Americans drive more during the summer season than any other time during the year. That's why proposals for a gas-tax holiday have heated up on the campaign trail. Presumptive Republican nominee John McCain first proposed it a few months back, and it has become a rare topic of dissent between Hillary Clinton and Barack Obama, who continue to duke it out for the Democratic nod.
The plan is simple: From Memorial Day to Labor Day, politicians would remove federal fuel taxes -- 18.4 cents per gallon on gasoline and 24.4 cents a gallon on diesel. The government would lose up to $10 billion in revenue that normally would go towards road construction. Ohioans would still pay a 28-cents-per-gallon tax, as well as other county and city charges.
[Clinton's plan] [McCain's plan] [Obama's dissention]
Full coverage is coming in the May 22 issue. Be sure to pick that up. For now, here are some good resources about the plan's benefits and drawbacks: The Huffington Post posted a great list of pros and cons of the plan, polling experts from various fields. Clinton wants to increase taxes on Big Oil, but The Tax Foundation has an interesting look at how many taxes those companies already pay. Thomas Friedman, longtime columnist for The New York Times, has a great treatiseon America's non-existent energy policy. Colleague Paul Krugman agrees. Some experts are actually saying the plan would hurt consumers.