TIA pushes highway bill at senator's press conference
Littlefield used the opportunity to call on Congress to pass the pending Federal Highway Bill without any tax increases and without a weight-distance tax, which would eliminate the Federal Excise Tax on truck tires and harm the retread industry.
Cardin held the press conference to highlight the impact high oil prices are having on citizens and businesses; he called for passage of the Close Big Oil Tax Loophole Act, which would end $4 billion a year in subsidies and tax breaks for the five biggest oil companies.
Those companies – ExxonMobil, Shell, Chevron, BP and ConocoPhillips – made nearly $1 trillion in profits in the last decade and more than $35 billion in the first three months of this year, according to Cardin.“Our nation’s roads are in poor shape, and that’s the main reason why Congress must pass the Federal Highway Bill without delay,” Littlefield told the assembled reporters. “But, we can’t afford any new taxes, and the proposal to pass a weight-distance tax would cause immediate and potentially long-lasting damage to the retread industry, which is helping keep America’s commercial transportation vehicles ‘green’ and fuel-efficient,” he added.
Upon addressing the rising cost of oil, Littlefield remarked: “The current high oil prices are having a negative effect on the tire industry – including the price of tires. No segment of the tire industry is being spared from the effects of these high prices, and consumers – including the trucking industry – are ultimately the ones who are bearing the brunt of this outrageous increase.”
For more information, visit www.tireindustry.com.