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"A comprehensive, collaborative elections resource."
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Clinton-McCain gas tax holiday slammed as bad idea
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| Contributor | RP |
| Last Edited | RP Apr 30, 2008 12:15pm |
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| Category | Proposed Legislation |
| Media | News Service - Reuters |
| News Date | Wednesday, April 30, 2008 06:00:00 PM UTC0:0 |
| Description | A gas tax holiday proposed by U.S. presidential hopefuls John McCain and Hillary Clinton is viewed as a bad idea by many economists and has drawn unexpected support for Clinton rival Barack Obama, who also is opposed.
Economists said that since refineries cannot increase their supply of gasoline in the space of a few summer months, lower prices will just boost demand and the benefits will flow to oil companies, not consumers.
"You are just going to push up the price of gas by almost the size of the tax cut," said Eric Toder, a senior fellow at the Urban-Brookings Tax Policy Center in Washington.
Obama criticized the plan as pure politics and said the only way to lower the price of gas is to use less oil.
"This isn't an idea designed to get you through the summer, it's an idea designed to get them through an election." |
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