After discussing the Gas Tax Holiday in my deeper look at Hilary Clinton’s tax views, I wanted to learn more about the proposal. Therefore, earlier today the tax experts of the Roni Deutch Tax Center™ posted an entry to the RDTC Tax Help Blog titled The Facts About A Gas Tax Holiday. Enjoy the snippet below, or check out the full article.
Over the past week, the phrase "gas tax holiday" went from something no one knew about to a phrase being blasted through all media outlets. But what exactly is a gas tax holiday? Is it a new federal holiday that will give us all another three-day weekend? And will a gas tax holiday do anything for our downward spiraling economy?
The phrase "gas tax holiday" refers to a proposal from presidential hopefuls Sen. Hillary Clinton and Sen. John McCain to suspend the federal excise tax on gasoline from Memorial Day to Labor Day. It is a direct result of the eve-rising fuel prices that are expected to surpass $4 per gallon later this summer.
