56 MPG Cars Could Pose Revenue Issues for States
President Barack Obama wants to give you a 50 percent break on your gas taxes.
You may not have heard about this startling news of a massive Democrat-sponsored tax cut, or realized you did. What was actually reported by The New York Times a week ago was that the Obama administration would like to require that new American cars and light trucks average 56.2 miles per gallon by 2025. That's about double the current requirement under federal law.
The proposal — industry experts said achieving that kind of engine efficiency is feasible with electric hybrids like the Toyota Prius and plug-in hybrid electrics — is still under negotiation and subject to change, the Times reported. The automotive industry frets that the vehicles might cost so much that consumers would turn up their noses, presumably hanging onto older cars longer.
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