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The KUIK Market Update for Monday, February 19: |
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Markets are closed in honor of Presidents Day. |
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Index |
Direction |
Change |
Units |
Index |
Time |
Change |
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Dow Jones Industrial Average |
Unchanged |
points |
7:29 AM |
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S&P500 |
Unchanged |
percent |
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Nasdaq Composite |
Unchanged |
percent |
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30 Year Treasury |
Unchanged |
Basis Points |
Annual Yield |
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President Trump reportedly supports a 25-cent increase in the federal gas tax, but even if a tax-averse Republican Congress balks, most Americans are likely to pay more eventually. Blame fuel-efficient hybrids and electric vehicles, such as the Prius and Tesla, as well as changing consumer behavior. New cars get better gas mileage, and we don’t drive as much as our parents and grandparents. As a result, governments can no longer cover all their road spending with traditional per-gallon gas taxes. That’s especially hard on states and localities which own about 98% of all roads. The Tax Foundation estimates gas taxes and fees cover less than half of all state and local road spending. Washington sends money generated from the federal gas tax, but it’s not enough, with some states having to borrow or draw on their general funds to pay for upkeep and new construction. Almost half of the 50 states have raised gas taxes in the past three years, including conservative ones such as Indiana and Florida. The federal government raised about $37 billion in gas and related taxes in fiscal year 2016 and states and localities raised slightly more. Increasing the tax by 25 cents would double what Washington collects. The president wants to “rebuild America” but he needs fresh sources of money. |
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Sign up for a Social Security and Retirement Analysis at brcapitalinc.com/kuik. Serving the West Side first, I am Bill Roller for 1360 KUIK. |
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For today’s Market Update Report click to listen-> |
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