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Gas Tax Relief and Earmark Moratorium Act of 2008 Will Help Consumers and Work to Restore Fiscal Discipline to Washington
Danbury- State Senator David Cappiello today applauded efforts to help struggling motorists through a Memorial Day through Labor Day federal gas tax holiday. Cappiello announced his support of H.R. 5995, The Gas Tax Relief and Earmark Moratorium Act of 2008,which suspends the federal gas tax for three months this summer while replenishing critical highway funds through an earmark moratorium.
“This proposal to suspendthe federal tax on gasoline gets it right,” said Cappiello. “Not only will this bill cut fuel prices for consumers on during the busy summer driving season, it also accomplishes something that I have long sought- an end to the wasteful earmarks in Washington. With gas prices surging to over $4 per gallon in Connecticut, Congress must act to provide relief to families that are paying more and more to drive to work, to bring their children to sports practice, or simply to go to the grocery store.”
The proposal restores lostHighway Trust Fund revenue caused by a suspension of the 18.4 cents per gallongas tax, estimated at $8.5 Billion this year[1],through a moratorium on Congressional earmarks. The moratorium would save $14.8 Billion this year[2],with the excess savings used to fix the projected 2009 Highway Trust Fundshortfall. Additionally, the legislation establishes a bi-partisan taskforce, rejected previously by House Democrats, to reform the earmark process that wastes billions of taxpayerdollars each year.
“The fact that Congress could more than pay for significant and needed relief at the pump by simplyforgoing more wasteful spending is telling about the true price of earmarks tothe taxpayers,” continued Cappiello. “This is an issue of priorities and fiscal responsibility. Not only will this legislation help families and boost our economy by reducing gas prices, it will force Congress to get serious about treating taxpayers with respect by fixing the earmarkprocess in Washington. This bill is good for our families, and good for fiscal responsibility, and Congress should show it is serious about addressing both by acting now.”
[1] AmericanAssociation of State Highway and Transportation Officials Estimates,www.transportation.org
[2] HouseCommittee on the Budget, Republican Caucus, Press Release, 8 May 2008
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