The House Transportation committee has proposed a $230 billion, six year, federal highway funding program to replace the $285 billion program that expired nearly two years ago. $230 Billion is the estimated revenue from federal fuel taxes over the period. Federal highway spending for FY 10 and FY 11 has been based on a series of extensions of the expired $285 billion program supplemented with several multi-billion supplements from general tax revenues.
The U.S. Highway Trust Fund is nearly broke, and the reason why is simple: the federal gas tax is about 20 years behind the times. The highway fund relies on the federal gas tax as its primary revenue source, and that tax has stood ... Read Post
The U.S. federal government funds infrastructure projects through the highway trust fund. This trust fund receives revenue from mainly the excise tax on gasoline, and uses the revenue to pay for transportation projects through grant... Read Post
US Rep Pete DeFazio issued a statement today claiming that the solution to a funding gap in the proposed $450 billion six year highway and transit program is a tax on oil futures trades. DeFazio proposes a 0.02% tax on every oil fut... Read Post