United States President Donald Trump, along with other lawmakers, has suggested that the ruling class suspend federal gasoline and diesel taxes in order to lower the cost of fuel at the pump. Americans have been struggling with the high cost of fuel, which has skyrocketed during the war with Iran.
Trump will need the approval of Congress to remove this tax; however, doing so would give people at least a mild relief.
As of Monday, the average national gas price was $4.52 a gallon, according to the AAA motor club, 50% higher than the average price of just under $3 a gallon before Trump began the war against Iran.
The federal tax is currently set at 18.4 cents per gallon on gasoline and 24.4 cents per gallon on diesel fuel, an amount that does not include state taxes, which often are higher. The tax provides more than $23 billion per year in revenue for federal highway and public transit programs. –AP News
Americans were already struggling under the weight of inflation and the cost-of-living crisis, and now that fuel prices have soared, many are facing financial ruin.
Be Prepared to Hear More about Taxes, Taxes, Taxes
While only a small amount of savings would occur, Trump said “it’s still money,” and he could suspend the taxes “until it’s appropriate,” without going into detail about a timeline.
Following Trump’s comments, Senator Josh Hawley, R-Mo., introduced legislation that would suspend the federal gas tax on gasoline and diesel fuel for at least 90 days if enacted.
“American workers and families deserve immediate relief, and this legislation will do just that,” Hawley said in a statement.
In March, shortly after the February 28th start of the Iran war, Senators Mark Kelly, D-Ariz., and Richard Blumenthal, D-Conn., unveiled legislation to temporarily suspend the federal gas tax through October 1st. But that bill hasn’t cleared the Senate Finance Committee.
In an attempt to relieve gas prices, the ruling class has lifted sanctions on oil and released millions of barrels from the U.S. Strategic Petroleum Reserve. All of these changes have, so far, failed to produce any meaningful drop in fuel prices.
Senator Rand Paul, R-Ky., had the most rational solution, saying that “instead of suspending the tax, we should suspend the war.”