[Congressional Record (Bound Edition), Volume 154 (2008), Part 9]
[Extensions of Remarks]
[Page 12088]
[From the U.S. Government Publishing Office, www.gpo.gov]




    INTRODUCTION OF THE WORKING FAMILIES GAS TAX CREDIT ACT OF 2008

                                 ______
                                 

                         HON. ALCEE L. HASTINGS

                               of florida

                    in the house of representatives

                         Tuesday, June 10, 2008

  Mr. HASTINGS of Florida. Madam Speaker, I am honored to rise today to 
introduce the Working Families Gas Tax Credit Act of 2008. Similar to 
legislation that I introduced in the 109th Congress, this bill will 
provide greatly needed tax credits to individuals and families so that 
they can cope with soaring gas prices.
  The Working Families Gas Tax Credit Act will provide a $500 tax 
credit to individuals and a $1,000 tax credit to families who make up 
to $75,000 or $150,000 or less, respectively.
  This legislation will act as a secondary economic stimulus by 
providing credits to all individuals and families who were eligible for 
the economic stimulus rebate recently passed into law by the Democratic 
Congress. Similar to the 2008 economic stimulus package, the amount of 
the credit will phase out for individuals making over $75,000 and 
families making over $150,000.
  Madam Speaker, working families are paying twice as much as they were 
paying for a gallon of gas last year while oil companies are reporting 
record profits. It's literally highway robbery, especially when you 
consider that beyond housing costs, low- and middle-income households 
in the United States spend more of their earnings on transportation 
than anything else. Americans are looking to Congress to help them 
respond to unwarranted gas price increases. The Working Families Gas 
Tax Credit Act will give working families the temporary relief that 
they need during this difficult time.
  While it is true that there have been a number of proposals offered 
by our colleagues to confront current fuel price challenges, this 
proposal is unique in that it will put necessary resources directly in 
the hands of consumers. This will be an important stop gap measure as 
we reprioritize our international fuel prices and confront the 
corruption and failed policies that have led to our Nation's 
unsustainable oil addiction.
  I encourage my colleagues to support this necessary legislation and 
look forward to its expedient passage.

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