What is a Federal Gas Tax Holiday? Know Here

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what is a federal gas tax holiday

The federal gas tax, initially imposed as a 1% for every gallon tax in 1932, makes up a part of the price that drivers see at the pump. Over the years after its passage, the tax gradually grew, reaching its current rate of 18.4 cents per gallon in 1993.

Since 1997, the Highway Trust Fund, the major federal source of funding for motorways, roads, and bridges, has received 100% of the federal gas tax revenue.

However a Federal gas tax holiday was proposed by presidential candidates John McCain and Hillary Clinton during the 2008 campaign, the federal gas tax has never been removed.

Federal Gas Tax Holiday

The federal gas tax would be temporarily suspended under a measure that would need to be approved by Congress and signed by Biden. The ban would last through September, according to Biden’s Wednesday proposal.

In order to provide some financial relief for drivers, a few states, led by governors who are both Democratic and Republican, have suspended their gas taxes. On Wednesday, Biden will urge the states to, if they haven’t already, suspend their gas taxes.

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