Mexican Media Brands
More States Plan to Raise Taxes on Fuel
Three states—California, Indiana and Tennessee—have raised taxes on gasoline so far this year, and South Carolina is poised to join them, The Wall Street Journal reports.
#economics
Share
Three states—California, Indiana and Tennessee—have raised taxes on gasoline so far this year, and South Carolina is poised to join them, The Wall Street Journal reports.
Per-gallon taxes currently range from 12.3 cents in Alaska to 59.3 cents in Pennsylvania. South Carolina, whose tax is at 16.8 cents today, proposes to raise the levy by 12 cents over the next six years.
Lawmakers in Alabama, Louisiana and Oklahoma also are pondering an increase in their fuel taxes. Most state also are indexing the fees to inflation. An analyst with the Tax Foundation tells the Journal that raising fuel taxes and tolls is a “defensible” way to pay for road, bridge and tunnel maintenance because it’s a user-pay system.
South Carolina estimates it needs to spend $1 billion annually to fix its roads, which are considered among the worst in the U.S. The planned fuel tax levy is projected to generate $630 million per year when fully implemented, according to the Journal.
RELATED CONTENT
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.