President Biden calls for federal gas tax exemption

[The stream has ended.]

President Joe Biden Wednesday called on Congress to create a three-month federal holiday for gasoline and diesel taxes.

Biden also asked each state to suspend its own gasoline and diesel taxes.

The move comes a week after the average price of a gallon of gasoline in the United States hit $5 for the first time ever.

Last week, Biden linked rising gas prices to many Americans’ more pessimistic view of where the country is headed.

“If you notice, until gas prices started to go up,” Biden said in an interview with The Associated Press, “things were a lot more, they were a lot more optimistic.”

There is a federal tax of 18.4 cents per gallon on gasoline and a federal tax of 24.4 cents per gallon on diesel fuel.

Biden’s fellow Democrat, House Speaker Nancy Pelosi of California, has repeatedly questioned the wisdom of cutting federal fuel taxes.

While this is “good public relations,” Pelosi noted in April, “there is no guarantee that the saving, the federal tax reduction, would be passed on to the consumer.”

Subscribe to CNBC on YouTube.

Source link

Denial of responsibility! newsnaveen.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@newsnaveen.com. The content will be deleted within 24 hours.

Similar Articles

Most Popular