductions.

The tax plan is a "jobs bill", he said, given that 70 percent of the tax burden on a business is passed down to the employees. "We can have more roads at lower prices if Congress repeals destructive laws and rules it itself established for sordid reasons".

The current federal gasoline tax is 18.4 cents a gallon.

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Wisconsin has faced similar challenges with long-term transportation funding.

The president called first-quarter economic growth, which the Commerce Department said declined to a 0.7 percent annual rate, "really bad". We understand how hard it is to get things through Congress. He added later, "But we're going to have that discussion with the White House and we want to learn more about the president's ideas". A month ago, there was talk on Capitol Hill of pairing a tax reform bill with an infrastructure plan to win over some Democrats. The president has released plenty of information and I think has given more financial disclosure than anybody else. He was responding to former Federal Reserve Chairman Ben Bernanke's comments earlier Monday on "Squawk Box" that the economy is unlikely to break above 3 percent. That's fourth among states, behind CT ($22,785), NY ($19,782) and MA ($18,997), he said. "Let's see the proposal".

For individual taxpayers, the administration plan is geared toward the highest earners.

Of Trump's first 100 days in office, Stockman again referred to the White House as a "pop up store giving out candy before the 100th day to say they've accomplished something". She said at a Milken Institute Global Conference in California on Monday that it could come "fairly shortly".

The plan, however, was silent on gasoline taxes, a potentially delicate issue given the widespread impact any increase would have on USA households. Aides have said the package would be financed by roughly $200 billion in federal money, with the rest coming from private financing. Foreign earnings, however, would not be taxed at all and past earnings will be allowed to be repatriated at a one-time special rate. Toder and Viard, for example, have a plan to pay for a rate cut with higher taxes on individual dividend earnings.

"President Trump has outlined a tax plan full of giveaways to the wealthiest Americans, but he was silent on fulfilling his campaign promise to close the carried interest loophole. That's what we're projecting", Mnuchin said.

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