The American Truck Dealers (ATD) has produced a video to support its campaign to repeal the federal excise tax (FET) on heavy-duty trucks.
ATD notes in the video that the outdated tax adds tens of thousands of dollars to the cost of a new heavy-duty truck, while keeping older, less safe and less fuel-efficient ones on the road longer.
“Congress originally passed the FET for one purpose: to fund World War I in 1917. More than 100 years later and the tax is not only still with us, but it has increased from 3 to 12 percent,” the video says. “And because truck sales can be hot or cold depending on the economy, it’s the most volatile source of federal revenue to the Highway Trust Fund.”
The FET is the highest percentage tax that Congress levies on a product. “World War I ended a long time ago,” the video says. “Now’s the time to end the FET.”
ATD also is leading the newModernize the Truck Fleet (MTF) coalition with several other industry groups that has two goals: repealing the FET, and identifying an acceptable replacement to sustain the Highway Trust Fund.
