President Biden calls for a three-month federal tax exemption
President Biden calls for a three-month federal tax exemption

President Biden calls for a three-month federal tax exemption

Posted on
WASHINGTON — President Biden on Wednesday will ask Congress to suspend the state gas tax for three months and will ask states to suspend their own gas taxes or give consumers appropriate relief, the White House said.

The federal government imposes a tax of 18.4 cents per gallon for gasoline and a tax of 24.4 cents per gallon for diesel. The suspension of the tax for three months – until the end of September, as Biden is demanding – will cost about $10 billion, according to the White House.

When asked if Biden thinks Congress can somehow mandate that oil companies pass those savings on in full to consumers, a senior administration official didn’t say directly, but noted that there is “some evidence that state tax breaks in particular are being enforced on.” the consumers.”

Speaking to reporters Tuesday night, the official said, “The President is urging businesses to ensure these savings are passed on to consumers.”

The government also publicly pressures oil companies to help Americans in times of financial need.

“Companies, of course, have an obligation to their shareholders, but they really need to have an obligation to their customers, their neighbors and their fellow citizens, just like this government is doing,” another senior administration official told reporters. “And we hope that’s the spirit that the CEOs of these companies will embrace.”

US Energy Secretary Jennifer Granholm is scheduled to meet with oil refinery executives on Thursday.

On Wednesday, Biden will also urge state and local governments to offer “relief” to Americans by suspending their state gas taxes or providing other remedial measures, such as delaying planned tax and fee increases or even consumer rebates or aid payments, White House said. One official said Biden wanted states to “adjust” what the federal government would do in the short term.

According to the US Energy Information Administration, state gas taxes average about 31 cents per gallon of gasoline.

Copyright © 2022 ABC News Internet Ventures. President Biden calls for a three-month federal tax exemption

Read :   10 Latest Thai Boys Love Dramas that You Must Watch
Gravatar Image
I am a person who likes to write and make information related to fruits, because I like and have a mango garden.