President Biden's call for a federal gas tax holiday is already facing an uphill battle in the Senate: abc15
Lawmakers responded to President Joe Biden’s call to suspend the gas tax with skepticism as the president tries to combat near record-high gas prices.
On Wednesday, Biden urged Congress to suspend the government’s gas tax for three months, which is 18 cents for regular gas and 24 cents for diesel. He also called on states to suspend their respective gas taxes. States, on average, charge a gas tax of 31 cents per gallon. “When you look at the problems with high gas prices, we have a demand problem,” said Chuck Grassley, R-Iowa. “And the proposal that you're hearing from the White House deals with the demand problem. We have a supply problem that needs to be dealt with.”
“I want to get more data on whether this kind of savings would actually be passed on to consumers,” Sen. Mark Warner, D-Virginia, said. “ I've seen other states do this, but I don't think the data reflects that the consumers benefit. I understand people are hurting because of the high price of gas and the president's got to use all the tools in his toolkit.”The White House estimates that eliminating the gas tax would cause revenue for the Highway Trust Fund to drop by $10 billion.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Biden to Propose 3-Month Suspension of Federal Gas TaxWhen the tax is just $0.18 per gallon, how much will consumers really notice? And what's to stop oil companies from raising prices again?
Read more »
President Biden to call for 3-month suspension of gas and diesel taxesAt issue is the 18.4 cents-a-gallon federal tax on gas & the 24.4 cents-a-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. U.S. gas prices now average about $5 a gallon.
Read more »
Former Fed President Contradicts Joe Biden: 'Recession Is Inevitable'A recession is “inevitable” despite Biden’s claims to the contrary, former president of the Federal Reserve Bank of New York, Bill Dudley, outlined in Bloomberg on Wednesday.
Read more »
President Biden pushing Congress for 3-month gas tax holidayAs gas prices hover around historically high levels, President Joe Biden is now pushing on congress to pass a federal gas tax holiday.
Read more »
Biden calls Chevron CEO ‘mildly sensitive’ after oil exec asks president to change approach to industryPresident Biden on Tuesday said Chevon CEO Mike Wirth was being 'mildly sensitive' when asked to respond to the oil exec's plea to take a different approach.
Read more »