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Monday, June 16, 2008

Group Calls on IRS to Increase Standard Mileage Rate in Light of Record Gas Prices

In light of record gasoline prices, the National Treasury Employees Union has called on the IRS to increase the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business (50.5 cents per mile), charitable (14 cents per mile), and medical or moving purposes (19 cents per mile).  Since the IRS announced the 2008 mileage rates on November 27, 2007, the price of a gallon of gasoline in the U.S. has risen 31.2%, from $3.079 to $4.039.

Update:  The Tax Foundation reports that Minnesota Senator Norm Colemen made a similar request to the IRS last week.

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Comments

Rather than whining to the IRS about this issue, why doesn't everyone concerned about these rates contact Congress and get them to address this issue?

If Congress wants the IRS to adjust these rates more often than once a year, they could do so with a simple amendment to the IRC instructing the IRS to do so.

Instead, everyone just wants to beat up on their favorite whipping boy (the IRS), allowing Congress to deflect and ultimately skirt their responsibility for addressing this issue.

Posted by: Concerned Citizen | Jun 17, 2008 8:50:42 PM