Drop the tax on diesel fuel. It is that simple. It would target business. It would target small business, in particular truckers. The poorest would benefit from the lower prices of commodities, like food, and clothing. Transportation costs dropping would ripple throughout the economy. I am not sure how much revenue the fed would have to give up, but the greater economic activity would offset the drop, and then some.
Why not gasoline? No need. Diesel accounts for a large fraction of transportation, gasoline doesn't. Trains, and trucks use diesel, only light delivery trucks use gasoline, and you could easily rebate fuel tax at 100% to business. Airlines would also get a great stimulation by the 100% rebate on fuel.
If anything would stand in the way of this plan, it is the probability of success. You see, if it worked, and I am sure it would, there would be pressure to drop all federal taxes on fuel, all fuel. People would figure out dropping the tax on gasoline would allow more travel, another boost to the economy that would offset any loss of revenue, and so on, and so on...
Remember, every time taxes are decreased, revenues rise....every time it has been tried....Kennedy, Reagan, Bush, before that, how many Presidents were there that had an income tax? That is right, only a few, and before Kennedy, fewer still that had social security. Only Truman, and Eisenhower had social security, remember Franklin Roosevelt initiated Social Security. Woodrow Wilson initiated income tax. All of the big tax initiatives have came from Democrats, see the pattern? Johnson with the great society, etc..
Democrats, and some errant Republicans raise taxes, and the economy suffers. Tax relief is the only way to help the economy. I think diesel is the best place to start.
Oh yeah, Kennedy, well consensus is he would be a Republican today......