Trump Proposes Suspending 18-Cent Federal Gas Tax as U.S. Prices Hover Near $4.50
Updated
Updated · NBC News · May 17
Trump Proposes Suspending 18-Cent Federal Gas Tax as U.S. Prices Hover Near $4.50
7 articles · Updated · NBC News · May 17
Gasoline averaging about $4.50 a gallon pushed Trump to say he intends to suspend the 18-cent-per-gallon federal gas tax, though Congress would have to approve the move.
NBC News analysis found even eliminating all state and federal gas taxes would still leave pump prices about 35% above where they stood at the start of the Iran war.
National gas prices are up more than 50% since the war began in late February, while taxes and fees add an average 51 cents a gallon, or 11.5% of the pump price.
Georgia already suspended its gas tax in March, Indiana announced a tax holiday and Utah reduced its levy, but a federal holiday could cost at least $2.5 billion a month and would hit Highway Trust Fund revenue.
With suppliers poised to capture profits, will the proposed gas tax holiday truly lower prices for drivers?
As a gas tax holiday drains highway funds, what will happen to America's roads and bridges?