To Reduce The Longterm Debt We Must Increase the Tax on Gasoline

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The last I heard our national debt was between $18 Trillion – $20 Trillion. It is time to start doing something responsible to pay down this debt for the longterm stability of the Country.

This view of mine might seem in complete contrast to my last post about the economy being in horrible shape and tens of millions of people suffering. Read on.

I read this morning on Reuters that gas prices could be heading towards $1.00 per gallon. This is insanely inexpensive and was never planned. My proposal is to raise the gasoline tax by 25 to 50 cents per gallon. I am not an economist, and would ask one to say what the best amount is.

This extra money needs to go directly to the longterm national debt to pay it down. Our country cannot go on spending money it doesn’t have without eventually paying a price. With the surprising windfall of gas prices plummeting we must take advantage of that. You don’t have to be a member of the tea party to realize the debt must be dealt with.

The reason this added tax is consistent with my beliefs is that this is a windfall no one was expecting. The amount of debt we could pay down could be significant as long as oil prices stay low.

I also feel very strongly that a tax credit should be given to individuals and families who are earning a certain amount. If you are a family of 4 living on $30,000 you should not have to pay the gas tax. Everyone always forgets about the single people; if you are single and earning $35,000 you too should be exempt from the tax.

Also, an extremely important point is where in the United States you live. Thirty-five thousand dollars a year goes much further in some places than others. Location must be included in this.

No one predicted oil and gas prices would plunge like they did. So, let’s take advantage of that and help the country’s longterm debt. I would be open to listening to any economist who can say the best amount to raise the taxes and the best amount of income to exclude people from paying the extra tax.

It’s time this country came together to do what is the best for all. No partisanship, just the best ideas to make life better for everyone.

As most people know, the interest on our debt is becoming a huge portion of our budget. If we can lessen this there will be more money left for essential things like job creation, infrastructure, education, budget solvency.

It’s time to act. Now.

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