Facing stubbornly high gas prices that average about $5 a gallon nationwide, President Joe Biden urged Congress to suspend federal gasoline and diesel taxes for three months. Here's a look at how the proposed gas tax holiday would work:
and greater ethanol blending this summer — have done little to produce savings at the pump. Biden says the gas tax holiday can provide some direct relief to consumers, and he is calling on states to follow suit by suspending their own gas taxes or helping consumers in other ways.
However, the price reductions were not sustained during the entire tax holiday, and prices rose once the holiday was lifted, the report said.The administration says the three-month pause would cost about $10 billion. The lost revenue would otherwise go to the Highway Trust Fund, which finances most federal government spending for highways and mass transit.
House Speaker Nancy Pelosi said lawmakers “will see where the consensus lies on a path forward” for Biden’s plan, but she and other congressional Democrats have long worried that suspending the gas tax would allow oil companies to reap additional profits with no guarantee the savings would be passed along to consumers.
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