Gas tax pause won’t help, but neither does blaming Biden
The gas price situation has become so dire that President Biden has now asked Congress to consider a three-month gas tax holiday. As we’ve said before, a gas tax holiday won’t provide much relief at the pumps. That said, if the federal government suspended its 18 cent tax and the state suspended its 35 cent tax at the same time, consumers would save more than 50 cents per gallon. And that would add up to noticeable savings quicker than a state or federal holiday alone. But a gas tax holiday still presents the same problems: A huge loss of tax revenue and no guarantee companies ...