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President Biden calls for 3-month federal gas tax holiday

President Biden will on Wednesday call on Congress to suspend the federal gas tax for three months and ask states to suspend their own gas taxes or provide similar relief to consumers, according to the White House.

The federal government charges a tax of 18.4 cents per gallon of gasoline and a tax of 24.4 cents per gallon of diesel. The tax suspension for three months – until the end of September, as Biden will request – will cost about $ 10 billion, according to the White House.

Asked if Biden believes Congress can somehow force oil companies to transfer these savings, as a whole, to consumers, a senior administration official did not say directly, but noted that “there is some evidence that state tax suspensions, in particular, are passed on to consumers “.

The official, speaking to reporters on Tuesday afternoon, said that “the president definitely calls on companies to ensure that these savings are passed on to consumers.”

The administration is also putting public pressure on oil companies to help Americans in a time of financial need.

“Companies, of course, are accountable to their shareholders, but they really have to be accountable to their customers, their neighbors and their fellow citizens, just as this management does,” another senior executive told reporters. “And we hope that this is the spirit that the CEOs of these companies will take.”

US Secretary of Energy Jennifer Granholm is scheduled to meet with oil refining executives on Thursday.

On Wednesday, Biden will also call on states and local governments to provide “relief” to Americans by suspending state gas taxes or provide other remedies, such as delaying planned tax and fee increases or even refunds. relief payments, according to White. Home. An official said Biden wanted the states to “match” what the federal government would do in the short term.

State gas taxes average about 31 cents per gallon of gas, according to the U.S. Energy Information Administration.

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President Biden calls for 3-month federal gas tax holiday Source link President Biden calls for 3-month federal gas tax holiday

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