As gas prices continue climbing to record highs with no end in sight, I and the Assembly Republican Conference want to relieve some of the pain at the pump by instituting a “summer holiday” from state gas taxes. Motorists and small businesses are certainly feeling the pinch.
Our summer gas tax holiday would, on average, provide a nearly .30-cent savings per gallon of gasoline and a .35-cent savings per gallon of diesel fuel.
Record high gas prices are putting a serious strain on motorists’ wallets, family budgets and small business bottom lines. High gas prices are a big part of the painful ‘middle class squeeze’ New Yorkers are enduring. New York’s overtaxed, overburdened, overregulated motorists deserve a holiday from high gas taxes, especially during the summertime months when more families traditionally take to the roadways.
High gas prices have a negative multiplier effect, driving up the cost of everyday goods as small businesses bear the price of higher fuel costs and ultimately pass it onto consumers. The fastest way to put the brakes on rising fuel, food and other commodity costs is by instituting a much-needed holiday from state fuel taxes for motorists and small businesses.
I and the Assembly Republican Conference also support the proposal recently put forth by Republican Presidential nominee Senator John McCain (R-Arizona) that would institute a summertime fuel tax holiday by suspending federal gas taxes. McCain’s “Gas Tax Holiday” amendment would temporarily shelve the 18.4-cent per gallon Federal gas tax between Memorial Day and Labor Day 2008.
It is simple economics: when people have to spend more on basic necessities like fuel and food, they have less to spend elsewhere, causing a further drag on an economy already mired in recession. By removing federal and state taxes on a gallon of gas, we can provide some measure of short-term relief that motorists and small businesses have been calling for. My Republican colleagues and I applaud Senator McCain for being the presidential candidate who was first in addressing this pressing issue.