SENATOR McCAIN INTRODUCES “SUMMER GAS TAX HOLIDAY” LEGISLATION
April 17, 2008
U.S. Senator John McCain (R-Ariz.) today introduced the “Summer Gas Tax Holiday” bill. The legislation would suspend the 18.4 cents per gallon Federal gas tax, and the 24.4 cent diesel tax, between Memorial Day and Labor Day 2008.
“Hard-working American families are suffering from higher gasoline prices, and they need relief. Now is the time to act with a tangible plan to address this problem,” said McCain. “The ‘tax holiday’ will make the summer driving season easier for people across the nation.”
The Federal gas tax was first established by Congress in 1932 to correct a federal budgetary imbalance. Today, the tax is collected and deposited in the Highway Trust Fund to support our nation’s roads and highways. The McCain bill would ensure that the Highway Trust Fund is not depleted during this “gas tax holiday” by transferring monies from the General Treasury. The legislation would not affect highway construction projects.
“Last Memorial Day alone, approximately 32 million Americans traveled by car 50 miles or more from their homes to their destinations. The legislation we introduced today will give families a break this summer – putting money back into the pockets of millions,” McCain said.
Co-sponsors of the bill include Senators Jon Kyl (R-Ariz.), Richard Burr (R-S.C.), Lindsey Graham (R-S.C.), Mel Martinez (R-Fla.), John Warner (R-Va.), Saxby Chambliss (R-Ga.), Joe Lieberman (I/D-Conn.), Roger Wicker (R-Miss.) and John Sununu (R-N.H.).