Trump says he’ll move to suspend federal gasoline tax. He can’t do it on his own
Summary
President Donald Trump said he will try to suspend the federal gasoline tax to help reduce high gas prices caused by the war with Iran. However, only Congress can approve this suspension, and lawmakers from both parties are discussing possible legislation.Key Facts
- President Trump announced plans to suspend the federal gas tax to ease rising fuel costs.
- The federal gasoline tax is 18.4 cents per gallon, and diesel tax is 24.4 cents per gallon.
- This tax funds federal highway and public transit programs, generating over $23 billion annually.
- Average U.S. gas prices are currently $4.52 per gallon, about 50% higher than before the Iran war began.
- Congress must approve any suspension of the gas tax; the President does not have the power to do it alone.
- Some Republican and Democratic lawmakers are preparing bills to suspend the gas tax.
- Concerns exist that suspending the tax could reduce funding for road and transit projects in the future.
- The U.S. government is also working on other measures like releasing oil reserves and easing some sanctions to address gas prices.
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.