Trump is floating a gas tax holiday. What does that mean?
Summary
President Donald Trump has proposed temporarily suspending the federal gas tax to address rising fuel prices. Lawmakers from both parties have introduced different bills to suspend or reduce the gas tax, but the suspension needs approval from Congress and may face political challenges.Key Facts
- The federal gas tax has existed since 1932 and supports the Highway Trust Fund.
- Suspending the gas tax temporarily could cost billions in lost revenue for highway projects.
- Republican Rep. Jeff Van Drew proposed an 18-month gas tax suspension with a gradual return.
- Republican Sen. Josh Hawley suggested a 90-day suspension, extendable by the President.
- Some Democrats have introduced bills to suspend the gas tax temporarily or when gas prices exceed $4 per gallon.
- Rep. Brendan Boyle proposed redirecting oil and gas subsidies to cover lost highway funds if the gas tax is suspended.
- Senate Majority Leader John Thune expressed initial skepticism but later showed some openness to a gas tax suspension.
- The gas tax holiday requires bipartisan support from Congress to pass.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.