Tuesday, May 13, 2008

Candidates Support Gas Tax Holiday

1st\NW Quadrant The Approval Matrix

Sens. Hillary Clinton and John McCain are pushing for a gas-tax holiday, but Sen. Barack Obama says the plan is a quick fix that would do more harm than good.

His [McCain's] plan would lift the 18.4 cents per gallon tax during peak summer travel months. It also would suspend the 24.4 cent diesel tax.

Clinton ... said her plan is different from McCain's. She said the Republican's proposal would cost the government up to $10 billion -- money that is used to improve roads.

The senator from New York said she'd make up for the lost revenue with a "windfall profits tax" on oil companies, meaning their profits over a certain amount would be subject to a 50 percent tax. Her plan also would close $7.5 billion in oil and gas loopholes as well as monitor prices for manipulation.

Obama does not support a suspension of the gas tax, which he described as a political scheme that would save the average driver $25 to $28. -- CNN

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