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Apr 4, 2015

TRUCK COSTS * USA: OOIDA opposes an increase to the federal excise tax on new trucks and trailers

* Missouri - Truckers support resolution against increasing excise taxes on new trucks

  --   OOIDA is supportive of a resolution in Congress that opposes any increase to the federal excise tax on new trucks and trailers. The Association supports ahead of any attempts that would increase the 12-percent tax on new trucking equipment in the next highway bill... The average retail price of a new truck is $169,000, and that continues to increase based on mounting regulatory requirements for fuel economy and emissions. The 12 percent federal excise tax, or FET, adds another $20,280, on average, to the purchaser’s cost... According to the American Truck Dealers, the federal excise tax on new trucks was established in 1917 to help defray the cost of World War I. The initial rate was 3 percent but was raised to 12 percent when Congress incorporated the FET into the Highway Trust Fund to pay for transportation... From 2002 up through the current proposals for fuel economy and emissions, environmental regulations will have added more than $30,000 to the sticker price of a new truck, according to American Truck Dealers... 
(Photo)  --  Grain Valley, MO, USA - Land Line, by David Tanner - 2 April 2015

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