Proof The Bible Is True

On June 6, 1932, President Herbert Hoover imposed the first ever national gasoline tax in the United States, initially set at 1 cent per gallon.

It was a major success for the federal government; the tax on gasoline alone was responsible for over 15% of their 1933 tax revenue.

What’s curious is that the Senate Finance Committee issued a report the following year stating that the federal gasoline tax should be repealed. But that never happened.

Instead it went up.

Under President Eisenhower, the tax increased to 3 cents per gallon. Under Reagan, 9 cents.

It’s risen steadily through the years to a level of 18.4 cents for every gallon of unleaded fuel, and 24.4 cents per gallon of diesel.

All of this tax revenue is –supposed– to go to the Federal Highway Trust Fund, something established back in the 1950s to finance the care and maintenance of the nation’s highways.

And now it, too, is insolvent.

Earlier this week I told you about Social Security’s Disability Insurance Trust Fund (DI), which will become insolvent in a matter of months.

Read More  EconomicPolicyJournal.com: The Signs are Everywhere: The US Government is Going Broke.