Joe Biden is calling on Congress to suspend the federal gas tax for the next 3 months.
The federal tax is 18 cents for gasoline and 24 cents per gallon for diesel.
BREAKING: U.S. President Joe Biden is expected on Wednesday to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters on Tuesday.
— Newsmax (@newsmax) June 22, 2022
U.S. President Joe Biden is expected on Wednesday to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters on Tuesday.
Biden said Monday he was considering whether to call for a pause in the tax, as the United States struggles to tackle soaring gasoline prices and inflation. A gas tax holiday faces significant opposition in Congress, including among many Democrats. The plan was reported earlier by Punchbowl News.
GOP Senator Tim Scott said that the benefits of this will likely only last about 12 days.
Scott said, “Well, there’s an 18.4 cents gas tax and a 24.4-cent diesel tax, creates about $50 billion of revenue. When we’re going to try to trick the market and suggest that we can reduce your prices by alleviating the tax pressure, that’s great. But unfortunately, the way that gas is ticking up every single week, that reduction in price is eliminated in about 12 days. So, the truth is that what we need is to restart the conversation about the Keystone XL pipeline to introduce confidence into the marketplace. What we need is to have certainty and predictability so that those energy producers feel like they can invest billions of dollars to extract the energy from the soil so that we can use it in our tanks. Without that certainty and predictability, without restarting the Keystone XL pipeline, all we’re doing is playing a game of moving things around, but not actually impacting the marketplace long term.”
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