Biden expected to urge Congress to temporarily suspend gas tax

[mystery-ak]

 Biden expected to urge Congress to temporarily suspend gas tax
by Amie Parnes - 06/21/22 9:28 PM ET

President Biden on Wednesday is expected to call on Congress to temporarily suspend the gas tax during the summer months, according to sources familiar with the plan.

Biden will ask that Congress assist in lifting the 18 cent tax per gallon on regular gasoline during the busy summer months, a source said.

The White House has been weighing a recommendation on a federal gas tax holiday for the past week, The Hill first reported, as gas prices topped $5 per gallon on average nationally. Already high gas prices have been exacerbated by Russian President Vladimir Putin’s war in Ukraine.

But the gas tax holiday faces significant opposition in Congress, even among top Democrats, including House Speaker Nancy Pelosi (D-Calif.), who poured cold water on the idea earlier this year.

To date, the plan has received mixed reviews on Capitol Hill, with some arguing it would compromise infrastructure projects as the gas tax supports a road infrastructure fund. Companies would also need to pass the savings onto consumers for the proposal to successfully provide some relief. Others say it would only contribute to already record-high inflation.

But Biden on Tuesday dismissed the idea that a gas tax holiday would have a significant impact on infrastructure funding, given that the tax revenue goes toward road projects.

“It will have some impact, but it’s not going to have an impact on major road construction and major repairs,” he told reporters following an event for COVID-19 vaccines.

more
https://thehill.com/homenews/administration/3532170-biden-expected-to-urge-congress-to-temporarily-suspend-gas-tax/

[mystery-ak]

Tim Scott: Price Reduction from Gas Tax Holiday Would Be ‘Eliminated in About 12 Days’

Ian Hanchett 21 Jun 2022

On Tuesday’s broadcast of the Fox News Channel’s “Special Report,” Sen. Tim Scott (R-SC) stated that because of how the price of gas keeps increasing, the reduction in price from any gas tax holiday would be eliminated in about two weeks.

Scott said, “Well, there’s an 18.4 cents gas tax and a 24.4-cent diesel tax, creates about $50 billion of revenue. When we’re going to try to trick the market and suggest that we can reduce your prices by alleviating the tax pressure, that’s great. But unfortunately, the way that gas is ticking up every single week, that reduction in price is eliminated in about 12 days. So, the truth is that what we need is to restart the conversation about the Keystone XL pipeline to introduce confidence into the marketplace. What we need is to have certainty and predictability so that those energy producers feel like they can invest billions of dollars to extract the energy from the soil so that we can use it in our tanks. Without that certainty and predictability, without restarting the Keystone XL pipeline, all we’re doing is playing a game of moving things around, but not actually impacting the marketplace long term.”

https://www.breitbart.com/clips/2022/06/21/tim-scott-price-reduction-from-gas-tax-holiday-would-be-eliminated-in-about-12-days/

[mystery-ak]

Fmr. Obama Adviser Goolsbee: Gas Tax Holiday Will Increase Government Borrowing, ‘Might Very Well’ Result in Refineries Just Raising Price

On Tuesday’s broadcast of Newsmax TV’s “The Record with Greta Van Susteren,” Economics Professor at the University of Chicago Booth School of Business Austan Goolsbee, who served as Chairman of the Council of Economic Advisers under President Barack Obama, stated  that if President Joe Biden goes through with the federal gas tax holiday he’s considering, the revenue from the tax that would go to the Highway Trust Fund would be borrowed and that because we’re in a situation with constrained oil supply “it might very well be that the refineries simply raise the price” and “the consumers’ actual benefit might be even smaller than what it first looks like.”

Goolsbee stated, “I think the money that would go to the federal Highway Trust Fund, they would just have to borrow it. I think the bigger problem that people should think about is in an environment where the supply is constrained, when you get rid of the tax — if you got rid of the tax, it might very well be that the refineries simply raise the price and they say, hey, thank you very much. You, basically, rather than cutting the tax and getting it passed through to the consumers, did a thing that got passed through to the refineries. So the consumers’ actual benefit might be even smaller than what it first looks like.”

https://www.breitbart.com/clips/2022/06/21/fmr-obama-adviser-goolsbee-gas-tax-holiday-will-increase-government-borrowing-might-very-well-result-in-refineries-just-raising-price/

[Killer Clouds]

Goolsbee is one of those idiots that has never been right about anything he's ever said.

[mystery-ak]

Joe Biden to Announce Support for Three-Month Gas Tax Holiday

President Joe Biden will use a planned speech Wednesday to call for Congress to suspend federal gas and diesel taxes for three months.

more
https://www.breitbart.com/politics/2022/06/22/joe-biden-to-announce-support-for-three-month-gas-tax-holiday/

[Kamaji]

Too little, too late.

