Proposed Transportation Empowerment Act (TEA) Would Eliminate Gas Tax

June 11, 2015

Senator Mike Lee (R-UT) and Representative Ron DeSantis (R-FL) filed the Transportation Empowerment Act (TEA) that would steadily eliminate the gas tax that is used to pay for federal transportation projects. This bill is popular with those who argue that development of road and transit infrastructure should be left up to states.

Policy Watch

•Senator Mike Lee (R-UT) and Representative Ron DeSantis (R-FL) filed the Transportation Empowerment Act (TEA) that would steadily eliminate the gas tax that is used to pay for federal transportation projects. This bill is popular with those who argue that development of road and transit infrastructure should be left up to states. TEA would lower the gas tax that currently pays for most federal transportation projects from 18.4 cents per gallon to 3.7 cents in five years. The bill would also transfer authority over federal highways and transit programs to states and replace current congressional appropriations with block grants. [The Hill]

Economic Indicators & News

• US retail sales went up 1.2% in May. Sales rose to a seasonally adjusted $444.9 billion. Figures from the prior two months were also revised up, showing stronger consumption than previously estimated. Vehicle and parts sales rose 2% last month, with auto makers having their best sales month since 2001. Higher gasoline prices helped gas station sales go up by 3.7%. [WSJ]

• US import prices rose 1.3% in May. Prices rose for the first time since June 2014 and were the sharpest increase in over three years. Over the past year, import prices are down 9.6%. [WSJ]

• South Korea cut interest rates to record low. South Korea’s policy rate was reduced by 0.25 percentage points to 1.5% in an attempt to stem economic fallout from a deadly outbreak of Middle East Respiratory Syndrome.[BBC]

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