• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

2

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

3

Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers

1

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

2

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

3

Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
Financegas prices

Why Donald Trump Could Start Raising Gas Taxes

By
The Associated Press
The Associated Press
Down Arrow Button Icon
By
The Associated Press
The Associated Press
Down Arrow Button Icon
May 2, 2017, 9:46 AM ET

President Donald Trump on Monday said he will explore the possibility of higher gasoline and diesel fuel taxes, suggesting an increase could pay for his ambitious infrastructure plan.

“It’s something that I would certainly consider,” Trump told Bloomberg News in an interview.

The president indicated that the additional money would be directed toward highway construction and repair. That’s been a problem area because fuel taxes have been unchanged since 1993 and created financial challenges for preserving the Highway Trust Fund.

The federal government currently finances its trust fund with an 18.4 cents per gallon tax on gasoline and a 24.4 cents per gallon tax on diesel fuel, neither of which are adjusted for inflation so the revenues raised has effectively fallen over time.

To keep a positive balance in the trust fund, lawmakers have injected an additional $143 billion into it since 2008, according to a report last year by the Congressional Budget Office. Highway-related tax revenue raised just $37.4 billion in fiscal 2015, meaning that maintenance has been deferred as potholes and traffic jams have worsened.

It’s a rare tax increase that enjoys support from the businesses most likely to bear the higher cost.

The U.S. trucking industry — which shoulders roughly half the cost of the fuel taxes — would welcome an increase if it’s dedicated to fixing infrastructure. The industry benefits because better roads reduce travel times, curb the frequency of vehicle repairs and improve roadway safety.

“The cost of doing nothing is more expensive than a higher fuel tax,” said Chris Spear, president of the American Trucking Associations.

Higher fuel taxes could increase costs for commuters — and could disproportionately hit lower-income workers, including Trump voters, who spend a greater percentage of their money on gasoline. But greater funding for highways could also increase the number of construction jobs in the economy, helping growth.

By increasing fuel taxes by 35 cents a gallon and indexing them to inflation, the federal government would raise an additional $473.6 billion over the next decade, according to the staff of the congressional Joint Committee on Taxation.

White House spokesman Sean Spicer said at the Monday news briefing that the president was only considering raising fuel taxes out of respect to requests from the trucking industry.

“He has an open mind,” Spicer said.

Raising fuel taxes has generally been opposed by Republican lawmakers at the state level.

Asked if he’d rule out a gas tax increase, House Ways and Means Committee Chairman Kevin Brady, R-Texas, told reporters Monday, “In my view, yes.” He added later, “But we’re going to have that discussion with the White House and we want to learn more about the president’s ideas.”

A committee aide said later that Brady’s answer reflected an assumption that infrastructure tax issues will be addressed separately by other House committees.

Trump also told Bloomberg News that the personal and corporate income tax plan his administration outlined last week is just the starting point for negotiations with Congress.

“Everything is a starting point,” the president said.

Trump’s proposed plan would slash the corporate tax rate to 15 percent and lower rates for individuals, likely increasing the deficit substantially if passed.

About the Author
By The Associated Press
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, and US President Donald Trump during a dinner with tech leaders in the State Dining Room of the White House in Washington, DC, US, on Thursday, Sept. 4, 2025. US President Donald Trump said he would be imposing tariffs on semiconductor imports "very shortly" but spare goods from companies like Apple Inc. that have pledged to boost their US investments. Photographer: Will Oliver/EPA/Bloomberg via Getty Images
Big TechDonald Trump
How Trump’s ‘unusual’ brokerage account traded around his own market-moving decisions—selling hyperscalers and buying energy stocks during the war
By Eva RoytburgMay 15, 2026
3 hours ago
Berkshire triples Alphabet stake and buys Delta stock while dumping Amazon in Greg Abel’s first quarter as CEO
InvestingBerkshire Hathaway
Berkshire triples Alphabet stake and buys Delta stock while dumping Amazon in Greg Abel’s first quarter as CEO
By Josh Funk and The Associated PressMay 15, 2026
3 hours ago
SpaceX said to plan public IPO filing as soon as Wednesday
Big TechIPOs
SpaceX said to plan public IPO filing as soon as Wednesday
By Anthony Hughes, Bailey Lipschultz and BloombergMay 15, 2026
3 hours ago
America’s productivity boom started before AI, and a Stanford economist who decoded the Great Resignation says working from home is the reason why
Future of Workremote work
America’s productivity boom started before AI, and a Stanford economist who decoded the Great Resignation says working from home is the reason why
By Marco Quiroz-GutierrezMay 15, 2026
6 hours ago
A man stands looking out over his front porch where a sign reads, "No data centers."
EnvironmentData centers
Startups are installing tiny data centers in people’s homes to reduce strain on the beleaguered electrical grid
By Sasha RogelbergMay 15, 2026
7 hours ago
deep-sea mining equipment
EnvironmentChina
China dominates the minerals that power AI. But one company claims there’s enough supply on the ocean floor to last for hundreds of years
By Jake AngeloMay 15, 2026
9 hours ago

Most Popular

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
3 days ago
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
Success
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
By Preston ForeMay 13, 2026
2 days ago
Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
Travel & Leisure
Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
By Catherina GioinoMay 12, 2026
3 days ago
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
Energy
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
By Jim EdwardsMay 14, 2026
2 days ago
Current price of oil as of May 14, 2026
Personal Finance
Current price of oil as of May 14, 2026
By Joseph HostetlerMay 14, 2026
2 days ago
Top economist says $39 trillion national debt leaves government worse prepared for recession than ever
Economy
Top economist says $39 trillion national debt leaves government worse prepared for recession than ever
By Eva RoytburgMay 14, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.