Three Better Alternatives to Biden’s Gasoline Tax Holiday
US President Joe Biden has called on Congress to suspend the federal gasoline tax through September in order to reduce the impact of surging energy prices on Americans. But three alternative policies would better target people in need without inadvertently subsidizing already profitable oil firms.
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NEW YORK – US President Joe Biden has proposed a three-month suspension of the 18.4-cents-per-gallon federal tax on gasoline. The move – which would require approval by Congress – is intended to provide relief to American families struggling with the 60% increase in gasoline prices from about $3 per gallon before the Russian invasion of Ukraine to nearly $5 per gallon now. But better policy options are available.