Jan 16, 2018

Chamber of Commerce pushes gas tax to pay for infrastructure

Image: Bill Clark / Getty Images

The U.S. Chamber of Commerce is lobbying President Trump and Congress to raise the federal gas tax by 25 cents to help fund an infrastructure bill, reports the Washington Post. It plans to unveil the proposal later this week along with several other infrastructure measures.

Why it matters: The tax currently lies at 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel fuel, and hasn't been raised since 1993. An increase of 25 cents would yield more than $375 billion over the next decade, the CoC claims.

Go deeper: President Trump has repeatedly called infrastructure spending a priority of his administration, and plans to announce his vision for the bill some time before the State of the Union address on Jan. 30. Privately, Trump has proposed raising the federal gas tax by as much as 50 cents per gallon, WaPo reports, but the idea has received significant pushback from Republican lawmakers.

The other side: Democrats and environmental groups are likely to counter to raising the gas tax by proposing a tax on carbon emissions, says Axios' Amy Harder. That'd be a much broader — and controversial — policy. It could stymie any effort to move a gas tax if (and this is a big if) there's enough support among Republicans to even begin an earnest push.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 883,225 — Total deaths: 44,156 — Total recoveries: 185,377Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 189,753 — Total deaths: 4,090 — Total recoveries: 7,141Map.
  3. Axios-Ipsos Coronavirus Index: It's "a tale of two Americas" as the rich are more likely to work from home and the poor are more likely to report to work.
  4. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  5. State updates: Washington and California appear to have slowed their surges of new cases — Florida cases have been doubling the past four days, approaching 7,000.
  6. NYPD: Reported 1,400 of its employees have tested positive for COVID-19.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Private equity hits the brakes amid coronavirus recovery uncertainties

Illustration: Rebecca Zisser/Axios

Private equity is still working on opportunistic deals when it can get a break from portfolio triage, but it's also boarding up the exits amid new questions about the speed of the coronavirus recovery.

The state of play: Sale processes are being shelved daily, even ones that already launched with investment bankers, data rooms, and interested suitors.

U.S. coronavirus updates: America's "very painful two weeks"

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now killed more than 4,000 people in the U.S. — with over 1,500 deaths reported in New York City, per Johns Hopkins.

The state of play: In a major pivot in tone, President Trump said Tuesday it's "going to be a very painful two weeks," with projections indicating the virus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place.

Go deeperArrowUpdated 35 mins ago - Health