DAILY NEWS Dec 6, 2013 8:25 AM - 0 comments

Gas tax hike in US aims to address USD 2 trillion in infrastructure shortfall

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WASHINGTON, D.C.--US Congress led by Representative Ed Blumenauer, have introduced a bill to phase in a 15-cent-per-gallon tax on gasoline and diesel to help pay for needed road infrastructure repairs and upgrades that the American Society of Engineers has pegged as costing $2 trillion, reported American Shipper.

“The Update, Promote, and Develop America’s Transportation Essentials Act” calls for the tax to be phased in across three years. It is expected to raise $170 billion over the next decade.

Some $50 billion of money earmarked for highway and other road upgrades has recently been transferred by Congress from the Highway Trust Fund to the General Fund, with estimates that the highway fund will need an investment of $15 billion a year beyond money that flows to the fund from the current gas tax just to stay at the current funding level.

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