Gas Tax Holiday
Mayor of Maui Alan Arakawa, Senate Minority Leader Fred Hemmings (R, Lanikai-Waimanalo) and City Councilman Charles Djou have called for a two-month moratorium on gas taxes. This is an excellent idea that should be implemented immediately. The state economy is taking a tremendous economic hit due to the high gas prices resulting from the ill-conceived gas cap law and while the economic damage isn’t immediately visible it will soon become so as the inflationary effects of the spike in gas prices makes its way into the general state economy.
Despite the objections of those elected officials who are already worrying about the loss in tax revenues in their endless quest to spend the public’s money it would be far more beneficial to the economy to implement the moratorium than not. If the high gas prices slow the economy significantly, which is likely, then the loss in general tax revenues will be far greater than any loss due to a moratorium of gas taxes.
Gas taxes in this state are unconscionably high. It is only fitting that a reduction in taxes be considered to offset the appalling consequences of the gas cap law. As stated in this article here and this article here, the idea of a moratorium should be seriously considered.