Finding ways to fund the construction and maintenance of major infrastructure projects will be a continuing challenge during the 21st century.  But we must ensure, if we decide to pursue alternative funding mechanisms, that they do not have more problems than what is being replaced.  Take the excise tax on gasoline and diesel fuel as an example.  This tax has long been the primary funding mechanism for constructing and maintaining the American road system. The Wall Street Journal recently published a story discussing some alternatives.  As the WSJ notes, the core issues are that (1) costs for building and maintaining roadways are generally increasing more rapidly than gas tax revenues, and (2) progressively improving vehicle fuel economies and increasing proportions of alternatively fueled vehicles on our highways mean that the tax revenue per mile driven is expected to decline significantly. Point (1) receives far too little discussion.  Why...(Read Full Post)