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January 1, 4 Major Flaws with Biden’s Gas Tax Plan
On Wednesday, President Joe Biden called on Congress to pass legislation that would temporarily halt the federal tax on gas and diesel fuel for three months.
Greg Valliere, a chief strategist at AGF Investments, listed four problems with Biden’s proposed plan, saying it’s “a bad idea.”
1. Puny savings.
Right now, the federal gas tax is 18.4 cents per gallon. Under a gas tax holiday, consumers would save $2.76 filling up a 15-gallon tank.
2. Potential to increase gas demand.
Even if the puny gas tax holiday savings were to entice consumers, then they might load up on gas, increasing demand and driving up prices.
3. Less money for the federal highway fund.
Revenue from the federal gas tax goes to finance the construction, maintenance, and repair of highways and other types of infrastructure. For each month a gas tax holiday is in effect, the infrastructure fund would lose more than $2 billion.
4. It probably won’t pass the Senate.
House Speaker Nancy Pelosi (D-CA) has previously said she is not in favor of a gas tax holiday. Neither is Sen. Joe Manchin (D-VA). Even Sen. Tom Carper (D-DE), a close ally of Biden’s, said a gas tax holiday is “shortsighted and inefficient.”
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SICK OF THE BULLSHIT
June 24, 2022 at 8:36 pm
You wouldn’t have to worry about losing 2 billion in infrastructure money if the pussies who don’t want to tax the super rich would take their skirts off and stop telling Biden to take every plan he puts on the table to stick it up his ass, and anyone of you political morons who thinks the way out of this mess (thanks to that f—ing idiot PUKIN and the BALL LESS ones of the free world that don’t want to take him on) is to TAX the MIDDLE CLASS, that would be the last straw for me, I’ll be moving to Canada.
Carol Stevens
June 24, 2022 at 8:46 pm
his and his entourage’s economic policies are the reason EVERYTHING has gone sky high………
Disgusted with Biden
June 25, 2022 at 8:54 am
We are told the infrastructure needs much attention. Sounds stupid to save less than $3 and loose billions to keep highways (which we drive on to use the gas ) in good repair, plus other infrastructure too.