Archives for Capitol Hillbillies

Congress goes to gimmicks to pay for highway funds

Congress is providing $11 billion to prevent a 28 percent reduction in federal highway and mass transit spending at the peak of the summer construction season. The Senate passed a House-written bill to augment federal gasoline and diesel fuel taxes for keeping the federal Highway Trust Fund solvent through next May. The bill raises the money through: —Pension “smoothing.” Raises $6.4 billion by allowing companies to reduce the amount that they contribute to their pension funds now and make up for it later. Since pension contributions are tax deductible, companies would owe more tax revenue in the next few years
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