US President Donald Trump Considers Raising Fuel Taxes To Cover Infrastructure Costs

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US President Donald Trump says that he is open to raising fuel taxes in order to fund additional infrastructure spending, reports the Detroit Free Press. “It’s something that I would certainly consider,” he told Bloomberg recently in an interview.

Currently, federal taxes on fuel amount to 18.4 cents-per-gallon for gasoline, and 24.4 cents-per-gallon for diesel – rates that have remained unchanged since 1993, essentially leaving the US government’s Highway Trust Fund tapped out and causing much-needed road repairs to be deferred.. To maintain a positive balance, Washington has had to inject an extra $143 billion into the Fund from other sources since 2008, according to a Congressional Budget Office report.

The Joint Committee on Taxation has found that raising fuel taxes by 35 cents-per-gallon and indexing the new rate to inflation could help raise an additional $473.6 billion for the US Highway Trust Fund over the next decade, according to the Free Press. President Trump has previously promised increased federal investment in infrastructure – a promise that might well garner the support of much of the trucking industry, if not Trump’s own political party.

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Although higher prices at the pump would hurt¬†commercial fleets and independent owner/operators upfront, the increase could pay for itself – and then some – by helping to reduce repair costs and costly traffic delays. “The cost of doing nothing is more expensive than a higher fuel tax,” says¬†American Trucking Associations President and CEO Chris Spears.

The Ford Authority Take

It’s a good thing Ford has already resolved to invest $4.5 billion into growing its electrified-vehicle portfolio by 2020; any sizable increase in the cost of fuel could send consumers running to more fuel-efficient vehicles.

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Written by Aaron Brzozowski

Aaron Brzozowski is a writer and motoring enthusiast from Detroit with an affinity for '80s German steel. He is not active on the Twitter these days, but you may send him a courier pigeon.

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