Gas Tax Increases Proposed by Co-Chairmen of President Obama's Fiscal Commission

This past Wednesday, proposed tax reforms by the co-chairmen of President Obama's fiscal commission were released, according to a CNNMoney.com report.

One of the noted proposals is an increase in the federal gasoline tax. According to CNNMoney, "A task force charged with reining in U.S. debt is proposing a 15 cent per gallon increase in the federal gasoline tax."

These new taxes would take effect in 2013 going up $0.01 per month until the full increase has been reached. Federal taxes from gasoline are currently 18.4 cents per gallon.

The funds would be used for the transportation trust fund.