6 Reasons to Repeal the Federal Excise Tax on Heavy-Duty Trucks
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The document makes the case to repeal the federal excise tax on heavy-duty trucks. It provides six reasons for repeal: 1) The tax was originally created to help fund World War I but has since ballooned to 12% from 3%; 2) Since 1955, the tax rate has increased 300%; 3) It has the highest percentage rate of any federal excise tax; 4) The tax adds $12,000-$22,000 to the price of new heavy-duty trucks; 5) The federal government adds $40,000 in regulatory costs and then taxes the increased cost; 6) Over 7.4 million trucking-industry employees are directly impacted.
6 Reasons to Repeal the Federal Excise Tax on Heavy-Duty Trucks
- 1. Reasons to Repeal the Federal Excise Tax on Heavy-Duty Trucks A TAX ON 6 BUSINESS INVESTMENT
- 2. ORIGINALLY CREATED TO HELP DEFRAY THE COST OF WORLD WAR I REASON #1 1917
- 3. BALLOONING FROM 3 PERCENT TO ITS CURRENT RATE OF 12 PERCENT. REASON #2 300% SINCE 1955, THE EXCISE TAX RATE HAS INCREASED BY
- 4. THE HIGHEST PERCENTAGE RATE OF ANY FEDERAL EXCISE TAX THAT CONGRESS LEVIES REASON #3 12%
- 5. REASON #4 ADDED TO THE PRICE OF A NEW HEAVY-DUTY TRUCK $12,000 to $22,000
- 6. THE FEDERAL GOVERNMENT IS ADDING REASON #5 $40,000IN REGULATORY COSTS TO NEW HEAVY-DUTY TRUCKS, AND THEN LEVYING A TAX ON THE INCREASED COST IT CREATED.
- 7. NUMBER OF TRUCKING-INDUSTRY EMPLOYEES DIRECTLY IMPACTED REASON #6 7.4M
- 8. CLICK SHARE! JOIN US IN URGING H.R.2946 CONGRESSTO SUPPORT S.3052 AND