President Biden has called for a three-month gas tax holiday – how effective it can be

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President Joe Biden has called for a three-month gas tax holiday until the end of September.

Gas is now about $2 a gallon since Russian leader Vladimir Putin launched an invasion of Ukraine.

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Biden calls on Congress to implement federal gas tax holidaycredit: EPA

Biden’s The gas tax holiday would suspend the federal government’s 18-cent tax per gallon of gasoline and a 24-cent tax per gallon of diesel.

These taxes fund roads and public transport infrastructure.

Biden is simultaneously encouraging state and local governments to see what gas taxes they can withhold – but some states have already started.

Maryland Withheld its 36.1-cents-per-gallon tax from mid-March to mid-April, which resulted in drivers absorbing 72% of the holiday’s tax savings, penn wharton budget model Report.

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Maryland locals enjoyed a cut of 26 cents per gallon during their one-month gas tax halt.

Georgia was slightly behind Maryland, with 58% to 65% of drivers receiving savings that amounted to 16.8 cents per gallon and 18.8 cents per gallon.

Georgia on Wednesday offered the nation’s lowest average gas price of $4.19 a gallon, CBS Report.

of New York The gas tax is due to begin this month and expire in 2022, while Florida’s is due to begin in October.

Biden admits his proposed tax is not a magic wand that will relieve skyrocketing gas prices white House Report.

The president views the gas tax holiday as something Congress is doing to help Americans who are under enormous financial pressure.

In recent months, Biden has implemented a historic release from the Strategic Petroleum Reserve and encouraged oil companies and suppliers to boost their production to produce lower prices, reports the White House.

Biden's Call for a Federal Gas Tax Holiday Aims to Give Americans More Financial Breathing Room

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Biden’s Call for a Federal Gas Tax Holiday Aims to Give Americans More Financial Breathing Roomcredit: Getty Images – Getty



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