President Biden calls for federal gas tax holiday

[The stream has ended.]

President Joe Biden on Wednesday called on Congress to make a three-month federal holiday for gas and diesel taxes.

Biden also asked individual states to suspend their own taxes on gas and diesel.

The move comes a week after the average price of a gallon of gasoline in the United States reached $ 5 for the first time ever.

Biden last week linked rising gas prices with the more pessimistic view of many Americans about where the country is headed.

“As you can see, until gas prices started to go up,” Biden said in an Associated Press interview, “things were much more, they were much more optimistic.”

There is a federal tax of 18.4 cents per gallon on gas, and a federal tax of 24.4 cents per gallon on diesel fuel.

Biden’s fellow Democrat, House Speaker Nancy Pelosi of California, has repeatedly called for wisdom in cutting federal taxes on fuel.

While it is “good PR,” Pelosi noted in April, “there is no guarantee that the savings, the reduction in federal taxes, that would be passed on to the consumer.”

Subscribe to CNBC on YouTube.

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/rvpgmedi/public_html/wp-includes/functions.php on line 5275