Biden calls for three-month federal gas tax “holiday”

Source: CBS News

“President Joe Biden called on Congress Wednesday to suspend federal gasoline and diesel taxes for three months — an idea that’s intended to ease financial pressures at the pump, but that also reveals the political toxicity of high gas prices in an election year. He is also urging states to suspend their own gas taxes or provide similar relief, the White House said. … At issue is the 18.4 cents-per-gallon federal tax on gas and the 24.4 cents-per-gallon federal tax on diesel fuel. If the gas savings were fully passed along to consumers, people would save roughly 3.6% at the pump with prices averaging about $5 a gallon nationwide. But many economists and lawmakers from both parties view the idea of a gas tax holiday with skepticism.” (06/22/22)