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The other 2.5 cents of the Omnibus Act was directed towards deficit reduction. In 1993, President Clinton increased the gas tax to 18.4 cents with the Omnibus Budget Reconciliation Act of 1993 with all of the increase going towards deficit reduction. The Taxpayer Relief Act of 1997 redirected the 1993 increase to the newer Fund. [4]
Gov. Mike DeWine has signed legislation that could increase how much consumers pay for natural gas as part of a plan to boost economic development. Ohio Gov. Mike DeWine signs legislation that ...
The first federal gasoline tax in the United States was created on June 6, 1932, with the enactment of the Revenue Act of 1932, which taxed 1¢/gal (0.3¢/L). Since 1993, the US federal gasoline tax has been unchanged (and not adjusted for inflation of nearly 113 percent through 2023) at 18.4¢/gal (4.86¢/L).
One proposal is a federal gas stimulus check that would give eligible Americans $100 a month through the end of the year, or for as long as the price of gas exceeds $4 a gallon, CNET reported.
Proponents argued that this could reduce the gas price at the pump by about 18.4 cents a gallon for regular unleaded gasoline and 24.4 cents a gallon for diesel. If it were done, it was estimated the gas tax holiday would save consumers roughly $30 over the three-month period it would be instated. [1]
The number of states passing laws to suspend gas taxes could soon grow further. As gas tax holidays help consumers in 3 U.S. states, others may follow [Video] Skip to main content
They may be tax breaks on consumption, such as a lower sales tax on natural gas for residential heating; or subsidies on production, such as tax breaks on exploration for oil. Or they may be free or cheap negative externalities; such as air pollution or climate change due to burning gasoline, diesel and jet fuel.
Citing $1.4 billion in costs over 10 years, Duke Energy has been granted permission to raise gas heating bills – even as energy prices are falling. Ohio regulators grant Duke Energy bid to ...