Bob Dole: “Finally, let me say a word with reference to the Finance Committee hearing that was held this morning on repeal of the…”

“Finally, let me say a word with reference to the Finance Committee hearing that was held this morning on repeal of the gas tax, the 4.3-cent gas tax, which was made permanent in 1993 in the Clinton tax bill, which raised taxes by $265 billion, the gas tax increase contributes about $4.8 billion a year. Not a single Republican voted for the big, big, big tax increase, the largest tax increase in the history of America. In fact, I think one of my colleagues said, 'No, in the history of the world.' Whatever, it was big. It has had an impact on the economy. Only once before--in 1990--did Congress ever vote to have a gas tax to pay for deficit reduction. Gas taxes were always set aside in a trust fund to build highways, bridges, and whatever. That is a very worthy purpose, and that is why motorists and others who use fuel are prepared to pay that tax to have better roads, better highways, and better bridges. But in 1993, in the $265 billion Clinton tax increase, which included a 4.3-cent increase in gas taxes, which was an increase of about 25 to 30 percent in the Federal gas tax, instead of dedicating the funds to bridges, highways, and whatever, it is being used for deficit reduction. Gas prices are spiraling. They have gone up 30 cents in the State of California, for example--15 cents, 20 cents in most other States. Will repeal of this gas tax mean the price of gas will fall? Not necessarily.”