The gas tax holiday vs. the gas tax hike
By 
Shan-ul-Hai •
July 22, 2008
A few months ago, John McCain proposed a gas tax holiday (and Hillary Clinton backed it avidly), despite the disagreement of many economists. I later mentioned that I think it might actually be a better idea (for a variety of reasons) to actually increase the taxes on gas rather than to decrease them. I suggested that the higher prices would reduce consumption to the point where oil companies are forced to reduce their own prices or to embrace other energy sources; also, the extra money would be used towards alternative energy research.
Recently, Congress has started considering the possibility of a gas tax hike, although not for the reasons I suggested. Hopefully, it’s a step in the right direction… I’m excited that they’re starting to validate my convictions.
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