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1 Kyle Pomerleau, Options to Fix the Highway Trust Fund 1 (2015)

handle is hein.taxfoundation/opfxhtf0001 and id is 1 raw text is: TAXO FOUNDATION FISCAL FACT Mar. 2015 No. 456 Options to Fix the Highway Trust Fund By Kyle Pomerleau Economist Key Findings * The Highway Trust Fund is facing an estimated $168 billion shortfall over the next decade and absent any general fund transfers will run out of funds by mid-year 2015, due to increased spending and an eroding gas tax. * Lawmakers on both sides of the aisle have put forth permanent solutions, but political differences will likely mean lawmakers will opt to pass poor temporary policy such as pension smoothing and deemed or voluntary repatriation in order to keep the trust fund from going broke. * If lawmakers decide to look for revenue for the trust fund, their source of revenue should be long-term and conform to the benefit principle. * One option is to increase the gas tax by about $168 billion over the next decade while cutting another tax by the same amount. * This paper models the impact of raising the gas tax and offsetting it with one of five different tax cuts on GDP and the distribution of taxes paid. .........................................................................................................................

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