Biden wants a gas tax holiday. Some economists say that's a bad idea

Summary by Ground News

President Biden is set to announce on Wednesday that he wants Congress to give consumers a break on the federal gas tax for the summer months. But economists say the move might not make that big a difference to drivers and could actually backfire on the economy. Polls shows Americans are very dissatisfied with how Biden is handling the economy, so there is a real demand for him to do something.

Biden wants a gas tax holiday. Some economists say that's a bad idea

11 days ago·Washington, United States

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CBS Local

President Joe Biden Calling On Congress To Suspend Federal Gas Tax For Remainder Of Summer

PHILADELPHIA (CBS) — President Joe Biden is calling on Congress to suspend the federal gas tax for the remainder of the summer to help ease the pain at the pump. As of Wednesday in the Philadelphia region, the average gallon of gas is about $5.03.In South Jersey, drivers are paying $4.90 a gallon on average. In Delaware, prices dropped a penny to $4.94.This potential gas tax holiday could bring a little relief for drivers. President Biden is now…

11 days ago·United States

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USA Today

Three months with no gas tax? Congress and states are skeptical of Biden's gas tax holiday proposal.

President Joe Biden on Wednesday called on Congress to suspend the federal gas tax. He also encouraged states to also suspend their gas tax.

11 days ago·United States

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CNN

Analysis: Biden wants a gas tax holiday. Here's why Congress isn't on board

A gas tax holiday means the typical taxes that are applied to purchases of gasoline and diesel are lifted for a period of time, offering a measure of relief to consumers. Both Republicans and Democrats in Congress have signaled opposition to a federal gas tax holiday.

11 days ago·Atlanta, United States

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CNBC

Biden's gas tax holiday is not the best idea, says Goldman Sachs' Jeff Currie

Jeff Currie, Goldman Sachs global head of commodities research, joins CNBC's 'Squawk Box' to react to President Joe Biden's call on Congress for a gas tax holiday.

11 days ago·United States

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OAN

Biden calls on Congress to suspend federal gas tax for 3 months

President Joe Biden has asked Congress to suspend the federal gas tax for three months. In a speech from the White House Wednesday, he suggested the move.

11 days ago·San Diego, United States

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npr

President Biden wants a gas tax holiday. Some economists say that's a bad idea

Inflation is the top issue for voters as fall's midterm elections near. Biden wants Congress to suspend the gas tax until the end of September in a bid to give consumers some relief.

12 days ago·Washington, United States

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