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.
98 Articles
98 Articles
Trump says he’ll move to suspend federal gasoline tax. He needs an OK from Congress
President Donald Trump said Monday he will move to suspend the federal tax on gasoline to help Americans shoulder surging fuel prices caused by the Iran war. The president cannot suspend the federal tax on his own. Congress would have to approve the move.Lawmakers from both parties have pushed for a gas-tax suspension, saying it would provide much-needed relief for families and businesses that rely on their cars and trucks to get to work and sch…
Associated Press News
Trump says he'll move to suspend federal gasoline tax. He can't do it on his own
President Donald Trump is moving to suspend the federal tax on gasoline to help Americans shoulder surging fuel prices caused by the Iran war.
Trump Looks to Suspend Gas Tax
President Trump told CBS News during a phone interview that he is looking to suspend the federal gas tax “for a period of time.” “I think it’s a great idea,” he said. “Yup, we’re going to take off the gas tax for a period of time, and when gas goes down, we’ll let it phase back in.” Energy Secretary Chris Wright made similar comments in a recent interview. On suspending the federal gas tax, Wright said the White House is “open to all ideas,” but…
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