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Trump floats suspending the federal gas tax amid rising prices
The move would need congressional approval and could cost about $500 million a week while offering only modest relief at the pump, analysts said.
- President Trump has proposed a "holiday" on the federal gas tax to provide immediate financial relief to Americans facing surging fuel costs. The plan involves removing the 18.4 cents-per-gallon tax on gasoline and 24.4 cents on diesel until prices stabilize.
- While the President can signal support, a suspension requires an act of Congress. The move is gaining some bipartisan traction, as various lawmakers have introduced similar legislation to address the economic strain caused by global supply disruptions.
- Critics and analysts note that while the move could lower pump prices by roughly 10 to 16 cents, it would also reduce revenue for the Highway Trust Fund by an estimated $17 billion over five years, potentially impacting the budget for national road and bridge repairs.
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Gas prices reach $4 per gallon in Louisiana as Trump proposes federal gas tax suspension
(NEWS 15) — President Donald Trump announced plans to suspend the federal gas tax as some Louisiana drivers face an average price of $4 per gallon at the pump. The announcement came as gas prices across Louisiana reached the $4…
Trump wants to suspend the federal gas tax. The move could mean higher debt—and more potholes
It’s not clear whether consumers would reap the benefits of the tax holiday, Carl Davis, research director at Institute on Taxation and Economic Policy, told Fortune.
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Total News Sources212
Leaning Left26Leaning Right22Center98Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 18%
C 67%
15%
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