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IPFS News Link • TAXES: Federal

The Gas Tax Makes Sense. Biden Considers Canceling It.

• Reason

The gas tax is the one good tax, so it makes sense that it would also be the only one that President Joe Biden is considering suspending.

"I hope I have a decision based on data I'm looking for by the end of the week," the president told reporters on Monday on whether he'd support a federal gas tax holiday. Suspending the 18-cent per gallon federal tax on gas would obviously require some votes in Congress. Biden's final "decision" on whether to call for that congressional action really just boils down to whether he thinks it's politically prudent.

The declaration of gas tax holidays in states both red and blue suggests that it'd be a popular idea, particularly when a gallon is averaging close to $5 nationwide. Five states, including Florida and New York, have suspended their gas tax already, notes CNET—a move that's supported by 72 percent of respondents in a recent Politico/Morning Consult poll.