Gas-Tax Holiday Proposed
This isn't the same kind of holiday you want to take over the summer--although a measure like this one could very well enable all of us to travel a bit more if gas prices were, indeed, to fall based on less tax charged per gallon.
Currently, the $26 billion gained annually from the tax charged on gas goes towards the federal highway fund. However, Senator Trent Lott, R-MS, believes the government can allot some of the budget surplus to the highway fund cover the potential shortfall caused by reapportioning the tax.
The Senate will have to vote on this measure. The actual tax on a typical gallon of gas runs 4.3 cents. House Speaker Dennis Hastert, R-IL, said he believes the House of Representatives also would support the idea.