Biden weighs a gas tax holiday. How much would consumers really save? [View all]
WASHINGTON — Facing pressure to do something legislatively to curb skyrocketing gas prices, President Joe Biden said Monday he will make a decision on pursuing a federal gas tax holiday by the end of the week.
The move would suspend a federal tax of 18.4 cents per gallon of gas and 24.4 cents for diesel as fuel prices have soared above $5 a gallon in many states.
While it might provide some short-term relief, the policy has plenty of critics. Many economists argue a pause in the federal gas tax could drive up inflation once the holiday ends, deplete transportation funds and only reduce a fraction of the overall historic spike in gas prices.
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Although Biden hasn't discussed specifics of a policy, Senate Democrats in February proposed suspending the tax until the end of the year.
https://www.msn.com/en-us/news/politics/biden-weighs-a-gas-tax-holiday-how-much-would-consumers-really-save/ar-AAYFVWk
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