[mystery-ak]

Updated on 2 hours ago
Biden will call on Congress to pause gas tax for 3 months
The federal government currently charges 18 cents in taxes per gallon of gasoline

By Landon Mion FOXBusiness

President Biden will ask Congress on Wednesday to suspend the federal gas tax until September as Americans across the country grapple with soaring prices as the pump.

The president will urge members of Congress to institute a three-month federal gas tax holiday without stripping money from the Highway Trust Fund that finances highways and mass transit.

"I want to be very clear, the president is calling on Congress to take this step to help American families without harming the Highway Trust Fund, which is funded by these taxes," a senior administration official said Tuesday evening.

The official suggested that the federal government's budget deficit shrinking by $1.6 trillion this year gives the U.S. leeway to suspend the gas tax while using other revenues to make the Highway Trust Fund whole for the roughly $10 billion cost.

more
https://www.foxbusiness.com/politics/biden-congress-gas-tax-holiday-3-months

[rustynail]

And save about $2.70 a fill up.

[christian]

Biden expected to urge Congress to temporarily suspend gas tax, just long enough as to buffer the damage expected from the coming election, then watch energy prices take a massive hike, should Biden succeed in pulling this off. After the election.

[Weird Tolkienish Figure]

Too little, too late.

Short term solution IMO.

[mystery-ak]

 Biden officially backs gas tax holiday
by Rachel Frazin - 06/22/22 2:22 PM ET

President Biden on Wednesday officially backed the suspension of both federal and state taxes on gasoline.

“Today I’m calling for a federal gas tax holiday [and] state gas tax holiday for the equivalent relief to customers,” he said during a Wednesday speech

The federal gasoline tax is 18 cents per gallon.

Biden’s federal effort, however, is likely to face high hurdles in Congress amid skepticism from both Republicans and members of his own party.

DEVELOPING

https://thehill.com/policy/energy-environment/3533067-biden-officially-backs-gas-tax-holiday/

[mystery-ak]

 Hoyer: ‘I don’t know’ if we have the votes to pass a gas tax holiday
by Rachel Frazin and Mike Lillis - 06/22/22 1:52 PM ET

House Majority Leader Steny Hoyer (D-Md.) said Wednesday that it’s not clear whether Democrats in the House have enough votes to pass a suspension of the federal gasoline tax.

“I don’t know whether we have the votes; we haven’t counted,” he told reporters.

Hoyer’s comments come as President Biden is expected to announce support for a gas tax holiday on Wednesday.

Proponents of the measure say it would help bring down sky-high gas prices, while opponents have raised concerns about efficacy and taking the money out of a fund to help the nation’s roads and bridges, which are paid for by the tax.

And while Hoyer, too, has been skeptical of whether the holiday would actually pass savings to consumers, he also said he’d consider Biden’s proposal.

“The president’s made a proposal. I’m going to look at it certainly —  sympathetically — in the sense that the president is trying to do what I think is a good objective. … What I’m not sure of is that, in fact, that will have the effect, the intended effect, in terms of the retail price — whether in fact it will save consumers money,” Hoyer said. “We all agree that the price at the pump is hurting working Americans.”

more
https://thehill.com/policy/energy-environment/3532971-hoyer-i-dont-know-if-we-have-the-votes-to-pass-a-gas-tax-holiday/

[Kamaji]

Short term solution IMO.

It's not even much of a solution.  It would drop the price of gas by 18 cents per gallon.  In the meantime, it's reducing federal revenues, meaning that if spending is not cut accordingly, it's merely increasing the deficit spending by the government, thereby in fact helping to keep inflation up, not bring it down.

[GtHawk]

Golly why doesn't Joe just issue another of those EO's that he says only dictators use, I mean it's not like it matters to him or the democrats if it's something that is constitutionally in his power.

[Hoodat]

Goolsbee is one of those idiots that has never been right about anything he's ever said.

Truth.  Hard to believe he teaches at the same school as Milton Friedman.  Goolsbee ventured into the real world with the Obama Administration and was given the opportunity to apply all of his ivory tower theories to government policy.  And after every single one of them failed, he goes back to U. of Chicago to continue teaching those same theories to current students with zero awareness of their failures.

[Hoodat]

“I don’t know whether we have the votes; we haven’t counted,” he told reporters.

Isn't that Jim Clyburn's only job?

[cato potatoe]

Yes let's just eliminate every bit of tax the bottom 50% pays.  In fact, we should mail a giant check to every household which earned less than $70,000.  The rest can pay for it through inflation.

[IsailedawayfromFR]

NowThis
@nowthisnews
To help lower gas prices in the U.S., Pres. Biden is calling on Congress to suspend the federal gas tax — and sent a message to oil companies to pass along the savings to consumers
https://twitter.com/nowthisnews/status/1539671386691706880?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1539671386691706880%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcitizenfreepress.com%2Fbreaking%2Fbiden-suspends-federal-gas-tax%2F

A true idiot.  Oil companies do not set the prices at the pump.  Whoever owns the stations do.