Over on CapitalGainsandGames.com today, Andrew Samwick makes the case for increasing the gas tax -- and pairing that hike "with a reduction in the payroll tax rate that fully offsets the revenue increase." As he puts it:
At a very basic level, you get less of what you tax and more of what you don't. Looking at our long-term energy needs, every little bit of energy conservation helps. Looking particularly at our short-term macroeconomic needs, we would like to increase the returns [on] work. Both the payroll tax and the gas tax are thought to be regressive, so on balance, we are not doing much.