We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Biden Calls for Fed Gas Tax Holiday Despite Highway Trust Fund Facing Multi-Billion Dollar Shortfall

3 5 37
23.06.2022

President Joe Biden on Wednesday called for a three-month holiday on the federal tax on gasoline sales, citing the record high price at the pump.

The cost of the gas tax suspension over the 90-day period would be $10 billion to the Highway Trust Fund, which is used to maintain the nation’s roads and bridges.

The savings to the American public would be 18.4 cents per gallon, or about $5 per tank for an SUV (with a 25-gallon tank) or about $2.60 per tank for a car (with a 14-gallon tank). The tax on diesel is 24.4 cents per gallon.

According to AAA, the national average price of gasoline per gallon was $4.96 as of Wednesday. To fill an SUV, drivers are looking at about $124, and about $70 for a car.

So, the savings to individual drivers that Biden is proposing are not nothing, but they’re not that much either, unless motorists go through many tanks of gas per week.

But the cost to the Highway Trust Fund would be substantial.

The Heritage Foundation tweeted Wednesday, “Spending from the Highway Trust Fund consistently exceeds revenues, and Congress made these........

© Western Journalism


Get it on Google Play