UPDATED 10:00 A.M. — Wed. January, 2018
A controversial tax could be used to help pay for President Trump’s infrastructure plan.
President Trump’s massive infrastructure plan is now in coming into sight, but how to pay for the landmark project is still mostly an open question.
The White House says it wants to pledge $200 billion worth of federal money to support the project with the remaining $800 billion coming from state and local governments across the country.
A small yet controversial increase in the nationwide gas tax is being floated as a possible source for those federal funds, and President Trump has shown support for the idea.
The right-leaning U.S. Chamber of Commerce says a federal gas tax of 25-cents per gallon could raise more than $370 billion over the next ten years.]
The tax was last raised in 1993, and currently stands at just over 18-cents per gallon.
Aside from the tax proposal, President Trump has said rules and regulations that delay and drive up construction costs will also be on the chopping block.
“Our infrastructure program will be based on forging new partnerships and demanding new accountability for every federal taxpayer dollar,” stated the president.
While the gas tax remains politically risky, a recent Bloomberg poll found 55-percent of Americans would back an increase as long as the revenue is only invested back into roads and bridges.