MCViewPoint

Opinion from a Libertarian ViewPoint

Biden calls for fuel-tax holiday – media

Posted by M. C. on June 23, 2022

The US president wants federal tariffs on gasoline to be lifted for three months

Lowering taxes without a corresponding reduction in spending means money will be printed to make up the difference. Making inflation worse. Your pitiful “savings” will vanish due to the “hidden tax”.

https://www.rt.com/business/557641-us-fuel-tax-holiday-biden/

US President Joe Biden has urged Congress to suspend the federal tax on gasoline and diesel fuel, in the latest attempt to curb soaring prices at the pump, Reuters reported on Wednesday, citing an unnamed official.

According to the source, Biden wants Congress to pass legislation creating a federal-tax holiday for a three-month period.

Biden also reportedly called on states to suspend their respective fuel taxes, which often exceed the federal equivalents, and plans to ask major American oil companies to boost refining capacity.

According to Reuters, Biden and his advisers have been discussing the fuel-tax holiday for several months.

However, the step would require congressional approval, which makes some analysts doubt that it will be implemented. Reports suggest that both Republicans and Democrats in Congress are skeptical about the suspension of the fuel tax, doubting that it is sufficient to help rein in prices.

Currently, the US federal gasoline tax stands at 18.4 cents per gallon (18.4c per 3.8 liters), while diesel tax is 24.4 cents per gallon.

Fuel prices in the country started rising at the end of the winter amid the spike in global oil prices. According to the American Automobile Association (AAA), which tracks prices at more than 60,000 gas stations across the country, the average cost of gasoline in the US on Wednesday amounted to $4.955 per gallon, more than double the price in January 2021, when Biden took office. In California, fuel prices are now reaching as high as $6.371 per gallon.

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