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What a gas tax holiday would actually do
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What a gas tax holiday would actually do

AxiosΒ·Ben GemanΒ·28 days ago
#UMmH6Zd4
#piano#paywall#iran#oilcompanies#taxes#federal
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The gasoline price surge is reigniting political chatter about suspending the federal tax on the fuel to help consumers, thanks to a recent round of populist proposals from high-profile Democrats. Why it matters: It's one of those go-to ideas that never actually happens, but often surfaces when prices climb. Congress would have to approve a suspension of the gas tax, and so far, it never has. But political winds could shift in these not-normal times, with no end in sight to the throttling of global oil shipments. The big picture: Pump costs are spiking anew this week, with the U.S. average now $4.46 per gallon on Monday, per AAA, and more increases looming. Between the lines: Suspending the 18.3 cent-per-gallon gas tax and 24.3 cent diesel tax would bring some relief to consumers. But it wouldn't come close to offsetting the nearly $1.50-per-gallon gas price jump since the war started.…

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