The 12% federal excise tax on heavy-duty trucks is causing a disruption in Congress. In an article written on August 1, 2019 by Transport Topics, the tax for purchasing a new truck is causing many businesses to rethink their purchase. With new technology being implemented in newer trucks, the higher price for these trucks can deter truck drivers from purchasing them due to the 12% tax. For example, a $200,000 truck, an extra $24,000 can be added on just for this federal tax. This tax also ebbs and flows with the economy, if the economy is good the tax will be higher, if the economy is in a recession the excise tax will be lower.
If you would like to learn more on this federal excise tax on heavy-duty trucks, check out the article, Trucking Stakeholders Ask Congress to Repeal the 12% Federal Excise Tax on Trucks, Trailers by Eric Miller, staff reporter at Transport Topics.
