economy
Trump wants gas tax relief. But slim driver savings could strain a key federal fund
President Donald Trump floated a federal gas tax suspension. If enacted, here's how that could impact consumers.
TL;DR
- President Trump expressed a desire to pause or reduce the federal gas tax.
- The federal gas tax is 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel.
- Several Republican lawmakers have introduced proposals to suspend the gas tax.
- Experts believe the consumer relief from a suspension would be modest.
- Suspending the gas tax could deplete funds for federal highway construction and maintenance.
- Gas prices have increased significantly, impacting consumer sentiment and household budgets.