Here's a look at how the proposed gas tax holiday would work.
President Joe Biden speaks about gas prices in the South Court Auditorium on the White House campus, Wednesday, June 22, 2022, in Washington. – Facing stubbornly high gas prices that average about $5 a gallon nationwide, President Joe Biden on WednesdayIf savings from the 18.4 cents-a-gallon federal tax on gas are fully passed along to consumers, drivers would save about $2.76 for a 15-gallon fill-up.
“I’m doing my part. I want Congress, states and industry to do their part as well,” he said in a White House speech.It's unclear exactly how much drivers would save; a lot depends on whether states lower or suspend their own gas taxes, as Biden has suggested. But it's not clear how many would do so.Still, recent studies indicate that a gas tax holiday would result in lower prices.
Even a temporary gas tax holiday “sets a bad precedent and undermines the funding mechanism in the infrastructure investment law that has been the signature policy achievement of the Biden presidency,″ said Dave Bauer, president and CEO of the American Road & Transportation Builders Association.Lawmakers from both parties expressed skepticism, or even outright opposition.
The plan also could have long-term consequences on road safety and improvements by diverting funds away from infrastructure projects across the country, added McMorris Rodgers, the top Republican on the House Energy and Commerce Committee. “Under President Biden’s proposal, people will be forced to drive on unsafe, potholed roads to get the gas they can’t afford," she said.
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